From 2001 to 2008, half of Europe received capital inflows from the other half and beyond. In 2009, that stopped, capital accounts switched signs and a crisis occurred. This column draws parallels from a similar episode in Europe just before the Great Depression. It highlights that in both episodes global factors – largely exogenous to conditions in the borrowing countries – shaped the capital flows and reversals.
Emmanuel Frot, Anders Olofsgård, Maria Perrotta, 26 October 2012
What does the Arab Spring mean for development in the region? This column looks at development aid during the political transition in East Europe in the 1990s. It argues that aid donors need to be aware of the potential pitfalls.
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