This paper reviews recent stock market developments in Poland and the Czech Republic and provides a case-study of the direction of causality between stock market expansion and economic growth. It finds no evidence that the relative failure of the security market in the Czech Republic affected...

Growth forecasts are at the heart of investment decisions and yet in emerging and developing markets they often receive limited support from quantitative models. This paper describes the main quantitative modelling techniques that have informed EBRD growth projections since 2009. The paper...