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- Title
CREDITING IN LATVIA IN CONDITIONS OF GLOBALIZATION OF THE FINANCIAL MARKET.
- Authors
Zelcs, Andrejs
- Abstract
For the last few years, Latvia has continued experiencing the fall of production, deterioration of financial indicators, wave of bankruptcy and efforts to stop the economic recession. Banking crediting undoubtedly has great importance in development of the national economy of any country. The independence of the central banks of small open countries in implementation of the monetary policy is highly restricted in the situation of globalization of the financial market. The growth pace of the Latvian economy greatly depends on the pace of stabilization and economic development in more developed countries both in Europe and the rest of the world, therefore the recovery of the economy in Latvia will be based on the development of the export. The aim of the research is to investigate the necessity to stimulate the economy by issuing credits and in the first place the credits to entrepreneurs. The tasks of the research: 1) to analyse the volume of crediting of entrepreneurship in Latvia from 2008 to 2010; 2) to investigate the investments into the sector of financial mediation and the results of activity of Latvian commercial banks; 3) to research the priority fields of crediting for the development of the national economy. On the whole, we can conclude that the volume and amount of credits issued to enterprises have decreased since the end of 2008, and the financial sphere has accumulated big volume of investments. Alongside the enterprises dealing with export, manufacturing and other small and medium-sized enterprises that develop projects in the spheres of Latvian industry, services and agriculture have been characterized as a priority sphere that will have more possibilities for being credited by various banks. Such enterprises can produce competitive goods with high added value, export their production or substitute the imported goods by the competitive production at the domestic market.
- Subjects
LATVIA; LATVIAN economy; ECONOMIC indicators; BANKRUPTCY; PRODUCTION (Economic theory); RECESSIONS; FINANCIAL markets
- Publication
Regional Review / Reģionālais Ziņojums, 2010, Issue 6, p50
- ISSN
1691-6115
- Publication type
Article