We identify structural breaks in economic growth in 140 countries and use these to define “growth spells”: periods of high growth preceded by an upbreak and ending either with a downbreak or with the end of the sample. Growth spells tend to be shorter in African and Latin American countries...

With a unique dataset of joint-stock companies, this paper describes the corporate audit structure in Russia and empirically analyses its determinants. When compared to the international standard, Russian firms have a weak audit structure in terms of the independence and expertise of the board...

We use data on 1,294 banks in emerging Europe to analyse how bank ownership and the Vienna Initiative affected credit growth during the 2008-09 crisis. As part of the Vienna Initiative western European banks signed country-specific commitment letters in which they pledged to maintain exposures...

This paper investigates the impact of domestic and international acquisitions initiated by Russian firms on their operating performance. In general, acquisitions can be associated with synergy gains, internalisation advantages and higher market power. However, acquisitions may also give rise to...

The literature has identified the quality of political institutions in the transition region as an essential but understudied component of growth, transition and reform. This paper aims to disentangle the determinants of democratic institutions by investigating if high income inequality is...

Growth forecasts are at the heart of investment decisions and yet in emerging and developing markets they often receive limited support from quantitative models. This paper describes the main quantitative modelling techniques that have informed EBRD growth projections since 2009. The paper...

We review the likely impact of Basel III regulation within the European Union’s new member states, based on system-wide financial stability indicators and responses to consultation processes from national central banks and banking groups. Fresh regulations on liquidity ratios are likely to...

With two very large mining projects expected to reach full production this decade, Mongolia is entering a commodity boom. History teaches us that commodity revenues offer unique opportunities for development but can also depress long-term economic prospects by increasing macroeconomic...

The paper looks at the effects of employment concentration on resource allocation with a particular focus on one-company towns in Russia: towns where a single company accounts for a significant share of total employment. Empirical analysis of firms’ production functions indicates that firms...

The paper provides an empirical analysis of the importance of infrastructure for bilateral trade flows using an augmented gravity model of trade. The estimates suggest that potential gains from improvements in infrastructure are large and far exceed the effects of lowering tariff barriers....