Adjustment Under a Currency Peg: Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09

Purfield, Catriona; Rosenberg, Christoph B.

doi:10.2139/ssrn.1750701

Cited by 10 publications

(1 citation statement)

References 3 publications

(3 reference statements)

Supporting

Mentioning

Contrasting

Order By: Relevance

“…As a result, local companies may reduce costs and cut jobs, causing unemployment to rise. These findings align with those of Purfield and Rosenberg (2010) during the global financial crisis of 2008-2009. High levels of economic uncertainty can lead to decreased business and consumer confidence, which may result in reduced investments in capital, technology, and innovation. This, in turn, can slow down economic growth (Bahmani-Oskooee and Mohammadian 2021).…”

Section: Discussionsupporting

confidence: 86%

Examining Monetary Policy Measures and Their Impacts during and after the COVID Era: OECD Perspectives

Rathnayaka,

Khanam,

Rahman

2024

Economies

View full text Add to dashboard Cite

Governments worldwide implemented various fiscal and monetary measures to address the adverse impacts of COVID-19 on their economies. The paper aims to examine the changes in the monetary policy measures due to COVID-19 and their impact on macroeconomic variables. To explore this relationship, this study utilizes fortnightly data from 2020 to 2023 on the OECD (Organisation for Economic Co-operation and Development) countries. The study employs a Panel Autoregressive Distributed Lag (ARDL) model to analyze the effects of the monetary policy responses of the OECD governments, and the obtained results reveal that within OECD countries, the prevailing trend of lower interest rate policies emerged during the pandemic. This policy approach yielded a dual effect: lowering both output growth and inflation rates, while concurrently exacerbating unemployment rates throughout the COVID-19 period. Consequently, it is clear that monetary policies have played a pivotal role in facilitating the recovery from a profound economic shock such as the COVID-19 pandemic. Given the significant economic repercussions of a pandemic and the crucial role that monetary policy plays in sustaining economic stability, the apparent lack of attention underscores the urgent necessity for additional discourse on this vital subject.

show abstract

Section: Discussionsupporting

confidence: 86%

Examining Monetary Policy Measures and Their Impacts during and after the COVID Era: OECD Perspectives

Rathnayaka,

Khanam,

Rahman

2024

Economies

View full text Add to dashboard Cite

show abstract

Female executive leadership and corporate social responsibility

Hyun

Kim

Han

et al. 2021

Accounting & Finance

View full text Add to dashboard Cite

We examine how increased female participation in top executive leadership affects corporate social responsibility (CSR). Applying a long‐window, event study approach with matching, we first document that CSR ratings improve with increased female participation in the top executive team, consistent with expectations based on previous research. Then, we examine specific ways that female participation impacts CSR decision‐making. We predict and find that increased female participation brings more attention to remediating CSR concerns. We also predict and find that, in the uncertain economic times following the global financial crisis, increased female participation moderated addition of new CSR strengths.

show abstract

Budgetary Discipline and Internal Devaluation – Estonian Method to Overcome the Crisis

Baran

2014

View full text Add to dashboard Cite

The purpose of this article is to outline the main reasons and effects of the Estonian adjustments in response to the global financial and economic crisis. Estonia chose significant budgetary savings, in contrast with most other countries stimulating their economies by expansionary fiscal policy and leading to fiscal imbalances and growing public debts. Estonia did not carry out a devaluation of its currency, but restored competitiveness through internal devaluation. This strategy allowed Estonia to maintain a fixed exchange rate, fulfill the Maastricht criteria and adopt the single currency. As a result, Estonia has increased the stability of its economy, restoring and enhancing confidence among investors. At the same time, the Estonian strategy confirmed the existence of non-Keynesian effects – the positive economic results of public spending reduction.

show abstract

Adjustment Under a Currency Peg: Estonia, Latvia and Lithuania During the Global Financial Crisis 2008-09

Cited by 10 publications

References 3 publications

Examining Monetary Policy Measures and Their Impacts during and after the COVID Era: OECD Perspectives

Examining Monetary Policy Measures and Their Impacts during and after the COVID Era: OECD Perspectives

Female executive leadership and corporate social responsibility

Budgetary Discipline and Internal Devaluation – Estonian Method to Overcome the Crisis

Contact Info

Product

Resources

About