This paper presents evidence for structural differences in economic growth dynamics between the current EU and the central- and eastern European accession countries. Two important results emerge from the analysis. First, accession countries have posted higher average growth and wider output...

This paper provides an empirical investigation on the discrepancies between official exchange rate regimes and de facto exchange rate policies in transition economies. Since official and de facto regime choices are not independent of each other, we adopt a bivariate probit model to describe the...

Despite the fact that banks in Central Europe are burdened by extraordinarily high bad loan ratios, the recent financial crisis in South East Asia and Russia, has not led to a massive failure of banks in the region. In this paper, we study economic trends and policies that may have helped to...