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...

The Evaluation of the European Union's (EU) co-operation with Georgia was commissioned by the DG DEVCO Evaluation Unit and was implemented between January 2014 and April 2015. Covering the period 2007-2013, the evaluation’s objectives were: To identify key lessons and to produce...

The South Caucasus is a small but diverse region, comprising the three states of Armenia, Azerbaijan and Georgia as well as three separatist breakaway territories of Nagorny Karabakh, South Ossetia and Abkhazia. The region has an official population of only around 17 million people, but also...