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East Europe by Rafia Khalil is a document available to read on EtoBox.
What is East Europe about?
The document discusses how some East European countries responded to capital outflows in 1997-99 and 2008-09. It notes that there were two main policy options: 1) maintain a fixed exchange rate and allow money supply to contract, driving down prices and stimulating exports; or 2) allow currency devaluation, which would automatically correct the balance of payments. The evidence suggests that countries which chose devaluation, like Latvia in 2008-09, experienced smaller output losses than those which pursued
- Author
- Rafia Khalil
- Language
- EN