IMF and the Baltics: A Decade of Cooperation

IMF Working Papers, December 1, 2003

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IMF and the Baltics: A Decade of Cooperation

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Bibliographic details

• Authors: Adalbert Knöbl, Richard D Haas
• Published: December 1, 2003
• Series: IMF Working Papers
• DOI: https://doi.org/10.5089/9781451875829.001

Summary

• The paper is an economic history of the IMF’s involvement in the Baltic states.
• It describes and analyzes:
  • the initial economic stabilization;
  • the period of consolidation and recovery;
  • the effects of the Russian crisis of 1998;
  • the current growth phases of Lithuania, Latvia, and Estonia.
• Includes an assessment of cooperation with the Fund based on interviews with a number of ex-officials.
• Major conclusion: the Baltics have been so successful because of their early commitment to change the stabilization and reform policies needed for successful transition, and their ownership of their IMF-supported programs.

Analysis by phase

• Initial economic stabilization
  • Examines the stabilization policies and measures adopted at the outset of transition in the Baltic states.
• Period of consolidation and recovery
  • Analyzes the consolidation of reforms and the recovery trajectory following initial stabilization.
• Effects of the Russian crisis of 1998
  • Assesses how the Russian crisis of 1998 affected the Baltic economies and their reform paths.
• Current growth phases (as of the paper)
  • Describes the growth phases of Lithuania, Latvia, and Estonia following stabilization and recovery.

Assessment of IMF–Baltics cooperation

• Based on interviews with a number of ex-officials.
• Focuses on ownership of IMF-supported programs and the role of early commitment to stabilization and reform in the Baltics’ success.

Subject areas and keywords

• Subject:
  • Banking
  • Budget planning and preparation
  • Currencies
  • Currency boards
  • Fiscal policy
  • Foreign exchange
  • Macrostructural analysis
  • Money
  • Public financial management (PFM)
  • Structural reforms
• Keywords:
  • authorities of the logic
  • Baltic country
  • Baltics
  • Budget planning and preparation
  • country authorities
  • Currencies
  • currency board
  • Currency boards
  • currency reform
  • Estonian authority
  • Fund staff
  • government intervention
  • Latvian authorities
  • Lithuanian authorities
  • monetary policy
  • policy advice
  • Structural reforms
  • transition to market economy
  • WP

Content in this bundle

• IMF and the Baltics: A Decade of Cooperation, IMF Working Paper No. 03/241
  • IMF and the Baltics: A Decade of Cooperation, IMF Working Paper No. 03/241 (Markdown version)
  • IMF and the Baltics: A Decade of Cooperation, IMF Working Paper No. 03/241 (PDF)