Martin Brown, Karolin Kirschenmann, Steven Ongena, 13 September 2010

Foreign-currency loans in Eastern Europe are seen as a major threat to financial stability. Why then are they so widespread? This column presents evidence from over 100,000 loans made by a Bulgarian bank between 2003 and 2007. It finds that one-third of foreign-currency loans were actually requested in local currency by the firm, suggesting that banks are pushing them.

Anne Sibert, 13 February 2010

Who should pay for the money lost by UK and Dutch citizens investing in Icesave accounts? This column presents the dispute's background and argues that the debt burden of Icesave is likely to be closer to 15% of GDP than the 50% often reported. It concludes that Iceland is not too small to repay.

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