EconPapers    
Economics at your fingertips  
 

Latvia and Greece: Less is more

Michael Biggs and Thomas Mayer

CEPS Papers from Centre for European Policy Studies

Abstract: Despite considerable differences, there were also many similarities in economic performance between Latvia and Greece before their respective adjustment crises. After the immediate crisis, however, economic activity rebounded sharply in Latvia but continued to contract in Greece. This paper argues that this difference was due primarily to developments in credit. In Latvia credit growth fell sharply, and the economy was deleveraging aggressively by 2009. When the pace of deleveraging started to stabilise, the rebound in the credit impulse caused domestic demand growth to recover. Real GDP has increased about 20% since reaching its trough in the third quarter of 2009.

Pages: 12 pages
Date: 2014-02
New Economics Papers: this item is included in nep-eec
References: Add references at CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
http://www.ceps.eu/system/files/HLB%20Biggs%20%252 ... 20and%20Greece_0.pdf (application/pdf)
Our link check indicates that this URL is bad, the error code is: 404 Not Found (http://www.ceps.eu/system/files/HLB%20Biggs%20%2526%20Mayer%20Latvia%20and%20Greece_0.pdf [301 Moved Permanently]--> https://www.ceps.eu/system/files/HLB%20Biggs%20%2526%20Mayer%20Latvia%20and%20Greece_0.pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eps:cepswp:8922

Access Statistics for this paper

More papers in CEPS Papers from Centre for European Policy Studies Contact information at EDIRC.
Bibliographic data for series maintained by Margarita Minkova ().

 
Page updated 2025-03-19
Handle: RePEc:eps:cepswp:8922