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...

The paper analyses the relationship between deposit insurance, debt-holder monitoring, and risk taking. In a stylised banking model we show that deposit insurance may reduce moral hazard, if deposit insurance credibly leaves out non-deposit creditors. Testing the model using EU bank level data...

This report has been written in the framework of the EU-funded research project “Support for Farmers’ Cooperatives”. This project was commissioned by the European Commission DG Agriculture and Rural Development, and carried out in 2011 and 2012 by a large consortium of researchers from...