Serbian local state-owned enterprises (SOEs) owed in excess of EUR 220mn in late 2015, with estimates reaching a much higher figure. According to the national Fiscal Council, underinvestment by local governments amounted to some EUR 250mn annually. This paper looks at insufficient commercial...

This paper investigates the effects of the political connectedness of private sector firms in South East Europe on their business performance. This question is relevant to contemporary ideas about the importance of "state capture" in the region, and the paper provides a new perspective on the...

European countries are economically dependent upon each other. This paper therefore embeds the analysis of the Western Balkan countries within a wider perspective of the European economy as a whole. It combines a simple Core-Periphery model with an underconsumption model to provide a convincing...

This paper explores the potential role of industrial policy to stimulate post-crisis recovery in South East Europe (SEE). Policy reactions in the region have focused on fiscal consolidation and austerity, while the design of active industrial policies to improve competitiveness has been less in...