The root causes of FX lending in emerging Europe: new evidence and policy implications

Foreign currency (FX) lending is widespread in many parts of emerging Europe, with more than half of all bank loans in Bulgaria, Estonia, Hungary, Latvia, Romania, and Serbia currently denominated in (or linked to) a …

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Emerging Europe in Currency Wars: A Mixed Bag?

By Franto Ricka and Jeromin Zettelmeyer

The world has been abuzz with discussions about the implications of both simultaneous quantitative easing (QE2) in the US, UK and Japan, and capital controls and competitive depreciations in emerging markets (EMs). What would such a scenario imply for the transition region?

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