Credit rating agencies (cras) have come under intensive scrutiny, having failed to assess the risk of mortgage-related structured products involved in the subprime crisis of 2008. Since 2010, the steady downgrading of European sovereign debt has also led to much criticism. This article focuses...

The increase in non-monetary payments in Russia is the output of both a tight monetary policy and the persistence of the soft budget constraint. The State, by allowing fiscal arrears and in-kind payments, and the enterprises, by using wage arrears as a way of accommodating the budget constraint,...

Since the 90?s, between 70 and 90% of banking assets in ceecs? banking system are held by foreign located banks. The huge presence of foreign banks in ceecs leads also to a strong dependence to banking cross-border claims. Are foreign located affiliates a factor that attracts foreign claims in...