Baltic Sea Report
... short-term growth, builds up risks of protectionism with a negative impact on longterm growth. Nurturing structural strength to improve competitiveness and reduce imbalances is critical for the BSR economies to maintain their reliance on exports as a key driver for growth. Smarter fiscal policies an ...
... short-term growth, builds up risks of protectionism with a negative impact on longterm growth. Nurturing structural strength to improve competitiveness and reduce imbalances is critical for the BSR economies to maintain their reliance on exports as a key driver for growth. Smarter fiscal policies an ...
Casinos That Accept Ukash
... The Baltic States are small countries with open economies that depend substantially on export transactions and foreign investments. The banking sectors of the Baltic States hold the dominant position of the financial system of the countries, which are substantially integrated into the European finan ...
... The Baltic States are small countries with open economies that depend substantially on export transactions and foreign investments. The banking sectors of the Baltic States hold the dominant position of the financial system of the countries, which are substantially integrated into the European finan ...
eres2009_179.content
... external funds because of situation in global financial markets This is supply-side constraints - less loan money for the Estonian market ...
... external funds because of situation in global financial markets This is supply-side constraints - less loan money for the Estonian market ...
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... At present, current account balances in the Baltics appear to be broadly in line with fundamentals. According to empirical estimations of current account benchmarks (see Table A1 in annex), the current accounts of Estonia and Lithuania are higher than would be expected in the long run on the basis o ...
... At present, current account balances in the Baltics appear to be broadly in line with fundamentals. According to empirical estimations of current account benchmarks (see Table A1 in annex), the current accounts of Estonia and Lithuania are higher than would be expected in the long run on the basis o ...
Invest in Latvia 2014
... Although RAZ group has just started working with Chinese companies, it has become more and more experienced in a short period. With its great experience and excellent reputation as an investment group, RAZ Group is confident and ready to work as business advisors and co-investor with different secto ...
... Although RAZ group has just started working with Chinese companies, it has become more and more experienced in a short period. With its great experience and excellent reputation as an investment group, RAZ Group is confident and ready to work as business advisors and co-investor with different secto ...
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... • The Baltic States responded to economic crisis in similar ways through internal adjustment of prices and wages, though influenced by domestic politics (elections in Lithuania in 2008 delayed the adjustment measures and made them more difficult due to pre-election spending promises); • The outcomes ...
... • The Baltic States responded to economic crisis in similar ways through internal adjustment of prices and wages, though influenced by domestic politics (elections in Lithuania in 2008 delayed the adjustment measures and made them more difficult due to pre-election spending promises); • The outcomes ...
Why Have the Baltic Tigers Been So Successful?
... All three countries carried out rigorous macroeconomic stabilisation in 1992, introducing their own currencies in the summer of 1992: first Estonia, next Latvia and finally Lithuania. The Estonians argued that a national currency was the best wall against Russia. Their currency reforms were unilater ...
... All three countries carried out rigorous macroeconomic stabilisation in 1992, introducing their own currencies in the summer of 1992: first Estonia, next Latvia and finally Lithuania. The Estonians argued that a national currency was the best wall against Russia. Their currency reforms were unilater ...
Pētījums par ekonomisko un sociālo situāciju Baltijas
... Grey economy and corruption in Latvia: main causes The literature on tax evasion identifies two main groups of factors that affect the decision to evade taxes and participate in the grey economy: 1) the first set emerges from rational choice models of the decision to evade taxes. In such models i ...
... Grey economy and corruption in Latvia: main causes The literature on tax evasion identifies two main groups of factors that affect the decision to evade taxes and participate in the grey economy: 1) the first set emerges from rational choice models of the decision to evade taxes. In such models i ...
Serbian Economy and the Preparation for European Union
... Do we need the €? Hungary’s extremely difficult situation suggests that keeping the national currency might be the worse one of the two bad options. A part of the troubles caused by keeping the national currency was the leeway left for the government to pursue mistaken or outright mad policies: l ...
... Do we need the €? Hungary’s extremely difficult situation suggests that keeping the national currency might be the worse one of the two bad options. A part of the troubles caused by keeping the national currency was the leeway left for the government to pursue mistaken or outright mad policies: l ...
Estonia - Eesti Koostöö Kogu
... The Human face of the crisis (The title of this seminar) People in Estonia must understand that the economic developments of the past few years were not sustainable: high growth in GDP, wages, prices, consumption, credits, housing prices, external indebtedness There are various options regardin ...
... The Human face of the crisis (The title of this seminar) People in Estonia must understand that the economic developments of the past few years were not sustainable: high growth in GDP, wages, prices, consumption, credits, housing prices, external indebtedness There are various options regardin ...
Baltic states housing bubble
The Baltic states housing bubble is an economic bubble involving major cities in Estonia, Latvia and Lithuania. The Baltic States had enjoyed a relatively strong economic growth between 2000 and 2006, and the real estate sectors had performed well since 2000. In fact, in between 2005Q1 and 2007Q1, the official house price index for Estonia, Latvia and Lithuania recorded a sharp jump of 104.6%, 134.3% and 106.7%. By comparison, the official house price index for Euro Area increased by 11.8% for a similar time period.The crisis eventually sets in 2007 due to financial crisis of 2007-08 resulted in a fragile Baltic economies. The housing price correction began in Estonia by mid-2007 followed by Latvia and Lithuania in mid-2008. Subsequently, the Latvia and Estonia experienced recession by first half of 2008, while Lithuania experienced a slowdown in its economy by first half of 2008. The situation worsened after the September 2008 global financial crash sending the entire region into a full-blown recession. All three countries experienced recession by 2009.The increase of credit supply to private sectors was largely to be blamed for the housing bubble in Baltic states, due to availability of financing from foreign lenders (dominantly Scandinavian banks). Domestic bank (notably Parex Bank, national bank in Latvia) were largely reliant on rolling their foreign loans (denominated in Euro) with large exposure to the real estate sector. The condition was further worsened due to the absence of loan-to-value ratio as well as negative real interest rate has spurred speculators to drive the market housing demand higher. The credit supply was then deteriorated at the peak of the boom as both foreign and domestic banks tighten lending standards due to higher credit risk in the region. Subsequently, real estate market were dragged down, further deteriorate credit quality, forced banks to further tighten lending standards.The severity of the crisis differed from one to another; with Latvia was the hardest hit by the crisis. Latvia applied for balance of payments support from International Monetary Fund, the European Union and regional members in November 2008 in order to strengthen the fiscal situation following the bail out of Parex Bank (largest bank in Latvia). Lithuania experienced lesser impact from the crisis compared to Latvia, as it adopted significant austerity measures and more stimulus measurements compared to the both Baltic states. Nevertheless, public sector wage faced cuts as well as lesser social benefits. Estonia, on the other hand, saw the public sector wages and benefits slashed in order to improve the budget balance in preparation for the adoption of euro.