Intro -- Contents -- I. INTRODUCTION -- II. EMPIRICAL METHODOLOGY AND SAMPLE -- III. GROWTH AND FISCAL ADJUSTMENT IN TRANSITION COUNTRIES: SOME STYLIZED FACTS -- IV. ECONOMETRIC MODEL RESULTS -- V. QUALITATIVE ANALYSIS OF COUNTRY EXPERIENCES -- VI. CONCLUSIONS -- References.

This paper investigates the role that state-owned enterprises (SOEs) played during periods of economic sanctions against Iran. Using difference-in-difference techniques and exploiting survey data on the manufacturing sector, our analysis shows that the sanctions reduced revenues, profits, and...

India's recently announced privatization strategy can facilitate a change in the composition of the public sector balance sheet toward high-return public sector investments in infrastructure and human capital where there is a clear role for government, leaving commercially viable companies for...

This paper examines the behavior of bank soundness indicators during episodes of brisk loan growth, using bank-level data for central and eastern Europe and controlling for the feedback effect of credit growth on bank soundness. No evidence is found that rapid loan expansion has weakened banks...

The emerging European economies have been converging rapidly towards the more advanced European economies in recent years. However, large external imbalances in parts of the region have raised questions about sustainability and concerns about vulnerabilities. Empirical evidence in this paper...

Recent developments have increased questions about vulnerabilities in Central and Eastern European Countries (CEE) that are experiencing credit booms. This paper analyzes the role of foreign-owned banks in these credit booms. The results show that the CEE countries depend on foreign banks, and...

Intro -- Contents -- I. INTRODUCTION -- II. THE MAIN STYLIZED FACTS: AGGREGATE DATA -- III. THE MAIN STYLIZED FACTS: BILATERAL DATA -- IV. CAPITAL FLOWS AND EXTERNAL ADJUSTMENT -- V. CONCLUDING REMARKS -- REFERENCES.

The paper relies on a firm-level data on transition economies to examine the relationship between informality and bank credit. We find evidence that informality is robustly and significantly associated with lower access to and use of bank credit. We also find that higher tax compliance costs...

Emerging European countries have made large strides in developing their local capital markets since the early-1990s. However, the rate of development has been widely disparate across countries and market segments, underpinned by the varying degrees of progress made in key areas such as...