The demands on monetary and exchange rate regimes in CESEE have evolved, in line with the region's development. In the 1990s, the immediate challenge was to rein in excessive inflation following transition, and to establish basic monetary order. These objectives have been achieved, owing largely...

We study the characteristics of credit booms in emerging and industrial economies. Macro data show a systematic relationship between credit booms and economic expansions, rising asset prices, real appreciations and widening external deficits. Micro data show a strong association between credit...

Financing Entrepreneurship and Innovation in Emerging Markets offers an original perspective on the links between macro data on innovation, data on micro-entrepreneurial processes and venture capital supply. The authors synthesize two disparate fields of research and thinking - innovation and...