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Europe > Latvia, Republic of

You are looking at 1 - 4 of 4 items for :

  • Type: Journal Issue x
  • Wages, Compensation, and Labor Costs: Public Policy x
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Cover IMF Staff Country Reports
Republic of Latvia: 2016 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for the Republic of Latvia
International Monetary Fund. European Dept.
This paper focuses on the key issues related to the economy of Latvia. Growth picked up somewhat last year despite a weak external environment. GDP growth rose to 2.7 percent, up about ¼ percent over the previous year. However, growth is expected to slow slightly in 2016 to 2½ percent. While Latvia continues to make steady economic progress, a key challenge will be to generate the growth necessary to sustain the pace of income convergence with Western Europe. Structural reforms will be required to improve state-owned enterprise governance and strengthen the business environment, upgrade public infrastructure, and modernize legal systems.
Keywords:
ISCR; CR; growth; staff appraisal; adjusted basis GDP; Latvia; authority; Q1 GDP; IMF staff estimate; EU rule; Non-resident deposits; Credit; Income; Minimum wages; Wages; Europe; Global; Western Europe
Cover IMF Staff Country Reports
Cross-Country Report on Minimum Wages: Selected Issues
International Monetary Fund. European Dept.
This paper provides a cross-country report on minimum wages. In the past few years, many countries in Central Eastern and Southeastern Europe (CESEE) have increasingly turned to minimum wage policies. Throughout the region, statutory minimum wages had been in place at least since the early 1990s, but they were typically set at relatively moderate levels and affected relatively few workers. Minimum wages have risen sharply relative to both average wages and labor productivity. Minimum wages often affect relatively more workers in CESEE than in Western Europe. Governments are the key players in the minimum wage determination in CESEE countries.
Keywords:
ISCR; CR; minimum wage hike; wage growth; minimum-to-average wage ratio; wage distribution; minimum wage policy; Minimum wages; Wages; Wage adjustments; Employment; Income distribution; Western Europe
Cover IMF Staff Country Reports
Republic Of Latvia: Detailed Assessment Of Anti-Money Laundering And Combating The Financing Of Terrorism
International Monetary Fund
This paper discusses key findings of the Detailed Assessment on Anti-Money Laundering and Combating the Financing of Terrorism (AML/CFT) for the Republic of Latvia. The assessment reveals that aspects of Latvia’s financial services market expose it to a high risk of money laundering. There are welcome indications that money laundering risks have been reduced substantially owing to strong preventive measures being implemented by the authorities and financial institutions. The authorities and financial institutions are working to restore the international reputation of the Latvian financial sector.
Keywords:
ISCR; CR; applicable sentence; criminal offence; confiscation of property; paragraph two; AML law; information regarding resource possession; Anti-money laundering and combating the financing of terrorism (AML/CFT); Terrorism financing; Money laundering; Internal controls; Baltics; Europe
Cover IMF Working Papers
Inflation and Stabilization in Transition Economies: A Comparison with Market Economies
Mr. Carlos A. Végh Gramont
and
Ms. Ratna Sahay
A simple model is developed to understand inflationary pressures and stabilization in nonmarket economies. In light of the model, the paper reviews the inflation and stabilization experiences of several transition economies in Eastern Europe and the former Soviet Union. These experiences are then compared to those of high inflation market economies. The paper concludes that, despite significant differences in the economic structure and institutional framework, the inflation and stabilization experiences in transition and market economies are similar in many respects. In particular, monetary accommodation and lack of fiscal discipline are critical in sustaining inflation, and exchange rate-based anchors seem more successful than money anchors in bringing down inflation. On the other hand, wage policies appear to be more critical in reigning inflation in transition economies than in market economies.
Keywords:
WP; exchange rate; money supply; price level; transition economy; free market; price liberalization; enterprise sector; Inflation; Wages; Monetary base; Wage policy; Nominal anchors; Eastern Europe; Baltics