The paper documents herding among pension fund managers in Poland. Herding occurs despite the lack of an economically significant link between fund performance and the flow of new capital or members. To explain this phenomenon, the paper outlines a model that attributes herding to performance...

This paper gives an overview of demographic trends and their impact on public finances in transition countries. It also describes the pension reforms that have been carried out and the impact of multi-pillar pension reforms on capital market developments. We show that the transition countries...

The need to protect property rights and fight against crime and corruption continues to be an urgent task for authorities in many developing and transition countries. This paper identifies the factors explaining why some enterprises are more likely to be targeted by crime than others, and...

This paper analyses the statistical properties of annual inflation forecasts prepared by the EBRD for 25 transition countries between 1994 and 2005. The empirical results show that EBRD forecasts are mostly unbiased. Late within-year forecasts are also found to be efficient. Forecast accuracy is...

This paper explores the relationship between country-level skills and enterprise-level training, and the association of these with economic performance and enterprise behaviour. Country-level data on the quality of human capital, taken from several surveys conducted by the IEA and OECD during...

This paper investigates the barriers to trade in Central Asia. While much of the existing literature on international integration of former Soviet Union countries has focussed on the quantities traded, this paper uses relative prices to shed some light on impediments to trade. It finds that the...