This paper analyzes quantitatively the extent to which there is overborrowing (i.e., inefficient borrowing) in a business cycle model for emerging market economies with production and an occasionally binding credit constraint. The main finding of the analysis is that overborrowing is not a...

This report discusses the activity of credit guarantee schemes (CGSs) in Western Europe and presents an analysis based on a novel survey, conducted by the European Investment Bank (EIB) Group1, among 18 credit guarantee organisations in 13 countries and 33 banks operating in 17 countries. The...

Recent work suggests non-financial firms have acted like financial intermediaries particularly in emerging economies. This paper corroborates these findings but then asks "why?". The results indicate evidence for carry-trade activities, but they are focused on countries with higher levels of...

Technology transfer is one of the most contentious issues in international negotiations on climate change. Despite its recognition at international platforms such as the United Nations Framework Convention on Climate Change, G20, etc., the independent review of Climate Technology Centre and...

This paper studies the role of differences in the patterns of production and international trade on the business cycle volatility of emerging and developed economies. We study a multi-sector small open economy in which firms produce and trade commodities and manufactures. We estimate the model...

Over one million firms around the world have adopted a Quality Management System (QMS) that conforms to ISO 9001 certification in 2015 and recent figures show that certifications have rapidly increased in emerging economies. ISO 9001 is considered a signal of high quality for products or...

Ukraine has been subject to full-scale Russian aggression since 24 February 2022, with major implications for Ukraine's economic performance and economic management. Martial law has temporarily restricted civil and political rights and allowed the government to introduce command management in...