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Working papers

Economics plays a vital role within the EBRD. The Working Paper series, part of the research output of the Office of the Chief Economist, aims to stimulate debate on transition in the EBRD regions.

The views presented are those of the authors and not necessarily those of the EBRD. Working Papers are only available electronically.



Publication date
Attitudes, beliefs and reforms: Measurement and stylized facts
Alexander Plekhanov
November 2023
Ralph De Haas 
November 2023
Maxim Chupilkin, Beata Javorcik, Aleksandra Peeva and Alexander Plekhanov 
September 2023 
J. Michelle Brock and Maurizio Bussolo
August 2023
Navigating Uncertainty: Investment Dynamics and Beyond
Beata S. Javorcik and Steven Poelhekke
April 2023
Lasting scars: The long term effects of school closures on earnings
Zsoka Koczan
March 2023
Elcin Akcura, Leon Bost and J. Michelle Brock
February 2023
Maxim Chupilkin, Beata Javorcik and Alexander Plekhanov
February 2023
Cevat Giray Aksoy, Jose Maria Barrero, Nicholas Bloom, Steven J. Davis, Mathias Dolls and Pablo Zarate
January 2023
Beata S. Javorcik, Lucas Kitzmueller, Helena Schweiger and Muhammed A. Yıldırım
December 2022
Ralph De Haas and Alexander Pivovarsky
December 2022
Did the 2018 Trade War Improve Job Opportunities for US Workers?
Beata Javorcik, Katherine Stapleton, Benjamin Kett and Layla O'Kane
December 2022
The economic consequences of war: Estimates using synthetic controls
Maxim Chupilkin and Zsoka Koczan
November 2022
Working from Home Around the World
Cevat Giray Aksoy, Jose Maria Barrero, Nicholas Bloom, Steven J. Davis, Mathias Dolls and Pablo Zarate
September 2022
Startup Types and Macroeconomic Performance in Europe
Ralph De Haas, Vincent Sterk and Neeltje Van Horen
June 2022
Green Investment by Firms: Finance or Climate Driven?
Fotios Kalantzis, Helena Schweiger, Sofia Dominguez
June 2022
Matteo Ficarra, Meryem Gökten, Péter Harasztosi, Zsóka Kóczán, Roberta Lesma, Rozália Pál, Christoph Weiss
June 2022
Ralph De Haas, Sergei Guriev and Alexander Stepanov
May 2022
Cross-border spillovers from reducing non-performing loans
Alexander Plekhanov and Marta Skrzypińska
January 2022
Joop Adema, Cevat Giray Aksoy and Panu Poutvaara
January 2022
Cevat Giray Aksoy, Christopher S. Carpenter, Ralph De Haas, Mathias Dolls and Lisa Windsteiger
January 2022
Zsoka Koczan, Philipp Paetzold and Nikola Vujic
December 2021
Zsoka Koczan and Alexander Plekhanov
November 2021
Daron Acemoglu, Nicolas Ajzenman, Cevat Giray Aksoy, Martin Fiszbein and Carlos Molina
August 2021
Tea Gamtkitsulashvili and Alexander Plekhanov
July 2021
International trade and letters of credit: A double-edged sword in times of crises
Matthieu Crozet, Banu Demir, Beata Javorcik
July 2021
Orkun Saka, Barry Eichengreen, and Cevat Giray Aksoy
July 2021
Cevat Giray Aksoy, Antonio Cabrales, Mathias Dolls, Ruben Durante, Lisa Windsteiger
June 2021
Corruption and Firm Growth: Evidence from around the World
Raymond Fisman, Sergei Guriev, Carolin Ioramashvili and Alexander Plekhanov
April 2021
Ralph De Haas, Ralf Martin, Mirabelle Muûls, and Helena Schweiger
March 2021
Tea Gamtkitsulashvili, Alexander Plekhanov and Alexander Stepanov
February 2021
Financial Globalization and Inequality: Capital Flows as a Two-Edged Sword
Barry Eichengreen, Balazs Csonto, Asmaa El-Ganainy and Zsoka Koczan
January 2021
Daylight saving all year round? Evidence from a national experiment
Cagatay Bircan and Elisa Wirsching
December 2020
First Time Around: Local Conditions and Multi-dimensional Integration of Refugees
Cevat Giray Aksoy, Panu Poutvaara, and Felicitas Schikora
November 2020
Not all in this together? Early estimates of the unequal labour market effects of Covid-19
Zsoka Koczan
November 2020
Inequality of Opportunity and Support for Democracy: Evidence from Transition Countries
Fabian Reutzel
November 2020
New bank resolution mechanisms: Is it the end of the bailout era?
Aneta Hryckiewicz, Natalia Kryg and Dimitrios P. Tsomocos
August 2020
Robots and the Gender Pay Gap in Europe
Cevat Giray Aksoy, Berkay Özcan, and Julia Philipp
July 2020
The Political Scar of Epidemics
Cevat Giray Aksoy, Barry Eichengreen and Orkun Saka
June 2020
Discrimination, narratives and family history: An experiment with Jordanian host and Syrian refugee children
Kai Barron, Heike Harmgart, Steffen Huck, Sebastian Schneider and Matthias Sutter
June 2020
Revenge of the Experts: Will COVID-19 Renew or Diminish Public Trust in Science?
Cevat Giray Aksoy, Barry Eichengreen and Orkun Saka
June 2020
Value Creation in Private Equity
Markus Biesinger, Çağatay Bircan and Alexander Ljungqvist
April 2020
Road Capacity, Domestic Trade and Regional Outcomes
A. Kerem Coşar, Banu Demir, Devaki Ghose and Nathaniel Young
April 2020
Local Governance Quality and the Environmental Cost of Forced Migration
Cevat Giray Aksoy and Semih Tumen
April 2020
Power(ful) Guidelines for Experimental Economists
Kathryn N. Vasilaky and J. Michelle Brock
December 2019
Salience and Accountability: School Infrastructure and Last-Minute Electoral Punishment
Nicolás Ajzenman and Ruben Durante
December 2019
Education reforms and adult skills: Evidence from Estonia
Kieran Byrne and Alexander Plekhanov
November 2019
Exposure to Transit Migration, Public Attitudes, and Entrepreneurship among the Native Population
Nicolas Ajzenman, Cevat Giray Aksoy, Sergei Guriev
November 2019
Climbing the Rungs of the Quality Ladder: FDI and Domestic Exporters in Romania
Matej Bajgar and Beata Javorcik
November 2019
Transition, height and well-being
A. Adserà, F. Dalla Pozza, S. Guriev, L. Kleine-Rueschkamp, and E. Nikolova
October 2019
3G internet and confidence in government
Sergei Guriev, Nikita Melnikov and Ekaterina Zhuravskaya
September 2019
Gender discrimination in small business lending. Evidence from a lab in the field experiment in Turkey
J. Michelle Brock and Ralph De Haas
September 2019
Being Stranded with Fossil Fuel Reserves? Climate Policy Risk and the Pricing of Bank loans
Manthos D. Delis, Kathrin de Greiff and Steven Ongena
July 2019
The Effect of Air Pollution on Migration: Evidence from China
Shuai Chen, Paulina Oliva and Peng Zhang
July 2019
Pricing Poseidon: Extreme Weather Uncertainty and Firm Return Dynamics
Mathias S. Kruttli, Brigitte Roth Tran and Sumudu W. Watugala
July 2019
The determinants of real exchange rates in transition economies
Dan Meshulam and Peter Sanfey
July 2019
Chaebols and firm dynamics in Korea
Philippe Aghion, Sergei Guriev, Kangchul Jo
June 2019
Refugees’ self-selection into Europe: who migrates where?
Cevat Giray Aksoy and Panu Poutvaara
February 2019
Lending cycles and real outcomes: costs of political misalignment
Çağatay Bircan and Orkun Saka
January 2019
Energy subsidies, energy intensity and management practices
Helena Schweiger and Alexander Stepanov
December 2018
Move a little closer? Information sharing and the spatial clustering of bank branches
Shusen Qi, Ralph De Haas, Steven Ongena, Stefan Straetmans
November 2018
The revolving door for political elites: policymakers’ professional background and financial regulation
Elisa Wirsching
November 2018
Close competitors? On the causes and consequences of bilateral competition between banks
Ralph De Haas, Liping Lu and Steven Ongena
October 2018
Austerity as violence: measuring the effects of economic austerity on pro-sociality
Nicholas Sambanis, Anna Schultz and Elena Nikolova
September 2018
Do laws shape attitudes? Evidence from same-sex relationship recognition policies in Europe
Cevat G. Aksoy, Christopher S. Carpenter, Ralph De Haas and Kevin Tran
August 2018
Gay glass ceilings: sexual orientation and workplace authority in the United Kingdom
Cevat Giray Aksoy, Christopher S. Carpenter, Jeff Frank and Matt L. Huffman
July 2018
Financial development and industrial pollution
Ralph De Haas and Alexander Popov
July 2018
The long-run effects of R&D place-based policies: evidence from Russian science cities
Helena Schweiger, Alexander Stepanov and Paolo Zacchia
June 2018
Globalisation, government popularity and the great skills divide
Cevat Giray Aksoy
May 2018
Modern growth in perspective: relative performance since the global financial crisis
Alexander Plekhanov and Morten Stostad
May 2018
Inequality of opportunity, governance and individual beliefs
J. Michelle Brock
February 2020
The power of example: corruption spurs corruption
Nicolás Ajzenman
April 2018
Convergence success and the middle-income trap
Jong-Wha Lee
April 2018
What determines non-financial project success? Evidence from the EBRD
Natalia Kryg
March 2018
Effect of income on trust: evidence from the 2009 economic crisis in Russia
Maxim Ananyev, Sergei Guriev
March 2018
The European trust crisis and the rise of populism
Yann Algan, Sergei Guriev, Elias Papaioannou and Evgenia Passari
February 2018
Banking and growth: evidence from a regression discontinuity analysis
Nathaniel Young
November 2017
Soft budget constraints and state capitalism
Sergei Guriev
November 2017
The middle-income trap from a Schumpeterian perspective
Philippe Aghion and Çağatay Bircan
October 2017
Happiness convergence in transition countries
Sergei Guriev and Nikita Melnikov
September 2017
Ownership structure and productivity of multinationals
Çagatay Bircan
August 2017
Access to finance – mind the gender gap
Hanan Morsy and Hoda Youssef
July 2017
The inner workings of the board: evidence from emerging markets
Ralph De Haas, Daniel Ferreira and Tom Kirchmaier
March 2017
Firm performance and obstacles to doing business in the Western Balkans | Evidence from the BEEPS
By Ana Krešić, Jakov Milatović and Peter Sanfey
January 2017
Not so different from non-traders: trade premia in Middle East and North Africa
By David C. Francis and Helena Schweiger
January 2017
EU financing and innovation in Poland
By Dan Breznitz and Darius Ornston
January 2017
The impact of information sharing on the use of collateral versus guarantees
By Ralph De Haas and Matteo Millone
January 2017
Sexual orientation and earnings: new evidence from the UK
By Cevat Giray Aksoy, Christopher S. Carpenter and Jeff Frank
December 2016
Business environment constraints in the third decade of transition: calibrating the shadow costs of obstacles to business
By Wendy Carlin and Mark Schaffer
November 2016
Will money talk? Firm bribery and credit access
By Shusen Qi
November 2016
The economic impact of reducing non-performing loans
By Maria Balgova, Michel Nies and Alexander Plekhanov
October 2016
Short-term effects of house prices on birth rates
By Cevat Giray Aksoy
September 2016
Corporate NPL portfolios in CESEE countries: how corporate leverage and debt spillovers affect firm performance
By Jože P. Damijan
September 2016
Mining matters: natural resource extraction and local business constraints
By Ralph De Haas and Steven Poelhekke
August 2016
Microcredit contracts, risk diversification and loan take-up
By Orazio Attanasio, Britta Augsburg and Ralph De Haas
July 2016
The role of innovation and management practices in determining firm productivity in developing economies
By Wiebke Bartz, Pierre Mohnen and Helena Schweiger
June 2016
Inequality of opportunity and beliefs about success and failure
By J. Michelle Brock
May 2016
Forgive but not forget: the behaviour of relationship banks when firms are in distress
By Larissa Schäfer
March 2016
How the Western Balkans can catch up
By Peter Sanfey, Jakov Milatović and Ana Krešić
February 2016
The happiness gap in eastern Europe
By Simeon Djankov, Elena Nikolova and Jan Zilinsky
January 2016
The Great Recession and social preferences
By Ralph De Haas, Milena Djourelova and Elena Nikolova
December 2015
Self-worth versus net worth: image motivation and the quantity-quality trade-off
By J. Michelle Brock
December 2015
An anatomy of central and eastern European equity markets
By Lieven Baele, Geert Bekaert and Larissa Schäfer
December 2015
Sharing borrower information in a competitive credit market
By Jaap Bos, Ralph De Haas and Matteo Millone
May 2015
Do public fund windfalls increase corruption? Evidence from a natural disaster
By Elena Nikolova and Nikolay Marinov
May 2015
March 2015
By Florent Silve and Alexander Plekhanov
February 2015
By Adiya Belgibayeva and Alexander Plekhanov
February 2015
February 2015

How much should we trust life satisfaction data?
Evidence from the Life in Transition Survey

by Elena Nikolova and Peter Sanfey

January 2015

Determinants of frontier innovation and technology adoption: cross-country evidence
by Emil Gelebo, Alexander Plekhanov and Florent Silve

January 2015

Growing without changing: a tale of Egypt's weak productivity growth
by Hanan Morsy, Antoine Levy and Clara Sanchez

December 2014

What determines the quality of economic institutions? Cross-country evidence
by Jonathan Lehne, Jeffrey Mo and Alexander Plekhanov

November 2014

The dark and bright sides of global banking: a (somewhat) cautionary tale
from emerging Europe

by Ralph De Haas

July 2014

When arm’s length is too far : relationship banking over the business cycle
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

by Jože P. Damijan

June 2014

Diagnosing growth constraints in south-eastern Europe; The case of Serbia
by Marija Kuzmanovic and Peter Sanfey

May 2014

Optimal degree of foreign ownership under uncertainty
by Çagatay Bircan

May 2014

Giving and promising gifts: experimental evidence on reciprocity from the field
by J. Michelle Brock, Andreas Lange and Kenneth L. Leonard

January 2014

Global firms and wages: is there a rent sharing channel?
by Joze P. Damijan and Luca Marcolin

December 2013

Regional inflation and financial dollarisation
by Martin Brown, Ralph De Haas and Vladimir Sokolov

November 2013

Information effects on consumer willingness to pay for electricity
and water service attributes

by Elcin Akcura

October 2013

Mandatory versus voluntary payment for green electricity
by Elcin Akcura

October 2013

Selection and hidden bias in cross-border bank acquisitions:
Ukraine’s takeover wave

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

by Zsoka Koczan and Alexander Plekhanov

July 2013

Does cultural diversity help or hinder entrepreneurs?
Evidence from eastern Europe and central Asia

by Elena Nikolova and Dora Simroth

June 2013

Foreign direct investment and wages: does the level of ownership matter?
by Cagatay Bircan

May 2013

Migration from Ukraine: Brawn or Brain? New Survey Evidence
by Simon Commander, Olexandr Nikolaychuk and Dmytro Vikhrov

April 2013

Improving regional performance in Russia: a capability-based approach
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

by Asel Isakova, Zsoka Koczan and Alexander Plekhanov

January 2013

The right-wing power of small countries
by Franto Ricka

December 2012

The impact of armed conflict on firms’ performance and perceptions
by Carly Petracco and Helena Schweiger

December 2012

Can consumer confidence data predict real variables? Evidence from Croatia
by Marija Kuzmanović and Peter Sanfey

November 2012
The interest group theory of financial development: evidence from regulation
by Cagatay Bircan, David Hauner and Alessandro Prati
November 2012
Innocent bystanders: how foreign uncertainty shocks harm exporters
by Daria Taglioni and Veronika Zavacka
October 2012
The bullwhip effect and the Great Trade Collapse
by Veronika Zavacka
October 2012
Generosity norms and intrinsic motivation in health care provision:
evidence from the laboratory and the field

by Michelle Brock, Andreas Lange and Kenneth L. Leonard
October 2012
Microfinance at the margin: experimental evidence from Bosnia and Herzegovina
by Britta Augsburg, Ralph de Haas, Heike Harmgart and Costas Meghir
September 2012
Making sense of competitiveness indicators in south-eastern Europe
by Peter Sanfey and Simone Zeh
July 2012
Management quality, firm performance and market pressure in Russia
by Guido Friebel and Helena Schweiger
May 2012
Foreign banks and the Vienna Initiative: turning sinners into saints
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

by Ralph De Haas and Neeltje Van Horen
March 2012
Entrepreneurship in the transition region: an analysis based on the
Life in Transition Survey

by Elena Nikolova, Frantisek Ricka and Dora Simroth
March 2012
Learning, political attitudes and the crisis in transition countries
by Pauline Grosjean, Frantisek Ricka and Claudia Senik
January 2012
Dictating the risk – experimental evidence on giving in risky environments
by J. Michelle Brock, Andreas Lange and Erkut Y. Ozbay
January 2012
Managing Mongolia's resource boom
by Asel Isakova, Alexander Plekhanov and Jeromin Zettelmeyer
January 2012
Forecasting growth in eastern Europe and central Asia
by Franziska Ohnsorge and Yevgeniya Korniyenko
December 2011
Group lending or individual lending? Evidence from a
randomised field experiment in Mongolia

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?
by Ralph de Haas and Iman Van Lelyveld
December 2011
Labour markets and representative institutions: evidence from colonial British America
by Elena Nikolova
October 2011
What makes growth sustained?
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

by Alexander Lehmann, Micol Levi and Peter Tabak
July 2011
The land that Lean manufacturing forgot? Management practices
in transition countries

by Nicholas Bloom, Helena Schweiger and John Van Reenen
June 2011
Employment concentration and resource allocation: one-company towns in Russia
by Simon Commander, Zlatko Nikoloski and Alexander Plekhanov
June 2011
Performance of domestic and cross-border acquisitions:
empirical evidence from Russian acquirers

by Olivier Bertrand and Marie-Ann Betschinger
June 2011
Unequal effects of liberalisation on diversification of Russia’s regions
by Evgeny Yakovlev and Ekaterina Zhuravskaya
June 2011
The impact of state aid for restructuring on the allocation of resources
by Helena Schweiger
May 2011
Economic transition, firm organisation and internal control:
determinants of audit structure in Russian firms

by Ichiro Iwasaki
May 2011
Region-specific constraints to doing business: evidence from Russia
by Alexander Plekhanov and Asel Isakova
March 2011
Running for the exit: international banks and crisis transmission
by Ralph De Haas and Neeltje Van Horen
February 2011
Financial integration and growth - Is emerging Europe different?
by Christian Friedrich, Isabel Schnabel and Jeromin Zettelmeyer
December 2010
Foreign currency lending in emerging Europe: bank-level evidence
by Martin Brown and Ralph De Haas
December 2010
Institutions and economic performance: What can be explained?
by Simon Commander and Zlatko Nikoloski
December 2010
Euroisation in Serbia
by Alexandre Chailloux, Franziska Ohnsorge and David Vavra
November 2010
Microeconomic implications of credit booms: evidence from emerging Europe
by Fabrizio Coricelli, Nigel Driffield, Sarmistha Pal and Isabelle Roland
October 2010
Fostering growth in CEE countries: a country-tailored approach to growth policy
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?

by Ralph de Haas and Neeltje van Horen
August 2010
Cross country differences in job reallocation: the
role of industry, firm size and regulations

by John Haltiwanger, Stefano Scarpetta and Helena Schweiger
July 2010
Addressing private sector currency mismatches in emerging Europe
by Jeromin Zettelmeyer, Piroska M. Nagy and Stephen Jeffrey
June 2010
Earnings inequality and the informal economy: evidence from Serbia
by Peter Sanfey and Gorana Krstic
March 2010
South-eastern Europe: lessons from the global economic crisis
by Peter Sanfrey
February 2010
In the wake of the crisis: dealing with distressed debt across the transition region
by Ralph De Haas and Stephan Knobloch
February 2010
Fiscal decentralisation and the quality of public services in Russian regions
by Alexander Plekhanov and Lev Freinkman
February 2010
Monitoring managers: does it matter?
by Francesca Cornelli, Zbigniew Kominek and Alexander Ljungqvist
January 2010
Understanding the crisis in emerging Europe
Erik Berglöf, Yevgeniya Korniyenko, Alexander Plekhanov and Jeromin Zettelmeyer
December 2009
Development based on commodity revenues
by Alexander Plekhanov, Sergei Guriev and Konstantin Sonin
December 2009
Chinese investment in the transition countries
by Yevgeniya Korniyenko and Tosh
February 2023


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