Financial Stress and Economic Contraction in Belarus
This brief summarizes the results of an analysis of financial stress episodes in the Belarusian economy. Based on a principal component analysis, I construct a financial stress index for Belarus (BFSI) that incorporates distinctive indicators for the banking sector, exchange market and external debt risks covering the period January 2004 to September 2016. Next, I...
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Remaining Challenges for Faster Growth in CESEE
Between 1995 and 2016, per capita GDP levels in Europe have converged, as countries that had lower income levels in 1995 on average have seen faster growth rates between 1995 and 2016 (Figure 1). Figure 1 Income differentials between CESEE and Germany have narrowed significantly during this time. If we look at CESEE as a...
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Economic Gender Equality Issues in Transition Economies
Until a couple of decades ago, gender was almost a non-topic within development economics. But in the 1990s research gradually showed that gender inequality could have substantial impact on macroeconomic outcomes. At the same time it became clear that women and men were hit differently by economic shocks. These insights triggered an unprecedented focus on...
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Individual Retirement Timing in Russia: Implications for Pension Age
This policy brief summarizes the findings in a paper where individual exit trajectories of Russians from the labor market to economic inactivity are examined using survival analysis methods based on the Russian Longitudinal Monitoring Survey for 1995-2015. Among other results, the analysis shows that the statutory retirement age has a significant impact on the time...
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Russian Financial Markets, Pension Funds and ETFs
In this brief, I consider problems arising from the virtual non-existence of index funds and/or Exchange Traded Funds (ETFs) in the Russian financial markets. While the Russian economy requires cheaper money for firms’ investments and better options for pensioners, there are almost no instruments that allow stocks for long-term value acquisition by the pension funds....
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