This paper analyses the accuracy of GDP growth forecasts prepared by the EBRD for 25 transition countries between 1994 and 2004. It provides the first comprehensive statistical analysis of output growth forecasts for transition countries in central and eastern Europe and the Commonwealth of...

This paper analyses the statistical properties of annual inflation forecasts prepared by the EBRD for 25 transition countries between 1994 and 2005. The empirical results show that EBRD forecasts are mostly unbiased. Late within-year forecasts are also found to be efficient. Forecast accuracy is...

Although microfinance institutions across the world are moving from group lending towards individual lending, this strategic shift is not substantiated by sufficient empirical evidence on the impact of both types of lending on borrowers. We present such evidence from a randomised field...

This paper examines the performance of 515 banks in 16 transition economies for the years 1994-99 based on their public financial accounts. We first examine lending behaviour and probability distribution of bank profitability to determine whether these banks exhibit behaviour and performance...

In this study, we consider how gift-exchange and bonus systems function in a natural field setting by measuring the effort response of participants to non-monetary gifts over time. Our field experiment tests the difference in effort response to unconditional gifts delivered immediately, promised...

The success of an economy depends largely on how successful it is in allocating inputs and outputs across businesses efficiently with minimum disruption and frictions. Market institutions that impact this allocation potentially account for productivity differences across countries. Existing...

This paper looks at variation across Russian regions in terms of perceived constraints to doing business using the Business Environment and Enterprise Performance Survey of Russian firms. The analysis identifies a number of region-specific business environment components that businesses perceive...

With a unique dataset of joint-stock companies, this paper describes the corporate audit structure in Russia and empirically analyses its determinants. When compared to the international standard, Russian firms have a weak audit structure in terms of the independence and expertise of the board...

This paper is dedicated to the relationship between market development and democracy. We distinguish between contexts and preferences and ask whether it is true that the demand for democracy only emerges after a certain degree of market development is reached, and whether, conversely,...

This paper analyses the long term growth experiences of the eastern European accession countries and the effect of various tailored growth policies. We find that there are two overarching growth-enhancing policies that can substantially increase long-term growth: competition and the quality of...