The note first presents a brief overview of the Croatian railway sector, listing the main challenges that it is currently facing, and identifying the main areas of intervention for the development of a financially sustainable sector, which should guide any thorough sector reform program in the...

During the 1990s, the Turkish economy was beset by frequent economic crises. Fiscal imbalances, high inflation rates, and the subsequent stop and go economic cycles hit the Turkish economy, slowing growth and plunging the country into recession. Spiraling debt and interest payments coupled with...

This Policy Note has been prepared to assist the governments of the Entities in Bosnia and Herzegovina to better understand the current conditions of the railway sector,assess the policy options for modernizing it and help chart a course ahead. Railway performance is benchmarked against a number...

Under a succession of reform-minded governments, the Bulgarian rail sector has achieved some ambitious targets-stable traffic volumes and hard-won financial stability that was endorsed by investor confidence during a recent bond issuance for EUR 120 million. Today, all Acquis Communautaires...

"Under the traditional "competition-fragility" view, more bank competition erodes market power, decreases profit margins, and results in reduced franchise value that encourages bank risk taking. Under the alternative "competition-stability" view, more market power in the loan market may result...

"The author studies annuity rates in Chile and relates them with industry competition. He finds (1) that annuity insurance companies paying higher broker commissions paid lower annuity rates; and (2) a structural break of the long-run elasticity of annuity rates to the risk-free rate in 2001....

"Vermeersch and Kremer examine the effects of subsidized school meals on school participation, educational achievement, and school finance in a developing country setting. They use data from a program that was implemented in 25 randomly chosen preschools in a pool of 50. Children's school...