Following a decade of conflicts, Western Balkan countries accomplished robust economic growth in the 2000s. This growth pattern was domestic demand driven and externally financed, hence was hampered significantly by the global financial crisis and subsequent euro area debt crisis. Despite modest...

The report aims to explore and analyze the major gaps in financial inclusion and access to finance in Romania, as identified in the Technical Note on Financial Intermediation prepared in the context of the Financial Sector Assessment Program (FSAP) (2018). The FSAP technical note analyzed the...

This report presents an analysis conducted by the World Bank to assess macro-fiscal impacts of earthquakes and floods in European Union (EU) Member States (MS), analyze the financial instruments in place to manage this risk and identify any associated funding gaps. The analysis is underpinned by...

According to some, the commercial bank is anachronistic and in a state of terminal decline. The evidence, however is mixed. This paper takes a different approach to analyzing the future of banks.

The paper presents a simple theory of intraday behavior in the interbank market.

Scientific and technological knowledge is increasingly recognized as a keystone of economic growth and social development. This paper reviews the main components of policy reform strategies designed to increase the efficiency of investments in science and techbology, with specific reference to...

The pharmaceutical industry is unique because of a close connection between knowledge and final product. As the quintessential science-based industry, pharmaceuticals depend heavily on high level manpower and substantial R&D for innovation. Because these requirements are costly, the industry is...