Postcard from Davos
An EBRD delegation took to the Swiss Alps this week for the traditional World Economic Forum in Davos. An annual get-together of the great and the good, it’s the sort of place where you can’t walk more than 50 yards …
Exchange market pressures in the EBRD’s countries of operations
The new bout of the global economic uncertainty and falling demand in the core markets have recently increased external pressures on the economies of the Bank’s countries of operation. We want to measure exchange market pressure in the recent turbulence …
South-Eastern Europe: lacking in confidence
By Marija Kuzmanovic and Peter Sanfey
Of all the EBRD’s sub-regions, south-eastern Europe (SEE) has been the slowest to emerge from the crisis. One reason behind the sluggish recovery is undoubtedly a general lack of confidence throughout the economy. This …
Financial market stress and implications for the EBRD region
A combination of severe financial market stress, anaemic second quarter growth in key advanced countries and the deepening euro zone crisis is materially impacting the EBRD region.
How can credit bureaus in the EBRD region be improved?
An examination of the results of an in-house survey of credit information reporting systems (so-called credit registers or credit bureaus), their regulators, supervisors and customers (financial institutions using credit information reporting).
The survey was conducted in late 2010 in 15 EBRD countries of operations: Hungary, Poland, Slovak Rep., Bulgaria, Romania, Turkey, Bosnia and Herzegovina, Croatia, FYR Macedonia, Serbia, Russia, Ukraine, Kazakhstan, Kyrgyz Rep. and Mongolia.
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 …
The Return of Capital Flows to Emerging Europe
Authors: Franziska Ohnsorge, Stephan Knobloch, Yevgeniya Korniyenko
Capital inflows have returned to many emerging markets since mid-2009.
Fuelled by abundant global liquidity and more favourable growth prospects and debt dynamics, they present better risk-return prospects than advanced economies (Chart 1)…
How will Fiscal Austerity Dampen Growth in 2010-11?
By Franziska Ohnsorge and Veronika Zavacka
Pre-crisis, underlying fiscal positions of EBRD countries were significantly worse than apparent in headline fiscal deficits.
Until 2007, many countries in the EBRD region enjoyed high real GDP growth which inflated tax …
Fostering growth in CEE countries: a country-tailored approach to growth policy
Co-authors: Philippe Aghion and Natalia Weisshaar
How to foster sustained growth in CEE countries
Before the onset of the global financial crisis, transition countries, particularly in Central and Eastern Europe, had embarked on what appeared to be strong and sustainable growth …
Making a financial sector levy work
Several countries in the EU have introduced, or are considering, a levy on the financial sector. There are some basic issues that need to be addressed urgently because, in Europe’s deeply integrated markets uncoordinated national measures are inefficient, can undermine …
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