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What explains the protracted investment decline in the new EU member states?

Following Europe’s financial crisis of 2008-09, the ten new EU member states (EU 10) have experienced a sharp drop in capital formation, in total by almost 20 per cent peak-to-trough. Since then there has been only a tepid recovery, as was again underlined by the most recent GDP figures, which in Q3 2012 showed no growth at all compared to a year earlier.… Read more

The Chinese Year of Snake: A Market Twisting High and Low

A brief preview of December data to help you kick-start 2013. Well, you've already got the PMIs with the HSBC one surprising on the side and the NBS/CFLP on the downside. With rebounding GDP/IP/earnings growth and low inflation, we continue believing that the Chinese economy is in a sweet spot and can stay there through 1H13. The current macro backdrop should bolster asset prices from equities to commodities.

The Chinese Year of Snake: A Market Twisting High and Low

A brief preview of December data to help you kick-start 2013. Well, you've already got the PMIs with the HSBC one surprising on the side and the NBS/CFLP on the downside. With rebounding GDP/IP/earnings growth and low inflation, we continue believing that the Chinese economy is in a sweet spot and can stay there through 1H13. The current macro backdrop should bolster asset prices from equities to commodities.

China's First PMI in 2013: Disappointing or Intentionally Conservative for Rainy Days Coming?

<?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />China's govt-backed NBS PMI came in at 50.6 in Dec, unchanged from Nov. It's below market consensus at 51.0 and our slightly more conservative forecast at 50.9. Though the 50.6 NBS PMI reading is below consensus and thus could be a bit disappointing, we expect markets won't turn bearish (see below).

China's First PMI in 2013: Disappointing or Intentionally Conservative for Rainy Days Coming?

<?xml:namespace prefix = st1 ns = "urn:schemas-microsoft-com:office:smarttags" />China's govt-backed NBS PMI came in at 50.6 in Dec, unchanged from Nov. It's below market consensus at 51.0 and our slightly more conservative forecast at 50.9. Though the 50.6 NBS PMI reading is below consensus and thus could be a bit disappointing, we expect markets won't turn bearish (see below).

Emerging Europe’s Deleveraging Dilemma

EBRD Chief Economist Erik Berglof and former Deputy Prime Minister of Serbia Božidar ?eli? provided this commentary for Project Syndicate. Serbia’s Tigar Corporation, a privatized automobile tire and tube maker, was a poster child for corporate makeovers in transition economies. Then eurozone deleveraging kicked in, and now the child in the poster is in serious trouble.… Read more

Emerging Europe’s Deleveraging Dilemma

EBRD Chief Economist Erik Berglof and former Deputy Prime Minister of Serbia Božidar ?eli? provided this commentary for Project Syndicate. Serbia’s Tigar Corporation, a privatized automobile tire and tube maker, was a poster child for corporate makeovers in transition economies. Then eurozone deleveraging kicked in, and now the child in the poster is in serious trouble.… Read more

EBRD Spectrum Event: Gay life in eastern Europe and the Middle East

In many of the EBRD’s countries of operations, life for lesbian, gay, bisexual and transgender people has improved over the last 20 years.

EBRD Spectrum Event: Gay life in eastern Europe and the Middle East

In many of the EBRD’s countries of operations, life for lesbian, gay, bisexual and transgender people has improved over the last 20 years.

Angel Investors as Startup Enablers in the Developing World

A normative definition that I use as a recovering angel investor myself is that an angel investor actively helps a seed stage startup succeed with both mentorship and capital in exchange for those intangible benefits of mentorship and a return on investment.  In World Bank parlance, then, they automatically provide both investments and technical assistance with no agency costs; a great recipe for solving multiple problems (funding capacity, entrep

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