We investigate whether management quality explains firm performance in Russia. We find that it explains relatively little in terms of firm performance, but it does explain some of the differences between firms in Russia’s Far East and the rest of Russia. While management practices may not yet...

We use a randomised controlled trial (RCT) to analyse the impact of microcredit on poverty reduction in Bosnia and Herzegovina. The study population are loan applicants that would normally have just been rejected based on regular screening. We find that access to credit allowed borrowers to...

In this paper we document how the unequal liberalisation of business regulation across Russia’s regions leads to varying effects on the diversification of Russia’s economy. We find that national liberalisation laws were better enforced in those regions with more transparent government. As a...

We investigate how contract specificities affect the performance of municipal infrastructure projects in transportation, district heating, water, waste water and solid waste. Using data from projects financed by the European Bank for Reconstruction and Development (EBRD), we look at the effect...

The paper documents herding among pension fund managers in Poland. Herding occurs despite the lack of an economically significant link between fund performance and the flow of new capital or members. To explain this phenomenon, the paper outlines a model that attributes herding to performance...

This paper analyses the accuracy of GDP growth forecasts prepared by the EBRD for 25 transition countries between 1994 and 2004. It provides the first comprehensive statistical analysis of output growth forecasts for transition countries in central and eastern Europe and the Commonwealth of...

This paper gives an overview of demographic trends and their impact on public finances in transition countries. It also describes the pension reforms that have been carried out and the impact of multi-pillar pension reforms on capital market developments. We show that the transition countries...

This paper examines the pattern and magnitude of China’s outward foreign direct investment (FDI) to the EBRD’s countries of operations. We first analyse the recent trends of China’s outward FDI, with sectoral and geographical distributions, and assess the implications for the transition...

This paper reviews private sector participation (PSP) in urban transport services in central and eastern Europe and the Commonwealth of Independent States. It documents how the private sector is stepping in to address gaps caused by failing public services in poorer countries and identifies a...

This paper examines monetary policy in Albania during the transition period. Various channels through which monetary policy can affect prices and output are identified and their relative importance is assessed. Estimates from a vector autoregression model (VAR) of key macroeconomic variables...