Working Papers


  • 15-December-2010

    English

    Minimising risks from imbalances in European banking

    The euro area financial system took excessive risks during the global credit boom, which in some countries led to an unsustainable increase in credit, higher asset prices and housing booms.

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  • 9-December-2010

    English

    The 2008-09 crisis in Turkey: performance, policy responses and challenges for sustaining the recovery

    Turkey is recovering from its most severe recession in several decades.

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  • 18-November-2010

    English

    Are global imbalances sustainable? Shedding further light on the causes of current account reversals

    Large shifts in countries’ external current account positions can be disruptive, often reflecting sudden stops in the flows of external finance and leading to exchange rate and banking crises.

  • 15-November-2010

    English

    Turkey's improving integration with the global capital market: Impacts on risk premia and capital costs

    Turkey has considerably improved its terms of access to the global capital market. Progress in macroeconomic fundamentals has enhanced credibility and reduced risk premia and capital costs.

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  • 30-July-2010

    English

    The Korean financial system: overcoming the global financial crisis and addressing remaining problems

    The intensification of the global financial crisis in late 2008 led to large capital outflows from Korea and turmoil in its capital markets.

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  • 27-July-2010

    English

    Are global imbalances sustainable? Post-crisis scenarios

    This paper assesses the sustainability of global imbalances by testing for the presence of unit roots in the current account positions of the United States, China, Japan, Germany and the oil-exporting countries using a methodology that allows for structural breaks in levels and trends.

  • 22-July-2010

    English

    European Union: Catching up and inflation: Balassa-Samuelson, Engel’s law and other culprits

    This study analyses the impact of economic catching up on annual inflation rates in the European Union with a special focus on the new member countries of Central and Eastern Europe.

  • 22-July-2010

    English

    Poland: Preparing for euro adoption

    The paper focuses on the major structural reforms necessary to prepare for euro adoption that should allow a sustainable fulfilment of the Maastricht criteria and maximisation of the ensuing various benefits.

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  • 5-July-2010

    English

    The German Banking System: Lessons from the Financial Crisis

    The German banking system came under pressure during the financial crisis, not least due to its significant exposure to toxic assets which originated in the US. In the short run, the stability of the system has been achieved, as discussed in this working paper.

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  • 5-July-2010

    English

    Gauging the impact of higher capital and oil costs on potential output

    Higher oil prices and the prospect of higher borrowing costs are likely to reduce the productive potential of OECD economies. The present study provides illustrative numerical estimates of the impact under different scenarios using a stylised model based on a production function.

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