01931cas a2200265 a 4500 AALejournalIMF007141 230101c9999 xx r poo 0 0eng d 5.00 USD 9781455226030 1018-5941 BD-DhAAL BD-DhAAL Saxegaard, Magnus. Corporate and Household Debt Distress in Latvia : Strengthening the Incentives for Market-Based Approach to Debt Resolution / Magnus Saxegaard, Michaela Erbenova, Yan Liu. Washington, D.C. : International Monetary Fund, 2011. 1 online resource (25 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper reviews Latvia's efforts to manage the increase in debt distress resulting from the unwinding of the 2000-07 credit boom and spillovers from the global financial crisis. The authorities have designed a strategy that strengthens incentives for marked-based debt resolution by improving the legal framework for credit enforcement, introducing tax incentives for debt write-downs, and strengthening financial sector supervision. These measures have started to yield results, but further steps are needed to speed up bankruptcy procedures and reduce credit enforcement costs. Latvia's experience with market-based debt resolution may provide insights on managing debt distress in other countries with limited fiscal resources. Mode of access: Internet Erbenova, Michaela. Liu, Yan. IMF Working Papers; Working Paper ; No. 2011/085 Full text available on IMF http://elibrary.imf.org/view/journals/001/2011/085/001.2011.issue-085-en.xml IMF e-Library