framework prevalent in LICs drastically reduces the role of securities markets and increases the cost of bank lending to private … properly, the traditional monetary transmission channels (interest rate, bank lending, and asset price) are impaired. The … exchange rate channel, on the other hand, tends to be undermined by central bank intervention in the foreign exchange market …

A gravity model is used to assess the separate effects of exchange rate volatility and currency unions on international … exchange rate volatility, even after controlling for a host of features, including the endogenous nature of the exchange rate …

We identify the presence of soft budgets and analyse their impact on enterprise restructuring in Romania over the …

countries, Hungary, Romania and Slovenia. The data are based on interviews taken in more than 300 state-owned, privatized and … pressure has a positive impact on firm performance in Hungary and Slovenia, but not in Romania, while in Romenia short … Romania, the results are somewhat mixed; state-owned enterprises do worse than employee-owned (privatized) and newly …

We provide comprehensive analysis of the isolation program for financially distressed firms in Romania. The results …

-level data from Romania, this study examines how the presence of global retail chains affects firms in the supplying industries …

in times of crisis, since it suggests an immunity to the central bank's interest rate defence. In equilibrium, however …