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Iceland and Latvia: The economic and the social crisis

Iceland and Latvia: The economic and the social crisis


Title: Iceland and Latvia: The economic and the social crisis
Author: Þór Hilmarsson, Hilmar
Date: 2021-04-14
Language: English
Scope:
School: School of Business and Science
Series: Regional Formation and Development Studies; ()
ISSN: 2029-9370
DOI: https://doi.org/10.15181/rfds.v14i3.866
Subject: Bankahrunið 2008; Efnahagsmál; Samfélagsmál; Small states; Global crisis; Economic policy; Privatisation
URI: https://hdl.handle.net/20.500.11815/2647

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Citation:

Þór Hilmarsson , H 2021 , ' Iceland and Latvia: The economic and the social crisis ' , Regional Formation and Development Studies . https://doi.org/10.15181/rfds.v14i3.866

Abstract:

The 2008 global economic and financial crisis hit hard in Iceland and Latvia. Economic developments prior to the crisis, as well as response to the crisis were, however, different in these two countries, yielding different results. Both countries received assistance from the International Monetary Fund (IMF) during the crisis and the IMF has labeled their reform programs as success stories. This article reviews and evaluates the post crisis situation in Iceland and Latvia, both in terms economic performance, as well as social progress. It also discusses how other countries, as well a multilateral institutions, may have influenced the reform programs in Iceland and Latvia.

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