This paper studies the nature of spillover effects in bank lending flows from advanced to the emerging market economies and identifies specific channels through which such effects occur. We examine a panel data set of cross-border bank flows from 17 advanced to 28 emerging market economies in...

Turnover of derivatives has grown more rapidly in emerging markets than in developed countries. Foreign exchange derivatives are the most commonly traded of all risk categories, with increasingly frequent turnover in emerging market currencies and a growing share of cross-border transactions. As...

What is the link between the financial cycle – financial booms, followed by busts – and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramount contribution to the debate...

This paper analyses bank intermediation in emerging market economies (EMEs) at the height of the 2008-09 global financial crisis. The analysis is based on central bank responses to a BIS questionnaire prepared in July 2009, and thus provides a unique snapshot that can be used for studies of...

This report analyzes the World Bank's experience with project analysis from a sample of 1,105 projects. The authors compare estimated rates of return at appraisal with re-estimated rates of return at the project completion. Their findings confirm a high degree of uncertainty in project analysis....

This paper aims to explain differences in inflation between six central European economies – Croatia, the Czech Republic, Hungary, Poland, Slovakia and Slovenia – and the euro area in terms of differences in productivity growth between tradable and non-tradable sectors. The coverage of...