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The Financial Crisis in Europe: A Comparative Analysis of Latvia and Cyprus
Norwegian University of Science and Technology, Faculty of Social Sciences and Technology Management, Department of sociology and political science.
2014 (English)Masteroppgave, 20 credits / 30 HE creditsStudent thesis
Abstract [en]

The financial crisis in Latvia and Cyprus shared many important characteristics and they both underwent similar crisis with significant help from international partners. Latvia underwent internal devaluation while Cyprus employed capital controls, as a strategy for dealing with the crisis. This paper analyses these two countries and the strategies they employed in a comparative perspective. A central conclusion is that while internal devaluation is possible in principle, it is very hard to achieve in the real economy and entails huge social consequences. Capital controls can provide governments with breathing space but has to be followed by comprehensive reforms to correct the macroeconomic imbalances that have accumulated in the economy.


Place, publisher, year, edition, pages
URN: urn:nbn:no:ntnu:diva-25712OAI: diva2:742248
Available from: 2014-11-03 Created: 2014-08-22 Last updated: 2014-11-03Bibliographically approved

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