Publication
Transition Report
Reform progress and transition indicators
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Overview: about the EBRDWho we are
Overview: about the EBRD
Learn about the EBRD's journey to investing more than €220 billion in over 7,800 projects.
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Overview: how the EBRD operatesWhat we do
Overview: how the EBRD operatesAcross three continents, the EBRD supports the transition to successful market economies.
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Overview: how you can work with the EBRD
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March, 2026
By Joop Adema, Cevat Giray Aksoy, Yvonne Giesing, and Panu Poutvaara
Despite rising refugee numbers worldwide, refugees’ return decisions remain poorly understood. Prior work examines either intentions or realized return, but not both. We fielded a ten-wave panel of Ukrainian refugees, linking prewar home municipalities to geocoded conflict and territorial control data and eliciting war expectations. Intentions strongly predict behavior: by 2025, 42% of those planning to return soon in 2022 had returned, versus 1% of those planning to settle abroad. Increasing conflict in the home municipality reduces return there but barely affects return to Ukraine overall. More pessimistic war expectations explain 21% of the decline in return intentions.
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The Working Paper series seeks to stimulate debate on transition in the EBRD regions.
For media enquiries related to this working paper, please contact Ksenia Yakustidi, Media Adviser at the EBRD’s Office of the Chief Economist
YakustiK@ebrd.com