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Financial sector reform in the Baltic countries is reviewed in light of the banking crises that emerged during the reform period. It is argued that the crises had their roots in the structural deficiencies specific to planned economies and the financial environment that developed before and after these countries regained their independence, thus rendering them largely inevitable. Because of the low level of financial intermediation, however, even the failure of large banks had limited systemic effects and a minor negative impact on output and incomes. The crises slowed down the financial reform process, but brought about a desired consolidation of the banking sector.

Banks and Banking --- Money and Monetary Policy --- Industries: Financial Services --- Financial Markets and the Macroeconomy --- Central Banks and Their Policies --- Financial Institutions and Services: Government Policy and Regulation --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Monetary Policy, Central Banking, and the Supply of Money and Credit: General --- Financial Crises --- Banking --- Monetary economics --- Economic & financial crises & disasters --- Finance --- Commercial banks --- Banking crises --- Credit --- Bank credit --- Financial institutions --- Money --- Financial crises --- Loans --- Foreign banks --- Banks and banking --- Banks and banking, Foreign --- Latvia, Republic of