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BUSINESS LENDING FOR LATVIA REGIONAL DEVELOPMENT: THE ROLE OF REGULATORY ENACHMENTS
Abstract
The effects of COVID-19 are currently pushing many economies into recession, affecting almost all countries and many billions of people worldwide. In order to recover from the economic downturn caused by COVID-19 and to promote regional development in Latvia, business lending plays an important role in our days. At present, the total amount of loans issued by credit institutions in Latvia has decreased compared to the previous analogue period, and according to statistics from the Finance and Capital Market Commission (FCMC) to 31.03.2020 is 19,019,777 thousand EUR [25], including the amount of loans granted to domestic non-financial corporations (companies) for the same period is 5,781,805 thousand EUR [25], which has also fallen against the analogue previous period [25]. It is therefore important to encourage business and regional development to increase lending volumes. In our days, the economic recovery from THE COVID-19 crisis is in place in all countries, and even the most developed countries need to think about the necessary measures. The aim of the authors is to study this topic in depth, to investigate and analyze the regulatory enactments governing business lending in Latvia as a whole and in the context of regional development. The study uses a monographic method, methods of analysis and synthesis, a method of scientific induction and scientific decontamination. Within the framework of the study, the authors has compiled, classified and analyzed international and Latvian laws and has drawn conclusions on the types of regulatory enactments, the areas they regulate, their association with the promotion of regional development. These conclusions will be used in the follow-up study on business lending and regional development research.
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References34
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