Armenia, Georgia, the Kyrgyz Republic, and Tajikistan have all experienced substantial out-migration of workers and an associated inflow of workers' remittances over the past two decades. These four countries have much higher human capital, as measured by the Human Capital Index, than is typical...

This paper develops a computable spatial equilibrium model of Central Asia and uses it to analyze the possible effects of the Belt Road Initiative on the economy of the region. The model captures international and subnational economic units and their connectivity to each other and the rest of...

China's Belt and Road Initiative aims to improve connectivity between China and more than 70 countries through infrastructure investment and regional cooperation. The initiative has the potential to accelerate significantly the rate of economic integration and development in the region, as trade...

Climate change damage (or, more correctly, impact) functions relate variations in temperature (or other climate variables) to economic impacts in various dimensions, and are at the basis of quantitative modeling exercises for the assessment of climate change policies. This document provides a...

This paper examines changes in bank capital and capital regulations since the global financial crisis, in the Europe and Central Asia region. It shows that banks in Europe and Central Asia are better capitalized, as measured by regulatory capital ratios, than they were prior to the crisis....

This paper introduces key findings from a new cross-country survey on state-owned financial institutions in Europe and Central Asia. It covers 41 such institutions operating in the region as of end 2016, and considers variables in the areas of mandates, instruments, performance, governance, and...

Rapid economic growth over the past two decades lifted millions of people out of poverty in Central Asia. But the uneven spread of prosperity left many communities struggling to catch up. To support lagging regions within countries, each of the region's five national governments has made...

Financial inclusion can help promote development. Inclusive financial systems allow people to invest in their education and health, save for retirement, capitalize on business opportunities, and confront shocks. In the Europe and Central Asia region, there is great variation in financial...

This paper looks at how individual preferences for the allocation of government spending change along the life cycle. Using the Life in Transition Survey II for 34 countries in Europe and Central Asia, the study finds that older individuals are less likely to support a rise in government outlays...

Despite significant improvements in per capita expenditures and a marked decline in poverty over the 2000s, a large fraction of Eastern Europe and Central Asia's population reports their economic situation in the late 2000s to be worse than in 1989. This paper uses data from the Life in...