Adjustment Under a Currency Peg : Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09 »
Series: IMF Working Papers
Author(s): Catriona Purfield , and Christoph Rosenberg
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 01 September 2010
Keywords: Internal devaluation, boom bust, competitiveness, wage adjustment, global financial crisis, wage, benefits, wages, fiscal balance,
The paper traces the Baltics' adjustment strategy during the 2008-09 global financial crisis. The abrupt end to the externally-financed domestic demand boom triggered a severe output collapse, bringing per capita i...