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Working papers

The Working Paper series has been produced to stimulate debate on the economic transformation of central and eastern Europe and the CIS. Views presented are those of the authors and not necessarily of the EBRD.

Working papers are only available electronically.

Publications from this series

Title Publication date

The dark and bright sides of global banking: a (somewhat) cautionary tale from emerging Europe (715KB - PDF)
by Ralph De Haas

July 2014

When arm’s length is too far : relationship banking over the business cycle (1MB - PDF)
by Thorsten Beck, Hans Degryse, Ralph De Haas and Neeltje van Horen

July 2014

Corporate financial soundness and its impact on firm performance: Implications for corporate debt restructuring in Slovenia (1MB - PDF)
by Jože P. Damijan

June 2014

Diagnosing growth constraints in south-eastern Europe; The case of Serbia (1MB - PDF)
by Marija Kuzmanovic and Peter Sanfey

May 2014

Optimal degree of foreign ownership under uncertainty (504KB - PDF)
by Çagatay Bircan

May 2014

Giving and promising gifts: experimental evidence on reciprocity from the field (457KB - PDF)
by J. Michelle Brock, Andreas Lange and Kenneth L. Leonard

January 2014

Global firms and wages: is there a rent sharing channel? (276KB - PDF)
by Joze P. Damijan and Luca Marcolin

December 2013

Regional inflation and financial dollarisation (714KB - PDF)
by Martin Brown, Ralph De Haas and Vladimir Sokolov

November 2013

Information effects on consumer willingness to pay for electricity and water service attributes (752KB - PDF)
by Elcin Akcura

October 2013

Mandatory versus voluntary payment for green electricity (931KB - PDF)
by Elcin Akcura

October 2013

Selection and hidden bias in cross-border bank acquisitions: Ukraine’s takeover wave (417KB - PDF)
by Muzaffarjon Ahunov, Leo Van Hove and Marc Jegers

October 2013

How important are non-tariff barriers? Complementarity of infrastructure and institutions of trading partners (212KB - PDF)
by Zsoka Koczan and Alexander Plekhanov

July 2013

Does cultural diversity help or hinder entrepreneurs? Evidence from eastern Europe and central Asia (1MB - PDF)
by Elena Nikolova and Dora Simroth

June 2013

Foreign direct investment and wages: does the level of ownership matter? (496KB - PDF)
by Cagatay Bircan

May 2013

Migration from Ukraine: Brawn or Brain? New Survey Evidence (219KB - PDF)
by Simon Commander, Olexandr Nikolaychuk and Dmytro Vikhrov

April 2013

Improving regional performance in Russia: a capability-based approach (2MB - PDF)
by Fadi Farra, Nadia Klos, Uwe Schober, Olga Sigalova and Alexander Zhukov

January 2013

How much do tariffs matter? Evidence from the customs union of Belarus, Kazakhstan and Russia (355KB - PDF)
by Asel Isakova, Zsoka Koczan and Alexander Plekhanov

January 2013

The right-wing power of small countries (434KB - PDF)
by Franto Ricka

December 2012

The impact of armed conflict on firms’ performance and perceptions (1MB - PDF)
by Carly Petracco and Helena Schweiger

December 2012

Can consumer confidence data predict real variables? Evidence from Croatia (1MB - PDF)
by Marija Kuzmanović and Peter Sanfey

November 2012
The interest group theory of financial development: evidence from regulation (405KB - PDF)
by Cagatay Bircan, David Hauner and Alessandro Prati
November 2012
Innocent bystanders: how foreign uncertainty shocks harm exporters (391KB - PDF)
by Daria Taglioni and Veronika Zavacka
October 2012
The bullwhip effect and the Great Trade Collapse (304KB - PDF)
by Veronika Zavacka
October 2012
Generosity norms and intrinsic motivation in health care provision: evidence from the laboratory and the field (728KB - PDF)
by Michelle Brock,  Andreas Lange and Kenneth L. Leonard
October 2012
Microfinance at the margin: experimental evidence from Bosnia and Herzegovina (2MB - PDF)
by Britta Augsburg, Ralph de Haas, Heike Harmgart and Costas Meghir
September 2012
Making sense of competitiveness indicators in south-eastern Europe (576KB - PDF)
by Peter Sanfey and Simone Zeh
July 2012
Management quality, firm performance and market pressure in Russia (183KB - PDF)
by Guido Friebel and Helena Schweiger
May 2012
Foreign banks and the Vienna Initiative: turning sinners into saints (306KB - PDF)
by Ralph De Haas, Yevgeniya Korniyenko, Elena Loukoianova, and Alexander Pivovarsky
March 2012
International shock transmission after the Lehman Brothers collapse – evidence from syndicated lending (154KB - PDF)
by Ralph De Haas and Neeltje Van Horen
March 2012
Entrepreneurship in the transition region: an analysis based on the Life in Transition Survey (302KB - PDF)
by Elena Nikolova, Frantisek Ricka and Dora Simroth
March 2012
Learning, political attitudes and the crisis in transition countries (336KB - PDF)
by Pauline Grosjean, Frantisek Ricka and Claudia Senik
January 2012
Dictating the risk – experimental evidence on giving in risky environments (337KB - PDF)
by J. Michelle Brock, Andreas Lange and Erkut Y. Ozbay
January 2012
Managing Mongolia's resource boom (162KB - PDF)
by Asel Isakova, Alexander Plekhanov and Jeromin Zettelmeyer
January 2012
Forecasting growth in eastern Europe and central Asia (296KB - PDF)
by Franziska Ohnsorge and Yevgeniya Korniyenko
December 2011
Group lending or individual lending? Evidence from a randomised field experiment in Mongolia (419KB - PDF)
by Orazio Attanasio, Britta Augsburg, Ralph De Haas, Emla Fitzsimons and Heike Harmgart
December 2011
Multinational banks and the global financial crisis: weathering the perfect storm? (801KB - PDF)
by Ralph de Haas and Iman Van Lelyveld
December 2011
Labour markets and representative institutions: evidence from colonial British America
(707KB - PDF)
by Elena Nikolova
October 2011
What makes growth sustained? (389KB - PDF)
by Andrew Berg, Jonathan D. Ostry and Jeromin Zettelmeyer
October 2011
Basel III and regional financial integration in emerging Europe: an overview of key issues (159KB - PDF)
by Alexander Lehmann, Micol Levi and Peter Tabak
July 2011
The land that Lean manufacturing forgot? Management practices in transition countries (553KB - PDF)
by Nicholas Bloom, Helena Schweiger and John Van Reenen
June 2011
Employment concentration and resource allocation: one-company towns in Russia (234KB - PDF)
by Simon Commander, Zlatko Nikoloski and Alexander Plekhanov
June 2011
Performance of domestic and cross-border acquisitions: empirical evidence from Russian acquirers (158KB - PDF)
by Olivier Bertrand and Marie-Ann Betschinger
June 2011
Unequal effects of liberalisation on diversification of Russia’s regions (205KB - PDF)
by Evgeny Yakovlev and Ekaterina Zhuravskaya
June 2011
The impact of state aid for restructuring on the allocation of resources (622KB - PDF)
by Helena Schweiger
May 2011
Economic transition, firm organisation and internal control: determinants of audit structure in Russian firms (395KB - PDF)
by Ichiro Iwasaki
May 2011
Region-specific constraints to doing business: evidence from Russia (185KB - PDF)
by Alexander Plekhanov and Asel Isakova
March 2011
Running for the exit: international banks and crisis transmission (301KB - PDF)
by Ralph De Haas and Neeltje Van Horen
February 2011
Financial integration and growth - Is emerging Europe different? (1MB - PDF)
by Christian Friedrich, Isabel Schnabel and Jeromin Zettelmeyer
December 2010
Foreign currency lending in emerging Europe: bank-level evidence (205KB - PDF)
by Martin Brown and Ralph De Haas
December 2010
Institutions and economic performance: What can be explained? (461KB - PDF)
by Simon Commander and Zlatko Nikoloski
December 2010
Euroisation in Serbia (205KB - PDF)
by Alexandre Chailloux, Franziska Ohnsorge and David Vavra
November 2010
Microeconomic implications of credit booms: evidence from emerging Europe (360KB - PDF)
by Fabrizio Coricelli, Nigel Driffield, Sarmistha Pal and Isabelle Roland
October 2010
Fostering growth in CEE countries: a country-tailored approach to growth policy
(259KB - PDF)
by Philippe Aghion, Heike Harmgart and Natalia Weisshaar
October 2010
The crisis as a wake-up call: do banks tighten screening and monitoring during a financial crisis? (210KB - PDF)
by Ralph de Haas and Neeltje van Horen
August 2010
Cross country differences in job reallocation: the
role of industry, firm size and regulations
(515KB - PDF)

by John Haltiwanger, Stefano Scarpetta and Helena Schweiger
July 2010
Addressing private sector currency mismatches in emerging Europe (291KB - PDF)
by Jeromin Zettelmeyer, Piroska M. Nagy and Stephen Jeffrey
June 2010
Earnings inequality and the informal economy: evidence from Serbia (243KB - PDF)
by Peter Sanfey and Gorana Krstic
March 2010
South-eastern Europe: lessons from the global economic crisis (113KB - PDF)
by Peter Sanfrey
February 2010
In the wake of the crisis: dealing with distressed debt across the transition region (79KB - PDF)
by Ralph De Haas and Stephan Knobloch
February 2010
Fiscal decentralisation and the quality of public services in Russian regions (189KB - PDF)
by Alexander Plekhanov and Lev Freinkman
February 2010
Monitoring managers: does it matter? (249KB - PDF)
by Francesca Cornelli, Zbigniew Kominek and Alexander Ljungqvist
January 2010
Understanding the crisis in emerging Europe
(247KB - PDF)
Erik Berglöf, Yevgeniya Korniyenko, Alexander Plekhanov and Jeromin Zettelmeyer
December 2009
Development based on commodity revenues (234KB - PDF)
by Alexander Plekhanov, Sergei Guriev and Konstantin Sonin
December 2009
Chinese investment in the transition countries (144KB - PDF)
by Yevgeniya Korniyenko and Toshiaki Sakatsume
February 2009
The determinants of performance in building infrastructure in transition economies (220KB - PDF)
by Gabriela Dobrescu, Guido Friebel, Pauline Grosjean and Katrin Robeck
June 2008
Internal capital markets and lending by multinational bank subsidiaries (434KB - PDF)
by Ralph De Haas and Iman Van Lelyveld
February 2008
What determines banks’ customer choice? Evidence from transition countries (278KB - PDF)
by Ralph De Haas, Daniel Ferreira and Anita Taci
November 2007
Should market liberalisation precede democracy? Causal relations between political preferences and development (241KB - PDF)
by Pauline Grosjean and Claudia Senik
August 2007
Business environment and enterprise behaviour in East Germany compared to West Germany and central Europe (289KB - PDF)
by Libor Krkoska and Katrin Robeck
June 2007
Mobility, poverty and well-being among the informally employed in Bosnia and Herzegovina
(510KB - PDF)
by Gorana Krstic and Peter Sanfey
January 2007
Does enterprise-level training compensate for poor country-level skills? (315KB - PDF)
by Joe Colombano and Libor Krkoska
December 2006
Ageing, pension reforms and capital market development in transition countries (327KB - PDF)
by Christiane Nickel and Johan Almenberg
December 2006
Forecasting inflation for transition countries: How accurate are the EBRD forecasts? (252KB - PDF)
by Libor Krkoska and Utku Teksoz
September 2006
The impact of crime on the enterprise sector: Transition versus non-transition countries (369KB - PDF)
by Libor Krkoska and Katrin Robeck
July 2006
Regulatory induced herding? Evidence from Polish pension funds (187KB - PDF)
by Zbigniew Kominek
June 2006
Beyond borders: Reconsidering regional trade in Central Asia (296KB - PDF)
by Clemens Grafe, Martin Raiser and Toshiaki Sakatsume
March 2006
Accuracy of growth forecasts for transition countries: Assessing ten years of EBRD forecasting (136KB - PDF)
by Libor Krkoska and Utku Teksoz
December 2005
Filling the gap in urban transport: Private sector participation in transition countries (127KB - PDF)
by Zbigniew Kominek
December 2005
Can poor consumers pay for energy and water? (196KB - PDF)
by Samuel Fankhauser and Sladjana Tepic
August 2005
Does transition make you happy? (207KB - PDF)
by Peter Sanfey and Utku Teksoz
June 2005
Reforms and growth in transition: re-examining the evidence (231KB - PDF)
by Elisabetta Falcetti, Tatiana Lysenko and Peter Sanfey
June 2005
European financial integration and the financing of local businesses in the new EU member states (360KB - PDF)
by Ulrich Volz
October 2004
Inflation, exchange rates and the role of monetary policy in Albania (129KB - PDF)
by Marta Muço and Peter Sanfey
September 2004
The dynamic adjustment towards target capital structures of firms in transition economies (232KB - PDF)
by Ralph de Haas and Marga Peeters
July 2004
Cost efficiency of banks in transition: Evidence from 289 banks in 15 post-communist countries (135KB - PDF)
by Steven Fries and Anita Taci
April 2004
Anti-corruption programmes in post-communist transition countries and changes in the business environment, 1999-2002 (302KB - PDF)
by Franklin Steves and Alan Rousso
November 2003
The 2002 Business Environment and Enterprise Performance Survey: Results from a survey of 6,100 firms (362KB - PDF)
by Steven Fries, Tatiana Lysenko and Saso Polanec
November 2003
Transition and international integration in eastern Europe and the former Soviet Union (298KB - PDF)
by Ian Babetskii, Oxana Babetskaia-Kukharchuk and Martin Raiser
November 2003
Trust in transition: cross-country and firm evidence (288KB - PDF)
by Martin Raiser, Alan Rousso and Franklin Steves
October 2003
Stock markets and industry growth: an eastern European perspective (181KB - PDF)
by Zbigniew Kominek
October 2003
Bridging the gaps? Private sector development, capital flows and the investment climate in south-eastern Europe (193KB - PDF)
by Elisabetta Falcetti, Peter Sanfey and Anita Taci
June 2003
Benchmarking structural change in transition
(1MB - PDF)
by Martin Raiser, Mark Schaffer and Johannes Schuchhardt
February 2003
Power sector regulatory reform in transition economies: Progress and lessons learned (260KB - PDF)
by David Kennedy
February 2003
The investment climate for climate investment: Joint Implementation in transition countries
(201KB - PDF)
by Samuel Fankhauser and Lucia Lavric
January 2003
Bank performance in transition economies (375KB - PDF)
by Steven Fries, Damien Neven and Paul Seabright
November 2002
Contracting in transition economy municipal projects (266KB - PDF)
by David Kennedy
September 2002
What should the multilateral development banks do? (292KB - PDF)
by Willem Buiter and Steven Fries
June 2002
Capital flight and capital outflows from Russia: symptom, cause and cure (194KB - PDF)
by Willem H. Buiter and Ivan Szegvari
June 2002
The energy intensity of transition countries (313KB - PDF)
by Jan Cornillie and Samuel Fankhauser
June 2002
Banking reform and development in transition economies (244KB - PDF)
by Steven Fries and Anita Taci
June 2002
Ownership and corporate governance in Russian industry: a survey (98KB - PDF)
by Carsten Sprenger
January 2002
Liberalisation of the Russian power sector (60KB - PDF)
by David Kennedy
January 2002
Competition across transition economies: an enterprise-level analysis of the main policy and structural determinants (259KB - PDF)
by Maria Vagliasindi
December 2001
Foreign direct investment financing of capital formation in central and eastern Europe
(256KB - PDF)
by Libor Krkoska
December 2001
Nature’s blessing or nature’s curse: the political economy of transition in resource-based economies (259KB - PDF)
by Akram Esanov, Martin Raiser and Willem Buiter
November 2001
Labour market states, mobility and entrepreneurship in transition economies (62KB - PDF)
by Mark Dutz, Celine Kauffmann, Serineh Najarian, Peter Sanfey and Ruslan Yemtsov
November 2001
Competition and enterprise performance in transition economies: evidence from a cross-country survey (374KB - PDF)
by Wendy Carlin, Steven Fries, Mark Schaffer and Paul Seabright
June 2001
Financial structures to promote private sector development in south-eastern Europe (315KB - PDF)
by Francesca Pissarides
June 2001
Effective versus statutory taxation: measuring effective tax administration in transition economies
(281KB - PDF)
by Mark E. Schaffer and Gerard Turley
May 2001
The Measurements and Determinants of Institutional Change: Evidence from Transition Economies
(589KB - PDF)
by Martin Raiser, Maria L. Di Tommaso and Melvyn Weeks
February 2001
Social capital in transition: a first look at the evidence (112KB - PDF)
by Martin Raiser, Christian Haerpfer, Thomas Nowotny and Claire Wallace
February 2001
Objectives and constraints of entrepreneurs: evidence from small and medium-sized enterprises in Russia and Bulgaria (84KB - PDF)
by Francesca Pissarides, Miroslav Singer and Jan Svejnar
November 2000
Intervention, corruption and capture: the nexus between enterprises and the state (119KB - PDF)
by Joel Hellman and Mark Schankerman
October 2000
An analytical framework for evaluating transition impact of infrastructure projects (43KB - PDF)
by Philippe Aghion & Mark Schankerman
October 2000
Ten years after: what is special about transition countries? (84KB - PDF)
by Daniel Gros and Marc Suhrcke
August 2000
Defying the odds: initial conditions, reforms and growth in the first decade of transition (64KB - PDF)
by Elisabetta Falcetti, Martin Raiser and Peter Sanfey
July 2000
Taxes, competition and finance for Albanian enterprises: evidence from a field study (76KB - PDF)
by Holger Muent, Francesca Pissarides and Peter Sanfey
July 2000
Regulatory reform and market development in power sectors of transition economies: the case of Kazakhstan (83KB - PDF)
by David Kennedy
June 2000
Assessing macroeconomic vulnerability in central Europe (93KB - PDF)
by Libor Krkoska
June 2000
Measuring governance and state capture: the role of bureaucrats and firms in shaping the business environment
(696KB - PDF)
by Joel S. Hellman, Geraint Jones, Daniel Kaufmann and Mark Schankerman
June 2000
Barter and non-monetary transactions in transition economies: Evidence from a cross-country survey (62KB - PDF)
by Wendy Carlin, Steven Fries, Mark Schaffer and Paul Seabr
June 2000
Patterns of legal change: shareholder and creditor rights in transition economies
(104KB - PDF)
by Katharina Pistor
May 2000
Law and finance in transition economies
(127KB - PDF)
by Katharina Pistor, Martin Raiser and Stanislav Gelfer
February 2000


Last updated 29 July 2014