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Europe > Latvia, Republic of

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Cover IMF Working Papers
Dealing with Private Debt Distress in the Wake of the European Financial Crisis A Review of the Economics and Legal Toolbox
Ms. Yan Liu
and
Mr. Christoph B. Rosenberg
The private non-financial sector in Europe is facing increased challenges in meeting its debt servicing obligation. In response, governments are revisiting legal tools and—in some cases—institutional arrangements to deal with over-indebtedness. For households, where the problem in some countries is large but no established best practice exists, reforms have generally sought to allow debtors a fresh start while minimizing moral hazard and preserving bank solvency and credit discipline. For the corporate sector, efforts have focused on facilitating debt restruturing (including through out of court mechanisms). Direct government intervention has been rare.
Keywords:
WP; country; government; procedure; court; track court approval procedure; private sector debt; household insolvency; corporate insolvency; government intervention; insolvency proceeding; a number of country; IMF country desk; court insolvency regime; government support scheme; Solvency; Debt restructuring; Private debt; Europe; Baltics
Cover IMF Staff Country Reports
Republic of Latvia: 2012 Article IV Consultation and Second Post-Program Monitoring Discussions
International Monetary Fund. European Dept.
Latvia has rebounded from the crisis, after successfully undertaking a difficult adjustment program. The recovery has been well balanced between external and domestic demand. The labor market is improving but unemployment is still high. Past consolidation efforts have brought down the fiscal deficit. The banking system is recovering. Nonresident deposits in the banking system have been expanding rapidly. Economic growth is expected to weaken slightly in 2013, before picking up later. Euro adoption in 2014 appears within reach, subject to some technical uncertainties.
Keywords:
ISCR; CR; staff appraisal; statement; obligation; staff representative; Latvian authorities; SBA program; Maastricht deficit criterion; Fiscal stance; Loans; Credit; Global
Cover IMF Staff Country Reports
Republic of Latvia: Ex Post Evaluation of Exceptional Access Under the 2008 Stand-By Arrangement; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Latvia
International Monetary Fund. Strategy, Policy, &amp
and
Review Department
The IMF has approved an exceptional access Stand-By Arrangement for Latvia. The program is part of a coordinated international effort that has improved financial and economic stability. By early 2008, the fast growth has leveled off but severe vulnerabilities turned the slowdown into a crisis. Immediate steps to stabilize the financial sector and help stem reserve losses has focused on resolving the systemic Parex Bank, which is experiencing a deposit run. Measures to ensure long-term external viability has focused on fiscal and income policies.
Keywords:
ISCR; CR; authority; Maastricht deficit criterion; staff; Latvian authorities; authorities face; Non-resident deposits; emigration country; Financial sector; Commercial banks; Global
Cover IMF Staff Country Reports
Republic of Latvia: Selected Issues
International Monetary Fund. European Dept.
This note presents estimates of potential growth and the output gap in Latvia. The estimates suggest that the output has marked below potential in the early 2000s but the output gap becomes positive and large after EU accession. With unemployment still well above its natural level, the output gap is estimated to be negative in 2012, but is expected to narrow gradually and be closed in the next 3–4 years. Potential growth is expected to be substantially lower than in 2002–07.
Keywords:
ISCR; CR; estimate; labor market; output gap estimate; crisis; unemployment gap; vocational education; output gap in Latvia; Output gap; Potential output; Unemployment rate; Labor markets; Europe; Baltics; Global
Cover IMF Staff Country Reports
Republic of Moldova: Selected Issues
International Monetary Fund. European Dept.
This Selected Issues paper on the Republic of Moldova was prepared by a staff team of the International Monetary Fund as background documentation for the periodic consultation with the member country. It is based on the information available at the time it was completed on September 17, 2012. The views expressed in this document are those of the staff team and do not necessarily reflect the views of the government of the Republic of Moldova or the Executive Board of the IMF.
Keywords:
ISCR; CR; Moldova; GDP; FDI; asset; bank; Moldova FDI stock; FDI inflow; parent bank; remittances channel; exposure to Moldova; banking sector amount; close-to-balanced forex position; asset loss; Moldova's economy; bill growth; price competitiveness; Fiscal stance; Foreign direct investment; Fiscal sustainability; Commercial banks; Value-added tax; Europe; Western Europe; Eastern Europe; Global; Central and Eastern Europe
Cover How Emerging Europe Came Through the 2008/09 Crisis
How Emerging Europe Came Through the 2008/09 Crisis
An Account by the Staff of the IMF's European Department
Mr. Bas B. Bakker
and
Mr. Christoph A Klingen

Abstract

Emerging Europe was particularly hard hit by the global financial crisis, but a concerted effort by local policymakers and the international community staved off impending financial meltdown and laid the foundations for renewed convergence with western Europe. This book, written by staff of the IMF's European Department that worked on the region at the time, provides a unique account of events: the origins of the crisis and the precrisis policy setting; the crisis trigger and the scramble to avoid the worst; the stabilization and recovery; the remaining challenges; and the lessons for the future. Five regional chapters provide the analytics to put events into perspective. Dedicated chapters for all 19 countries of the region dig deeper into the idiosyncrasies of each economy and provide extensive economic data. A final chapter distills the lessons from the overall regional experience and the wide intraregional diversity. Taken together, they make this book an indispensible reference for economic scholars of the region and beyond.

Keywords:
BOOK; deficit; government; IMF staff calculation; crisis; exchange rate; percent of GDP; credit growth; foreign currency; banking system; Credit; Currencies; Exchange rates; Capital inflows; Global; Europe; Baltics; Western Europe; Eastern Europe; headline inflation; emerging Europe; Exchange rate arrangements
Cover IMF Staff Country Reports
Republic of Latvia: First Post-Program Monitoring Discussions
International Monetary Fund
This collection of papers presents the First Post-Program Monitoring Discussions focusing on economic development in the Republic of Latvia. Latvia successfully completed its EU-IMF-supported program in December 2011. As part of the program, Latvia implemented fiscal consolidation measures of more than 15 percent of GDP. Executive Directors have welcomed Latvia’s economic recovery since the crisis. Directors have commended the remarkable fiscal consolidation and have also emphasized the need for continued prudence to maintain fiscal and debt sustainability.
Keywords:
ISCR; CR; deficit; government; economy; headline inflation; discussion; Maastricht criterion; Latvia's economy; Latvian authorities; IMF staff estimate; core inflation; Fiscal stance; Inflation; Loans; Global; Baltics
Cover Policy Papers
2011 Review of Conditionality - Design of Fund-Supported Programs
International Monetary Fund
Design of Fund-supported programs aims to address country specific needs while remaining even-handed and consistent with Fund policy. This paper examines the extent to which program design and conditionality have been appropriate in pursuing these goals, by seeking to answer several questions: has program design been consistent and evenhanded; has it addressed country specific needs and objectives appropriately; has it been based on reasonably good macroeconomic projections; and has it been flexible in the face of evolving country circumstances. The description and analysis focuses on the period between 2006 and September 2011, with some attention to the 2002-05 period.
Keywords:
PP; current account; exchange rate; PRGT program; monetary policy; program design; program country; country characteristic; Current account balance; Fiscal consolidation; Inflation; Capital account crisis; Exchange rate arrangements; Global
Cover Policy Papers
2011 Review of Conditionality - Content and Application of Conditionality
International Monetary Fund
This paper reviews the design of conditionality in Fund-supported programs from 2002 to end-September 2011, with an emphasis on recent years. It focuses on the content and application of program conditionality—especially structural conditionality—in relation to the 2002 Conditionality Guidelines (the "Guidelines"), the Staff Statement on Principles Underlying the Guidelines on Conditionality, and subsequent revisions to operational guidance on conditionality. The analysis is based on the five key interrelated principles guiding the design of conditionality: national ownership of programs, parsimony in program-related conditions, tailoring to country circumstances, effective coordination with other multilateral institutions, and clarity in the specification of conditions. In particular, the principle of parsimony requires that program-related conditions be critical (or the minimum necessary) to achieve program objectives and goals, critical for monitoring program implementation, or necessary for implementing specific provisions under the Articles of Agreement (the "criticality criterion"). Beyond assessing compliance with these guidelines and principles, the paper also examines the implementation of conditionality
Keywords:
PP; PRGT program; country authorities; Fund staff; Fund-supported program; Fund condition; program Conditionality; program design; program objective; Fund conditionality; core area; program interruption; program approval; Gra program; Structural reforms; Public expenditure review; Government debt management; Financial sector; Global
Cover IMF Working Papers
Foreign Banks and the Vienna Initiative: Turning Sinners Into Saints?
Mr. Ralph De Haas
,
Ms. Yevgeniya Korniyenko
,
Mr. Alexander Pivovarsky
, and
Ms. Elena Loukoianova
We use data on 1,294 banks in Central and Eastern Europe to analyze how bank ownership and creditor coordination in the form of the Vienna Initiative affected credit growth during the 2008–09 crisis. As part of the Vienna Initiative western European banks signed country-specific commitment letters in which they pledged to maintain exposures and to support their subsidiaries in Central and Eastern Europe. We show that both domestic and foreign banks sharply curtailed credit during the crisis, but that foreign banks that participated in the Vienna Initiative were relatively stable lenders. We find no evidence of negative spillovers from countries where banks signed commitment letters to countries where they did not.
Keywords:
WP; parent bank; bank subsidiary; government support; credit growth; bank lending; Foreign Banks; Vienna Initiative; Financial Crisis; State Support; VI bank; roll-over commitment; loan-to-deposit ratio; Credit; Bank credit; Loans; Central and Eastern Europe; Europe