From post-socialist transition to the COVID-19 crisis: cycles, drivers, and perspectives of subordinate financialization in Latvia

References

• Aalbers, M. B. 2016. The Financialization of Housing: A Political Economy Approach. London: Routledge.
   Google Scholar
• Aarma, A., and G. Dubauskas. 2011. “The Foreign Commercial Banks In The Baltic States: Aspects Of The Financial Crisis Internationalization.” European Journal of Business and Economics 5: 1–7.
   Google Scholar
• Ådahl, M. 2002 ”Banking in the Baltics-The Development of the Banking Systems of Estonia, Latvia and Lithuania since Independence. The Internationalization of Baltic Banking (1998–2002)“.Focus on Transition 2, 107–131. http://www.oenb.at/de/img/adahl_ftr_202_tcm14-10384.pdf
   Google Scholar
• Åslund, A., and V. Dombrovskis. 2011. How Latvia Came through the Financial Crisis. Washington, DC: Peterson Institute for International Economics.
   Google Scholar
• Ayhan Kose, M., P. Nagle, F. Ohnsorge, and N. Sugawara. 2020. Global Waves of Debt: Causes and Consequences. Washington, DC: World Bank.
   Google Scholar
• Ban, C., and D. Bohle. 2020. “Definancialization, Financial Repression and Policy Continuity in East-Central Europe.” Review of International Political Economy 28 (4): 874–897. doi:10.1080/09692290.2020.1799841.
   Web of Science ®Google Scholar
• Bank for International Settlements. 2018. “Structural Changes in Banking after the Crisis.” Committee on the Global Financial System Papers 60 (January): 1–119. https://www.bis.org/publ/cgfs60.pdf
   Google Scholar
• Banka, L. 2020. “Financial Stability Review 2019.” https://www.lb.lt/en/reviews-and-publications/category.39/series.169
   Google Scholar
• Becker, J., J. Jäger, B. Leubolt, and R. Weissenbacher. 2010. “Peripheral Financialization and Vulnerability to Crisis: A Regulationist Perspective.” Competition & Change 14 (3–4): 225–247. doi:10.1179/102452910X12837703615337.
   Google Scholar
• Becker, J., and J. Jäger. 2012. “Integration in Crisis: A Regulationist Perspective on the Interaction of European Varieties of Capitalism.” Competition & Change 16 (3): 169–187. doi:10.1179/1024529412Z.00000000012.
   Google Scholar
• Belfrage, C., and M. Ryner. 2009. “Renegotiating the Swedish Democratic Settlement: From Pension Fund Socialism to Neoliberalization.” Politics & Society 37 (2): 257–288. doi:10.1177/0032329209333994.
   Web of Science ®Google Scholar
• Belfrage, C., and M. Kallifatides. 2018. “Financialisation and the New Swedish Model.” Cambridge Journal of Economics 42 (4): 875–899. doi:10.1093/cje/bex089.
   Web of Science ®Google Scholar
• Bitans, M., and V. Purvins. 2012. “The Development of Latvia’s Economy (1990–2004).” In The Bank of Latvia XC, edited by M. Gulēna and I. Rimševičs, 140–168. Riga: Latvijas Banka.
   Google Scholar
• Bitans, M. 2012. “Latvia’s Economic Development following the Accession to the European Union: A Classic boom-bust Cycle.” In The Bank of Latvia XC, edited by M. Gulēna and I. Rimševičs, 240–268. Riga: Latvijas Banka.
   Google Scholar
• Blecker, R. 2005. “Financial Globalization, Exchange Rates, and International Trade.” In Financialization and the World Economy, edited by G. Epstein, 183–209. Cheltenham: Edward Elgar Publishing.
   Google Scholar
• Bohle, D., and B. Greskovits. 2012. Capitalist Diversity on Europe’s Periphery. Ithaca: Cornell University Press.
   Google Scholar
• Bohle, D. 2014. “Post-Socialist Housing Meets Transnational Finance: Foreign Banks, Mortgage Lending, and the Privatization of Welfare in Hungary and Estonia.” Review of International Political Economy 21 (4): 913–948. doi:10.1080/09692290.2013.801022.
   Web of Science ®Google Scholar
• Bohle, D. 2017. “Mortgaging Europe’s Periphery.” LEQS – LSE “Europe in Question” Discussion Paper Series 124. https://ideas.repec.org/p/eiq/eileqs/124.html
   Google Scholar
• Bohle, D. 2018. “European Integration, Capitalist Diversity and Crises Trajectories on Europe’s Eastern Periphery.” New Political Economy 23 (2): 239–253. doi:10.1080/13563467.2017.1370448.
   Web of Science ®Google Scholar
• Bonizzi, B. 2013. “Financialization in Developing and Emerging Countries.” International Journal of Political Economy 42 (4): 83–107. doi:10.2753/IJP0891-1916420405.
   Google Scholar
• Bonizzi, B., A. Kaltenbrunner, and J. Powell. 2020. “Subordinate Financialization in Emerging Capitalist Economies.” In The Routledge International Handbook of Financialization, edited by P. Mader, D. Mertens, and N. van der Zwan, 177–187. London: Routledge.
   Google Scholar
• Bortz, P. G., and A. Kaltenbrunner. 2017. “The International Dimension of Financialization in Developing and Emerging Economies.” Development and Change 49 (2): 375–393. doi:10.1111/dech.12371.
   Web of Science ®Google Scholar
• Bruszt, L., and V. Vukov. 2017. “Making States for the Single Market: European Integration and the Reshaping of Economic States in the Southern and Eastern Peripheries of Europe.” West European Politics 40 (4): 663–687. doi:10.1080/01402382.2017.1281624.
   Web of Science ®Google Scholar
• Büdenbender, M., and M. Aalbers. 2019. “How Subordinate Financialization Shapes Urban Development: The Rise and Fall of Warsaw’s Służewiec Business District.” International Journal of Urban and Regional Research 434 (4): 666–684. doi:10.1111/1468-2427.12791.
   Web of Science ®Google Scholar
• Bukeviciute, L., and D. Kosicki. 2 2012. “Real Estate Price Dynamics, Housing Finance and Related macro-prudential Tools in the Baltics.” ECFIN Country Focus 9. https://ec.europa.eu/economy_finance/publications/country_focus/2012/2012/cf_vol9_issue2_2012.pdf
   Google Scholar
• Choi, C. 2020. “Subordinate Financialization and Financial Subsumption in South Korea.” Regional Studies 54 (2): 209–218. doi:10.1080/00343404.2018.1502419.
   Web of Science ®Google Scholar
• Christensen, L., and L. Rasmussen. 2007. “New Europe: A Warning Not to Be Ignored.” Danske Bank Research, February 23.
   Google Scholar
• Correa, E., G. Vidal, and W. Marshall. 2012. “Financialization in Mexico: Trajectory and Limits.” Journal of Post Keynesian Economics 35 (2): 255–275. doi:10.2753/PKE0160-3477350205.
   Web of Science ®Google Scholar
• Crouch, C. 2009. “Privatised Keynesianism: An Unacknowledged Policy Regime.” The British Journal of Politics and International Relations 11 (3): 382–399. doi:10.1111/j.1467-856X.2009.00377.x.
   Web of Science ®Google Scholar
• Demertzis, M., and G. B. Wolff. 2016. “What Impact Does the ECB’s Quantitative Easing Policy Have on Bank Profitability?” Bruegel Policy Contribution, November 30. https://www.bruegel.org/wp-content/uploads/2016/11/pc-20-16-4.pdf
   Google Scholar
• Demir, F. 2007. “The Rise of Rentier Capitalism and the Financialization of Real Sectors in Developing Countries.” Review of Radical Political Economics 39 (3): 351–359. doi:10.1177/0486613407305283.
   Google Scholar
• Demir, F. 2009. “Financial Liberalization, Private Investment and Portfolio Choice: Financialization of Real Sectors in Emerging Markets.” Journal of Development Economics 88 (2): 314–324. doi:10.1016/j.jdeveco.2008.04.002.
   Web of Science ®Google Scholar
• Deroose, S., E. Flores, G. Giudice, and A. Turini. 2010. “The Tale of the Baltics: Experiences, Challenges Ahead and Main Lessons.” ECFIN Economic Brief 10: 1–9. https://ec.europa.eu/economy_finance/publications/economic_briefs/2010/pdf/eb10_en.pdf
   Google Scholar
• Dreifelds, J. 1996. Latvia in Transition. New York: Cambridge University Press.
   Google Scholar
• Dunhaupt, P. 2016. “Financialization and the Crises of Capitalism.” Institute for International Political Economy Berlin, Working Paper 67: 1–25. https://www.ipe-berlin.org/fileadmin/institut-ipe/Dokumente/Working_Papers/IPE_WP_67.pdf
   Google Scholar
• Dunhaupt, P., and E. Hein. 2019. “Financialization, Distribution, and Macroeconomic Regimes before and after the Crisis: A post-Keynesian View on Denmark, Estonia, and Latvia.” Journal of Baltic Studies 50 (4): 435–465. doi:10.1080/01629778.2019.1680403.
   Web of Science ®Google Scholar
• Epstein, G. 2002. “Financialization, Rentier Interests, and Central Bank Policy.” Paper presented at the PERI Conference on Financialization of the World Economy, University of Massachusetts, Amherst, December 7–8.
   Google Scholar
• Epstein, G., and A. Jayadev. 2005. “The Rise of Rentier Incomes in OECD Countries: Financialization, Central Bank Policy and Labor Solidarity.” In Financialization and the World Economy, edited by G. Epstein, 350–378. Cheltenham: Edward Elgar.
   Google Scholar
• Epstein, R. 2013. “Central and East European Bank Responses to the Financial ‘Crisis’: Do Domestic Banks Perform Better in a Crisis than Their Foreign-Owned Counterparts?” Europe-Asia Studies 65 (3): 528–547. doi:10.1080/09668136.2013.779453.
   Web of Science ®Google Scholar
• Epstein, R. 2017. Banking on Markets: The Transformation of bank-state Ties in Europe and beyond. Oxford: Oxford University Press.
   Google Scholar
• European Central Bank. 2016. “How Quantitative Easing Works.” https://www.ecb.europa.eu/explainers/show-me/html/app_infographic.en.html#:~:text=The%20ECB%20started%20buying%20assets,but%20close%20to%2C%202%25
   Google Scholar
• European Commission. 1999. “Regular Report from the Commission on Latvia’s Progress Towards Accession.” https://ec.europa.eu/neighbourhood-enlargement/sites/near/files/archives/pdf/key_documents/1999/latvia_en.pdf
   Google Scholar
• European Commission. 2010. “Cross Country Study: Economic Policy Challenges in the Baltics.” Economic and Financial Affairs: Occasional Papers 58 (February): 1–104. https://ec.europa.eu/economy_finance/publications/occasional_paper/2010/pdf/ocp58_en.pdf
   Google Scholar
• Farelius, D., and J. Billborn. “Macroprudential Policy in the Nordic-Baltic Countries”. 2016. . Sveriges Riksbank Economic Review 2016:1 .
   Google Scholar
• Fernandez, R., and M. Aalbers. 2019. “Housing Financialization in the Global South: In Search of a Comparative Framework.” Housing Policy Debate 30 (4): 680–701. doi:10.1080/10511482.2019.1681491.
   Web of Science ®Google Scholar
• Finance Latvia Association. 2020. “Operating Results of Latvian Commercial Banks 1st Quarter 2020.” https://www.financelatvia.eu/wp-content/uploads/2020/06/Bank-results-1st-quarter-2020.pdf
   Google Scholar
• FKTK (Finanšu un Kapitāla Tirgus Komisija). 2008. “Banking Activities in 2008 – General Information.” https://www.fktk.lv/en/statistics/credit-institutions/quarterly-reports/banking-activities-in-2008/
   Google Scholar
• Gabor, D. 2010a. “(De)financialization and Crisis in Eastern Europe.” Competition & Change 14 (3–4): 248–270. doi:10.1179/102452910X12837703615373.
   Google Scholar
• Gabor, D. 2010b. Central Banking and Financialization: A Romanian Account of How Eastern Europe Became Subprime. Basingstoke: Palgrave Macmillan.
   Google Scholar
• Gabor, D. 2012. “The Road to Financialization in Central and Eastern Europe: The Early Policies and Politics of Stabilizing Transition.” Review of Political Economy 24 (2): 227–249. doi:10.1080/09538259.2012.664333.
   Google Scholar
• Gabor, D. 2013. “The Romanian Financial System: From Central bank-led to Dependent Financialization.” FESSUD Studies in Financial Systems 5.
   Google Scholar
• Girón, A., and M. Solorza. 2015. “‘Déjà Vu’ History: The European Crisis and Lessons from Latin America through the Glass of Financialization and Austerity Measures.” International Journal of Political Economy 44 (1): 32–50. doi:10.1080/08911916.2015.1035989.
   Web of Science ®Google Scholar
• Grabbe, H. 2006. The EU’s Transformative Power. Europeanization through Conditionality in Central and Eastern Europe. Basingstoke: Palgrave Macmillan.
   Google Scholar
• Greskovits, B. 2014. “Legacies of Industrialization and Paths of Transnational Integration after Socialism.” In The Historical Legacies of Communism in Russia and Eastern Europe, edited by M. Beissinger and S. Kotkin, 68–89. Cambridge: Cambridge University Press.
   Google Scholar
• Grittersova, J. 2017. Borrowing Credibility: Global Banks and Monetary Regimes. Ann Arbor: University of Michigan Press.
   Google Scholar
• Gros, D., and C. Alcidi. 2015. “Country Adjustment to a ‘Sudden Stop’: Does the Euro Make a Difference?” International Economics and Economic Policy 12 (1): 5–20. doi:10.1007/s10368-014-0286-7.
   Google Scholar
• Hilmarsson, H. 2014. “Iceland and Latvia: The Economic and Social Crisis.” Regional Formation and Development Studies 3 (14): 86–97.
   Google Scholar
• Hübner, K. 2011. “Baltic Tigers: The Limits of Unfettered Liberalization.” Journal of Baltic Studies 42 (1): 81–90. doi:10.1080/01629778.2011.538518.
   Web of Science ®Google Scholar
• Hudson, M. 2014. “Stockholm Syndrome in the Baltics: Latvia’s Neoliberal War against Labor and Industry.” In The Contradictions of Austerity: The socio-economic Costs of the Neoliberal Baltic Model, edited by J. Sommers and C. Woolfson, 44–63. New York: Routledge.
   Google Scholar
• Hudson, M. 2015. Killing the Host: How Financial Parasites and Debt Bondage Destroy the Global Economy. Petrolia, CA: Counterpunch Books.
   Google Scholar
• Jacoby, W. 2010. “Managing Globalization by Managing Central and Eastern Europe: The EU’s Backyard as Threat and Opportunity.” Journal of European Public Policy 17 (3): 416–432. doi:10.1080/13501761003661935.
   Web of Science ®Google Scholar
• Jacoby, W. 2014. “The EU Factor in Fat Times and in Lean: Did the EU Amplify the Boom and Soften the Bust?” Journal of Common Market Studies 52 (1): 52–70. doi:10.1111/jcms.12076.
   Web of Science ®Google Scholar
• Jayadev, A., J. W. Mason, and E. Schröder. 2018. “The Political Economy of Financialization in the United States, Europe and India.” Development and Change 49 (2): 353–374. doi:10.1111/dech.12382.
   Web of Science ®Google Scholar
• Johnson, S. 2019. “Sweden Grapples with Housing Market Reform as Risks Mount.” Reuters, December 18. https://www.reuters.com/article/sweden-economy-housing/sweden-grapples-with-housing-market-reform-as-risks-mount-idUSL8N28L43A
   Google Scholar
• Kaltenbrunner, A., and J. P. Painceira. 2018. “Subordinated Financial Integration and Financialisation in Emerging Capitalist Economies: The Brazilian Experience.” New Political Economy 23 (3): 290–313. doi:10.1080/13563467.2017.1349089.
   Web of Science ®Google Scholar
• Kandell, J. 2009. “Swedish Banks Suffer Baltic Losses.” Institutional Investor, 4 May. https://www.institutionalinvestor.com/article/b150q9whgpvv8z/swedish-banks-suffer-baltic-losses
   Google Scholar
• Karwowski, E., and E. Stockhammer. 2017. “Financialisation in Emerging Economies: A Systematic Overview and Comparison with Anglo-Saxon Economies.” Economic and Political Studies 5 (1): 60–86. doi:10.1080/20954816.2016.1274520.
   Web of Science ®Google Scholar
• Kattel, R. 2009. “The Rise and Fall of the Baltic States.” Development and Transition 13: 11–13.
   Google Scholar
• Kattel, R. 2010. “Financial and Economic Crisis in Eastern Europe.” Journal of Post-Keynesian Economics 33 (1): 41–60. doi:10.2753/PKE0160-3477330103.
   Web of Science ®Google Scholar
• Kattel, R., and R. Raudla. 2013. “The Baltic Republics and the Crisis of 2008–2011.” Europe-Asia Studies 65 (3): 426–449. doi:10.1080/09668136.2013.779456.
   Web of Science ®Google Scholar
• Klyviene, V., and L. Rasmussen. 2010. “Causes of Financial Crisis: The Case of Latvia.” Ekonomika 89 (2): 7–27. doi:10.15388/Ekon.2010.0.988.
   Google Scholar
• Korhonen, I. 2001. “Progress in Economic Transition in the Baltic States.” Post-Soviet Geography and Economics 42 (6): 440–463. doi:10.1080/10889388.2001.10641180.
   Web of Science ®Google Scholar
• Kotz, D. 2011. “Financialization and Neoliberalism.” In Relations of Global Power: Neoliberal Order and Disorder, edited by G. Teeple and S. McBride, 1–18. Toronto: University of Toronto Press.
   Google Scholar
• Krippner, G. 2005. “The Financialization of the American Economy.” Socio-Economic Review 3 (2): 173–208. doi:10.1093/SER/mwi008.
   Google Scholar
• Kuokstis, V., and R. Vilpisauskas. 2010. “Economic Adjustment to the Crisis in the Baltic Republics in Comparative Perspective.” Paper presented at the 7th Pan-European International Relations Conference, Stockholm, September 9–10.
   Google Scholar
• Lahnsteiner, M. 2020. “The Refinancing of CESEE Banking Sectors: What Has Changed since the Global Financial Crisis?” Focus on European Economic Integration, Oesterreichische Nationalbank Q1 (20): 6–19.
   Google Scholar
• Lane, P. R., and G. M. Milesi-Ferretti. 2008. “The Drivers of Financial Globalization.” American Economic Review (Papers & Proceedings) 98 (2): 327–332. doi:10.1257/aer.98.2.327.
   Web of Science ®Google Scholar
• Lane, P. R. 2012. “Financial Globalisation and the Crisis.” BIS Working Paper 397: 1–34. https://www.bis.org/publ/work397.pdf
   Google Scholar
• Lapavitsas, C. 2009. “Financialisation, or the Search for Profits in the Sphere of Circulation.” Research on Money and Finance Discussion Paper 10 (May): 1–26.
   Google Scholar
• Lapavitsas, C., and J. Powell. 2013. “Financialisation Varied: A Comparative Analysis of Advanced Economies.” Cambridge Journal of Regions, Economy and Society 6 (3): 369–379. doi:10.1093/cjres/rst019.
   Web of Science ®Google Scholar
• Lapavitsas, C. 2013. “The Financialization of Capitalism: ‘Profiting without Producing.’” City: Analysis of Urban Trends, Culture, Theory, Policy, Action 17 (6): 792–805. doi:10.1080/13604813.2013.853865.
   Google Scholar
• Luminor. 2017. “The Merger of Nordea and DNB Will Take Place on 1st of October.” https://www.luminor.lv/lv/jaunumi-lidz-2017-10-01/merger-nordea-and-dnb-will-take-place-1st-october
   Google Scholar
• Lütz, S., and M. Kranke. 2014. “The European Rescue of the Washington Consensus? EU and IMF Lending to Central and Eastern European Countries.” Review of International Political Economy 21 (2): 310–338. doi:10.1080/09692290.2012.747104.
   Web of Science ®Google Scholar
• Marangos, J. 2007. “The Shock Therapy Model of Transition.” International Journal of Economic Policy in Emerging Economies 1 (1): 88–123. doi:10.1504/IJEPEE.2007.015583.
   Google Scholar
• Medve-Bálint, G. 2014. “The Role of the EU in Shaping FDI Flows to East Central Europe.” Journal of Common Market Studies 52 (1): 35–51. doi:10.1111/jcms.12077.
   Web of Science ®Google Scholar
• Milesi-Ferretti, G. M., and C. Tille. 2011. “The Great Retrenchment: International Capital Flows during the Global Financial Crisis.” Economic Policy 26 (66): 289–346. doi:10.1111/j.1468-0327.2011.00263.x.
   Web of Science ®Google Scholar
• Milne, R., and D. Winter. 2018. “Danske: Anatomy of a Money Laundering Scandal.” Financial Times, December 19. https://www.ft.com/content/519ad6ae-bcd8-11e8-94b2-17176fbf93f5.
   Google Scholar
• Myant, M., and J. Drahokoupil. 2010. Transition Economies: Political Economy in Russia, Eastern Europe, and Central Asia. Hoboken, NJ: Wiley-Blackwell.
   Google Scholar
• Nissinen, M. 1999. Latvia’s Transition to a Market Economy. Political Determinants of Economic Reform Policy. London: Macmillan press.
   Google Scholar
• O’Connell, A. 2015. “European Crisis: A New Tale of Center–Periphery Relations in the World of Financial Liberalization/Globalization?” International Journal of Political Economy 44 (3): 174–195. doi:10.1080/08911916.2015.1035986.
   Web of Science ®Google Scholar
• OECD. 2016. “Latvia: Review of the Financial System.” https://www.oecd.org/finance/Latvia-financial-markets-2016.pdf
   Google Scholar
• OECD. 2019. “OECD Economic Surveys: Latvia.” http://www.oecd.org/economy/surveys/latvia-2019-OECD-economic-survey-overview.pdf
   Google Scholar
• OECD. 2021. “Unit Labour Costs.” Accessed 15 March 2021. https://www.oecd-ilibrary.org/economics/unit-labour-costs/indicator/english_37d9d925-en
   Google Scholar
• OECD (Organization for Economic Co-operation and Development). 2000. OECD Economic Surveys: The Baltic States: A Regional Economic Assessment. Paris: OECD.
   Google Scholar
• Orhangazi, Ö. 2008. “Financialisation and Capital Accumulation in the non-financial Corporate Sector: A Theoretical and Empirical Investigation on the US Economy: 1973–2003.” Cambridge Journal of Economics 32 (6): 863–886. doi:10.1093/cje/ben009.
   Web of Science ®Google Scholar
• Palley, T. 2007. “Financialization: What It Is and Why It Matters.” The Levy Economics Institute Working Paper 525: 1–31. https://www.levyinstitute.org/pubs/wp_525.pdf
   Google Scholar
• Palley, T. 2010. “The Limits of Minsky’s Financial Instability Hypothesis as an Explanation of the Crisis”. Monthly Review 61(11):2811 doi: 10.14452/MR-061-11-2010-04_2.
   Web of Science ®Google Scholar
• Palley, T. 2013. Financialization: The Economics of Finance Capital Domination. Basingstoke: Palgrave Macmillan.
   Google Scholar
• Pataccini, L. 2017. “From ‘Communautaire Spirit’ to the ‘Ghosts of Maastricht:’ European Integration and the Rise of Financialization.” International Journal of Political Economy 46 (4): 267–293. doi:10.1080/08911916.2017.1407737.
   Web of Science ®Google Scholar
• Pataccini, L., and R. Eamets. 2019. “Austerity versus Pragmatism: A Comparison of Latvian and Polish Economic Policies during the Great Recession and Their Consequences Ten Years Later.” Journal of Baltic Studies 50 (4): 467–494. doi:10.1080/01629778.2019.1680404.
   Web of Science ®Google Scholar
• Pataccini, L. 2020. “Western Banks in the Baltic States: A Preliminary Study on Transition, Europeanisation and Financialisation.” GEOFIN Working Paper 11: 1–36. https://geofinresearch.eu/outputs/working-papers/
   Google Scholar
• Pettifor, A. 2006. The Coming First World Debt Crisis. Basingstoke: Palgrave Macmillan.
   Google Scholar
• Purfield, C., and B. Rosenberg. 2010. “Adjustment under a Currency Peg: Estonia, Latvia and Lithuania during the Global Financial Crisis 2008-09.” International Monetary Fund Working Paper 10 (213): 1–34. https://www.imf.org/en/Publications/WP/Issues/2016/12/31/Adjustment-Under-a-Currency-Peg-Estonia-Latvia-and-Lithuania-During-the-Global-Financial-24217
   Google Scholar
• Ratings, F. 2020. “Fitch Revises Outlook on Latvia to Negative; Affirms at ‘A-.’.” Rating Action Commentary, April 10. https://www.fitchratings.com/research/sovereigns/fitch-revises-outlook-on-latvia-to-negative-affirms-at-a-10-04-2020
   Google Scholar
• Raviv, O. 2008. “Central Europe: Predatory Finance and the Financialization of the New European Periphery.” In Power and Politics after Financial Crises. International Political Economy Series, edited by J. Robertson, 168–186. London: Palgrave Macmillan.
   Google Scholar
• Reuters. 2019. “Sweden’s Handelsbanken Says to Exit the Baltics.” Reuters, May 16. https://www.reuters.com/article/handelsbanken-baltics/swedens-handelsbanken-says-to-exit-the-baltics-idUSFWN22R1GQ
   Google Scholar
• Riksbank, S. 2019. “Financial Stability Report 2019:2.” https://www.riksbank.se/en-gb/financial-stability/financial-stability-report/2019/financial-stability-report-20192/
   Google Scholar
• Rodrigues, J., A. C. Santos, and N. Teles. 2016. “Semi-peripheral Financialisation: The Case of Portugal.” Review of International Political Economy 23 (3): 480–510. doi:10.1080/09692290.2016.1143381.
   Web of Science ®Google Scholar
• Roolaht, T., and U. Varblane. 2009. “The inward-outward Dynamics in the Internationalization of Baltic Banks.” Baltic Journal of Management 4 (2): 221–242. doi:10.1108/17465260910958827.
   Web of Science ®Google Scholar
• Ross, M. 2013. “Regulatory Experience in the Baltics.” In Banking in Central and Eastern Europe and Turkey: Challenges and Opportunities, edited by K. Atanas and Z. Sanne, 73–81. Luxembourg: European Investment Bank.
   Google Scholar
• Rossi, S. 2013. “Financialization and Monetary Union in Europe: The Monetary–structural Causes of the Euro-Area Crisis.” Cambridge Journal of Regions, Economy and Society 6 (3): 381–400. doi:10.1093/cjres/rst015.
   Web of Science ®Google Scholar
• Ryan-Collins, J., T. Loyd, and L. Macfarlane. 2017. Rethinking the Economics of Land and Housing. London: Zed Books.
   Google Scholar
• Sabiedriskie Mediji, L. 2020. “SEB Bank Hit with Huge Fine in Sweden over Baltic Banking Mistakes.” eng.lsm.lv, 26 June. https://eng.lsm.lv/article/economy/banks/seb-bank-hit-with-huge-fine-in-sweden-over-baltic-banking-mistakes.a365044/
   Google Scholar
• Saeima. 2008. “Law on the Prevention of Money Laundering and Terrorism and Proliferation Financing.” https://likumi.lv/ta/en/en/id/178987-on-the-prevention-of-money-laundering-and-terrorism-financing
   Google Scholar
• Santos, A. C., J. Rodrigues, and N. Teles. 2018. “Semi-peripheral Financialisation and Social Reproduction: The Case of Portugal.” New Political Economy 23 (4): 475–494. doi:10.1080/13563467.2017.1371126.
   Web of Science ®Google Scholar
• Schimmelfennig, F., and U. Sedelmeier. 2004. “Governance by Conditionality: EU Rule Transfer to the Candidate Countries of Central and Eastern Europe.” Journal of European Public Policy 11 (4): 661–679. doi:10.1080/1350176042000248089.
   Web of Science ®Google Scholar
• Schipke, A., C. Beddies, S. M. George, and N. Sheridan. 2004. “Capital Markets and Financial Intermediation in the Baltics.” IMF Occasional Paper 228: 1–43. https://www.imf.org/en/Publications/Occasional-Papers/Issues/2016/12/30/Capital-Markets-and-Financial-Intermediation-in-The-Baltics-16899
   Google Scholar
• Schwan, M., C. Trampusch, and F. Fastenrath. 2020. “Financialization Of, Not by the State. Exploring Changes in the Management of Public Debt and Assets across Europe.” Review of International Political Economy 28 (4): 820–842. doi:10.1080/09692290.2020.1823452.
   Web of Science ®Google Scholar
• Sinn, H. W. 2014. “Responsibility of States and Central Banks in the Euro Crisis.” CESifo Forum 15 (1): 3–36.
   Google Scholar
• Skribane, I., and S. Jekabsone. 2013. “Structural Changes in the Economy of Latvia after It Joined the European Union.” Intellectual Economics 7 (1): 29–41.
   Google Scholar
• Sokol, M. 2013. “Towards a ‘Newer’ Economic Geography? Injecting Finance and Financialization into Economic Geographies.” Cambridge Journal of Regions, Economy and Society 6 (3): 501–515. doi:10.1093/cjres/rst022.
   Web of Science ®Google Scholar
• Sokol, M. 2017. “Financialisation, Financial Chains and Uneven Geographical Development: Towards a Research Agenda.” Research in International Business and Finance 39 (Part B): 678–685. doi:10.1016/j.ribaf.2015.11.007.
   Web of Science ®Google Scholar
• Sokol, M., and L. Pataccini. 2020. “Winners and Losers in Coronavirus Times: Financialisation, Financial Chains and Emerging Economic Geographies of the Covid-19 Pandemic.” Tijdschrift voor Economische En Sociale Geografie 111 (3): 401–415. doi:10.1111/tesg.12433.
   PubMed Web of Science ®Google Scholar
• Solska, M. 2011. “Citizenship, Collective Identity and the International Impact on Integration Policy in Estonia, Latvia and Lithuania.” Europe-Asia Studies 63 (6): 1089–1108. doi:10.1080/09668136.2011.585762.
   Web of Science ®Google Scholar
• Stenfors, A. 2014. “Financialisation and the Financial and Economic Crises: The Case of Sweden.” FESSUD Studies in Financial Systems 27: 1–64. https://econpapers.repec.org/paper/fesfstudy/fstudy27.htm
   Google Scholar
• Stockhammer, E. 2004. “Financialization and the Slowdown of Accumulation.” Cambridge Journal of Economics 28 (5): 719–741. doi:10.1093/cje/beh032.
   Web of Science ®Google Scholar
• Stockhammer, E. 2010. “Financialization and the Global Economy. Political Economy Research Institute.” University of Massachusetts Amherst Working Paper Series 240: 1–17. http://peri.umass.edu/fileadmin/pdf/working_papers/working_papers_201-250/WP240.pdf
   Google Scholar
• Stockhammer, E. 2012. “Financialization, Income Distribution and the Crisis.” Investigación Económica 71 (279): 39–70.
   Web of Science ®Google Scholar
• Tooze, A. 2018. Crashed: How a Decade of Financial Crises Changed the World. New York: Books on Tape.
   Google Scholar
• Trasberg, V. 2012. “Estonia: In and Out of Crisis.” Discussions on Estonian Economic Policy: Theory and Practice of Economic Policy 20 (1): 260–280.
   Google Scholar
• Vachudova, M. A. 2005. Europe Undivided: Democracy, Leverage, and Integration after Communism. Oxford: Oxford University Press.
   Google Scholar
• Witko, C. 2016. “The Politics of Financialization in the United States, 1949–2005.” British Journal of Political Science 46 (2): 349–370. doi:10.1017/S0007123414000325.
   Web of Science ®Google Scholar
• Woolfson, C., and J. Sommers. 2016. “Austerity and the Demise of Social Europe: The Baltic Model versus the European Social Model.” Globalizations 13 (1): 78–93. doi:10.1080/14747731.2015.1052623.
   Web of Science ®Google Scholar
• World Bank. 1993. “Latvia: The Transition to a Market Economy.” World Bank Report 11780.
   Google Scholar
• World Bank. 2019. “Global Wave of Debt Is Largest, Fastest in 50 Years.” World Bank Press Release, 19 December. https://www.worldbank.org/en/news/press-release/2019/12/19/debt-surge-in-emerging-and-developing-economies-is-largest-fastest-in-50-years
   Google Scholar