Phoenix from the Ashes: The Recovery of the Baltics from the 2008/2009 Crisis

Republic of Belarus: Selected Issues

“…The output however recovered sharply by 6-7½ percent in 2011, while the private sector credit continued to decline. Bakker and Korczak (2017) adjustment that took place during the crisis. The adjustment took place through significant correction in wages and labor, and corporate deleveraging, while the exchange rate pegs were maintained in all three countries.…”