Sutela, Pekka - Siirtymätalouksien tutkimuslaitos, Suomen Pankki - 2001
The three Baltic countries have been able to combine, Estonia since 1992 and Latvia and Lithuania since 1994, (1) a fixed exchange rate,(2) liberalisation of the capital account before having a well-functioning and fully supervised financial system, and (3) very large current account deficits....