Sirtaine, Sophie

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Development economics
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Last updated January 31, 2023

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    Credit Growth in Emerging Europe : A Cause for Stability Concerns?
    (World Bank, Washington, DC, 2007-07) Sirtaine, Sophie ; Skamnelos, Ilias
    High credit growth in Emerging Europe, generally considered a sign of catching-up with the "old" Europe, has begun receiving considerable attention among investors and policymakers alike. Given heightened global risks and the demands under the European Union accession process, the need to better understand this high credit growth's drivers, riskiness, and the possible macroeconomic and financial stability consequences is strong. The authors adopt a holistic approach in reviewing the rapid credit growth experienced in the region, examining macroeconomic, financial sector, corporate sector, and asset market consequences and possible vulnerabilities. They consider three possible scenarios-a catching-up with older European countries, a soft landing as experienced by Portugal in the early 2000s, and a hard landing as experienced by Asia in 1997.
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    Remittances in the CIS Countries: A Study of Selected Corridors
    (World Bank, Washington, DC, 2007-07) Quillin, Bryce ; Segni, Carlo ; Sirtaine, Sophie ; Skamnelos, Ilias
    The objective of this paper is to collect, organize and analyze information on remittance corridors from Russia to Armenia, the Kyrgyz Republic, Moldova and Tajikistan. It aims to provide an overview of the current framework and infrastructure for sending and receiving remittances, including aggregate flows, existing and potential operators, cost structures and, barriers and other factors affecting costs. Ultimately, it turns to setting out topics for policymakers' attention. Section one provides an overview of migration, remittances and financial sector developments; section two analyzes results from surveys undertaken with migrants who had returned in Georgia, the Kyrgyz Republic and Tajikistan (and uses as benchmarks, Bosnia-Herzegovina, Bulgaria and Romania); section three turns to the results of questionnaires and interviews with central banks, banks, Money Transfer Operators (MTOs), postal networks and other intermediaries; and section four turns to the emerging topics for policymaking.