The global financial crisis has reignited the debate about the risks of financial globalisation, in particular the international transmission of financial shocks. We use data on individual loans by the largest international banks to their various countries of operations to examine whether...

This article reviews the origin and spread of the distressed debt problem in the transition region. We argue that while the crisis was triggered abroad, the current high level of distressed debt in various transition countries mainly reflects home-grown vulnerabilities. As in the West, the root...

This report provides a description of the first wave of household data collected for a randomised field experiment in Bosnia. The study intends to measure the impact of microcredit on poverty reduction among Bosnian households and the development of small enterprises that may otherwise not have...