Cover -- Contents -- Preface -- Authors' Note -- About the Authors -- Map -- Introduction -- Motivation -- Key Lessons -- Structure of the Book -- Ch 1 Latvia's Post-Soviet Transition -- A Bitter Struggle for Independence -- Radical Transition to a Normal Market Economy -- Evolution of Latvia's Democratic Politics -- Notes -- Ch 2 The Boom, 2004-07 -- EU Accession Crowning the Success of Transition -- Capital Inflows Overheat the Economy -- Politics of Complacency -- Notes -- Ch 3 Policy Choices and the Program of Crisis Resolution, 2008 -- Fall 2008: The Bubble Pops -- Run on Parex Bank: Latvia Calls in the IMF -- The International Assistance Package -- Notes -- Ch 4 To Devalue or Not to Devalue -- Arguments for a Fixed Exchange Rate -- Arguments for Devaluation -- How Latvia Differs from Argentina -- The IMF Verdict -- Notes -- Ch 5 Implementation of the Stabilization Program, 2009 -- Collapse of the Godmanis Government -- Formation of the Dombrovskis Government -- A New Stabilization Program Takes Shape -- Devaluation Crisis, But Adoption of a New Budget, June 2009 -- Complicated IMF-EU Negotiations -- Budget for 2010 -- Notes -- Ch 6 The Healing Begins, 2010 -- Estonia Qualifies for the Euro, March-June 2010 -- October 2010 Parliamentary Elections: Popular Approval of Crisis Resolution -- Budget for 2011 -- Economic Growth Returns -- Notes -- Ch 7 Latvia's Lessons for Itself and the World -- Why Latvia Was Right Not to Have Devalued -- Latvian Peculiarities -- Lessons from Latvia for the World -- Eyes on the Prize: Euro Adoption and European Convergence -- Notes -- Leading Latvian Officials -- Chronology of Events -- Index.