growth literature. We obtain estimates of residual risk (growth uncertainty) at various horizons from regressions of country …-specific deviations from world growth on a wide set of variables in the information set. Since this residual risk can be entirely hedged …

. The Great Recession became a great setback for the former, while less so for Poland. A difference is the monetary policy …: the Polish zloty depreciated in the critical moment of the crisis, while currency boards with the aim of joining the euro … in trade, and the share of the Eurozone in Baltic trade has stagnated. A comparison with other countries in the Baltic …

The rapid accumulation of private debt is widely viewed as a major risk to financial and economic stability. This paper … accumulation rather than crisis dates and find that in both advanced and EMEs, corporate debt buildups cause more financial peaks …