Heterodox
At the end of my previous post, I posed the question: why did Latvia experience the deepest recession in the world in 2008-9?The first puzzle is that Latvia's banks were in no worse shape than anyone else's and better than some. Among small countries, Iceland, Ireland and (in 2013) Cyprus all experienced bigger banking collapses relative to the size of their economies than Latvia. Larger countries did too, notably Germany and the UK, both of which suffered widespread damage across their large...
Read More »Property, inequality and financial crises
