productivity (TFP) growth in a sample of 30 European economies for the period 1994-2005. In most of Western Europe, we find a … deceleration of TFP growth since 2000. However, the economies of New Europe exhibit a higher level of TFP growth overall and have … slowed less than those of Old Europe. In the new market economies of Central and Eastern Europe, we find both high TFP growth …

This paper assesses the extent to which debt overhang poses a constraint to economic activity in Emerging Europe, as … imbalance problem for Emerging Europe has been in most cases more one of flows (high current account deficits in the pre … relatively low in Emerging Europe. At the microeconomic level, the potential for debt overhang in the corporate sector is limited …