Overall lending cyclicality increased in the years 2000s, but public bank lending remains significantly less cyclical than their private counterparts. This stylized fact is showed to hold empirically on a dataset of 140 countries over 1989-2009 covering 464 public banks and 72 privatizations while accounting for the unbalanced feature of the panel. Using [...]
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Posted on December 11th, 2012
Bank Ownership and Credit Cycle : the lower sensitivity of public bank lending to the business cycle Posted on November 11th, 2012
Highlights: Without corrective measures, Greek public debt will exceed 190 percent of GDP, instead of peaking at the anyway too-high target ratio of 167 percent of GDP of the March 2012 financial assistance programme. The rise is largely due to a negative feedback loop between high public debt and the collapse in GDP, and endangers Greek [...] Posted on August 27th, 2012
The PB Report is a twelve-month summary on privatization activity in the enlarged European Union. It aims to monitor the most recent trends, to analyze aggregate data on revenues and transactions, and to provide updated statistics at the country and sector level. The report highlights the most important privatization deals of the year, [...] Posted on June 14th, 2012
Several transition economies have undertaken fiscal decentralization reforms over the past two decades along with liberalization, privatization, and stabilization reforms. Theory predicts that decentralization may aggravate fiscal imbalances, unless the right incentives are in place to promote fiscal discipline. This paper uses a panel of 20 transition countries over 19 years to address [...] Posted on December 5th, 2011
The commitment to privatise government property is one of the main components of the restructuring plans imposed by the “troika” of IMF, ECB and European Commission on euro-area countries when they avail themselves of aid from the euro rescue packages. This paper discusses in greater detail the pros and cons of privatisations as [...] 3 pages
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