Baltic Republics and the crisis of 2008–2011
LTReikšminiai žodžiai: Baltijos respublikos; Darbo našumas; Eksportas; Estija (Estonia); Euro zona; Fiskalinė politika; Krizė; Latvija (Latvia); Nedarbas; Baltic Republics; Crisis; Euro zone; Export; Fiscal policy; Labor productivity; Latvia; Lithuania; The Baltic Republics; Unemployment.
ENThis essay explores how the Baltic republics responded to the crisis of 2008–2011. We argue that while there are significant differences in how the Baltic economies responded to the crisis, these responses not only remain within the neo-liberal policy paradigm characteristic of the region from the early 1990s, but that the crisis radicalised Baltic economies and particularly their fiscal stance. We show that there are a number of unique features in all three Baltic republics' political economies that made such a radicalisation possible. However, these unique features make it almost impossible for the Baltic experience to be replicable anywhere else in Europe. [From the publication]
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