The Czech financial sector has changed dramatically since transition. In fifteen years, it has developed from a state-owned mono-bank into a privatised bank-based financial system with developing capital and private equity markets. This country focus analyses the development of the financial...

This paper analyses the link between finance and growth by studying the effect that the process of financial deregulation and harmonisation of banking laws at the EU level has brought about on growth over the last 40 years. Our main findings point to the existence of a positive long-run growth...

Over the past decades, cross-border financial flows have increased in importance and have in many occasions exceeded the underlying current account positions. This phenomenon has been accompanied by an increase in the volume of international equity transactions that accentuate the role of...

This study developed a methodology to assess revealed personal consumer detriment that robustly measures and quantifies the incidence and magnitude of detriment at EU and national level, taking into account both pre- and post-redress financial detriment and non-financial detriment such as time...

We model the impact of bank mergers on loan competition, banks' reserve holdings and aggregate liquidity. Banks compete in a differentiated loan market, hold reserves against liquidity shocks, and refinance in the interbank market. A merger creates an internal money market that induces financial...

Bulgaria has for years been facing some of the highest credit growth rates and current account deficits in Central and South-Eastern Europe, raising concerns about possible risks for macroeconomic and financial sector stability. Since standard monetary policy instruments are not available within...