Impact of the Global Financial Crisis on the Baltic States: Focus on Latvia

Yoji Koyama

Chapter 10 in The EU's Eastward Enlargement:Central and Eastern Europe's Strategies for Development, 2015, pp 259-284 from World Scientific Publishing Co. Pte. Ltd.

Abstract: A quarter of a century has passed since the system change in Central and Eastern European countries (Central Europe + South Eastern Europe + Baltic States). These countries have undergone remarkable development since the mid-1990s and have realized a long-cherished desire, i.e., membership of the European Union (EU) from 2004 through 2007. The new EU member states (NMS) seemed to continue their economic development in a relatively satisfactory way even after dark clouds began to hang over the world economy in 2007 due to the subprime loan problem in the USA. However, the global financial crisis arising from the collapse of Lehman Brothers in September 2008 caused NMS to take a direct hit. The NMS fell into more or less economic crisis. The economic crisis was very serious in Hungary and the Baltic States. It is in Lithuania, Latvia and Estonia that GDP growth rates made doubledigit falls in 2009. At that time, some newspapers reported that the crisis in NMS might shake advanced EU member States (for example, Austria, Sweden, etc.) due to a huge amount of credit which banks in the latter countries had given…

Keywords: Central and Eastern Europe, EU Accession; , Eurozone Crisis, Small Countries, Western Balkans, Croatia, Greece, Albania, Expansion of EU Membership, (search for similar items in EconPapers)
Date: 2015
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