The economic recovery in CESEE has strengthened further in recent months, resulting in a number of additional upgrades to our growth forecasts for 2021, to 5.4% on the regional average. This good performance has been built on two important foundation stones: the adaptation of the CESEE economies...

This paper aims to investigate the presence of a creditless economic recovery in Eastern Europe, after de 2008-2009 output collapse. To this end, we use three variables: credit stock, credit flow and money supply M1. We find that the changes in the credit flow, as percentage of GDP, are the most...