Despite the large output declines suffered by emerging Europe in 2008-09, a major currency and banking crisis was avoided. This paper argues that European economic and political integration was a mitigating factor in this. Cross-border banking groups, in particular, seem to have forestalled a...

With two very large mining projects expected to reach full production this decade, Mongolia is entering a commodity boom. History teaches us that commodity revenues offer unique opportunities for development but can also depress long-term economic prospects by increasing macroeconomic...