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Acknowledgements
The Transition Report was prepared by the Office of the Chief Economist (OCE) of the EBRD, under the general direction of Hans Peter Lankes. It also includes a contribution from the Office of the General Counsel (Annex 2.1) and the Country and Sector Economics department (structural reform overview and online country assessments).
This year’s editors were Ralph De Haas and Alexander Plekhanov. Online country assessments were edited by Peter Sanfey. Francesca Dalla Pozza provided research assistance.
The writing teams for the chapters, boxes and annexes comprised:
Investment gap (Chapter 1)
Maria Balgova, Michel Nies and Alexander Plekhanov.
Box 1.1 was prepared by Alex Chirmiciu.
Box 1.2 was prepared by Alexander Lehmann.
Box 1.3 was prepared by Alexander Lehmann.
Credit crunch (Chapter 2)
Ralph De Haas, Teodora Tsankova and Neeltje van Horen.
Box 2.1 was prepared by Aziza Zakhidova.
Box 2.2 was prepared by Neeltje van Horen.
Box 2.3 was prepared by Ralph De Haas.
Box 2.4 was prepared by Sibel Beadle.
Annex 2.1 was prepared by Ivor Istuk.
Private equity (Chapter 3)
Markus Biesinger and Çağatay Bircan with contributions from Zana Beqiri and Orkun Saka.
Box 3.1 was prepared by Ralph De Haas and Thomas Kirchmaier.
Box 3.2 was prepared by Levent Tuzun.
Box 3.3 was prepared by Markus Biesinger.
Growth capital (Chapter 4)
Markus Biesinger and Çağatay Bircan with contributions from Zana Beqiri, Gian Piero Cigna and Orkun Saka.
Box 4.1 was prepared by Larissa Schäfer.
Box 4.2 was prepared by Hannes Takacs.
Outlook (Macroeconomic overview)
Michel Nies and Alexander Plekhanov.
Reforms (Structural reform)
Isabel Blanco, Kristine Grün, Svenja Petersen, Barbara Rambousek and Peter Sanfey, with support from Yuni Kim and contributions from sector and regional economists and analysts.
Countries
The online-only country assessments were prepared by the regional economists and analysts of the Country and Sector Economics department and edited by Peter Sanfey. The main authors were:
- Armenia, Azerbaijan, Belarus, Moldova and Ukraine: Dimitri Gvindadze, Mykola Miagkyi and Konstantine Kintsurashvili.
- Bulgaria, Romania, Slovenia and Turkey: Bojan Markovic and Idil Bilgic Alpaslan.
- Central Asia and Georgia: Agris Preimanis and Nino Shanshiashvili.
- Croatia, Russia and Serbia: Peter Tabak and Emir Zildzovic.
- Hungary, Poland, the Slovak Republic and the Baltic states: Alexander Lehmann and Marcin Tomaszewski.
- Mongolia: Agris Preimanis, Alexander Plekhanov and Nino Shanshiashvili.
- Southern and eastern Mediterranean: Hanan Morsy and Rand Fakhoury.
- Western Balkans (Albania, Bosnia and Herzegovina, FYR Macedonia, Kosovo and Montenegro), Cyprus and Greece: Peter Sanfey and Jakov Milatovic.
Editorial, multimedia and production guidance for the Transition Report was provided by Chris Booth, Dermot Doorly, Hannah Fenn, Dan Kelly, Kasia Kukula, Philippa Moore, Jane Ross, Natasha Treloar, Bryan Whitford and Anthony Williams in the EBRD Communications Department, and by Matthew Hart and Fran Lawrence. The report was designed and print-managed by Blackwood Creative Ltd.
The editors are indebted to Sergei Guriev and Alexander Ljungqvist for comments and discussions. The report benefited from comments and feedback from the EBRD Board of Directors and their authorities, the EBRD Executive Committee, the EBRD’s Resident Offices and country teams, and staff from the European Commission, International Monetary Fund and the World Bank.
Some of the material in this report is based on the fifth round of the EBRD/World Bank Business Environment and Enterprise Performance Survey (BEEPS V) which was funded by the World Bank and the EBRD Shareholder Special Fund and the second round of the Banking Environment and Performance Survey (BEPS II) which was funded by the EBRD Shareholder Special Fund. BEEPS V in Russia conducted in 2011-12 was co-funded by Vnesheconombank. This funding is gratefully acknowledged.
Glossary
- Acquis communautaire
- The accumulated legislation and court decisions which make up European law
- ASEA
- African Securities Exchanges Association
- ARWU
- Academic Ranking of World Universities
- ATC
- Assessment of Transition Challenges
- Basic metals
- See Detailed structure and explanatory notes ISIC Rev.3.1 code 27
- BEPS
- Banking Environment and Performance Survey (conducted by the EBRD and the European Banking Center at Tilburg University)
- BEEPS
- Business Environment and Enterprise Performance Survey (conducted by the EBRD and the World Bank)
- BIS
- Bank for International Settlements
- BMI
- Business Monitor International
- BOT
- Build-operate-transfer
- CA
- Central Asia
- CEB
- Central Europe and the Baltic states
- CIA
- Central Intelligence Agency
- CIPI
- Whiteshield Partners’ capability and innovation potential index
- CRD
- Capital Requirements Directive
- EBRD, the
- European Bank for Reconstruction and Development
- ECB
- European Central Bank
- EEC
- Eastern Europe and the Caucasus
- EHS&S
- Environment, Health, Safety and Sustainability
- EIB
- European Investment Bank
- EITI/PWYP
- Extractive Industries Transparency Initiative/ Publish What You Pay
- EIU-WEO
- Economist Intelligence Unit – Women’s Economic Opportunity
- EMPEA
- Emerging Markets Private Equity Association
- EU
- European Union
- EVCA
- European Private Equity and Venture Capital Association
- EBRD, the
- European Bank for Reconstruction and Development
- FAO
- Food and Agriculture Organization of the United Nations
- FDI
- Foreign Direct Investment
- FEAS
- Federation of Euro-Asian Stock Exchanges
- FESE
- Federation of European Securities Exchanges
- FYR Macedonia
- Former Yugoslav Republic of Macedonia
- GIEWS
- Global Information and Early Warning System (on food and agriculture)
- Global technological frontier
- The highest level of technological achievement in a given field
- HHI
- Herfindahl-Hirschman index, a measure of market concentration
- IAIS
- International Association of Insurance Supervisors
- ICT
- Information and communication technology
- IFC
- International Finance Corporation
- IFI
- International financial institution
- IFRS
- International Financial Reporting Standards
- ILO
- International Labour Organization
- IMF
- International Monetary Fund
- IRR
- Internal Rate of Return
- ISO
- International Organization for Standardization
- ISSA
- International Social Security Administration
- KILM
- Key Indicators of the Labour Market
- LITS
- Life in Transition Survey
- MFN
- Most-favoured-nation
- MIS
- Management information system
- MDB
- Multilateral development bank
- MENA ES
- Middle East and North Africa Enterprise Surveys (conducted by the EBRD, the European Investment Bank and the World Bank)
- MTF
- Multilateral Trading Facility
- NPLs
- Non-Performing Loans
- NRA
- Nominal Rates of Assistance
- OECD
- Organisation for Economic Co-operation and Development
- PE
- Private equity
- PISA
- Programme for International Student Assessment (conducted by the Organisation for Economic Co-operation and Development)
- PPP
- Public-private partnership
- P2P
- Peer-to-peer
- SBS
- The EBRD’s Small Business Support programme
- SEE
- Southern and eastern Europe
- SEMED
- Southern and eastern Mediterranean
- SMEs
- Small and medium-sized enterprises
- SRM
- Single Resolution Mechanism
- SSM
- Single Supervisory Mechanism
- Technology matching services
- Web-based platforms that connect organisations offering technology with those seeking technology and technological solutions
- TIMSS
- Trends in International Mathematics and Science Study
- Transition countries
- Countries where the EBRD works to foster the transition to open market-oriented economies
- Transition impact
- A key principle governing the EBRD’s project activities. There are broadly three areas in which an EBRD project can contribute to the process of transition – the structure and extent of markets; the institutions and policies that support markets; and market-based behaviour patterns, skills and innovation. These three areas are further divided into seven sources of the transition impact which are – greater competition in the project sector; expansion of competitive market interactions in other sectors; more widespread private ownership; institutions, laws and policies that promote market functioning and efficiency; transfer and dispersion of skills; demonstration of new replicable behaviour and activities; and setting standards for corporate governance and business conduct.
- TFP
- Total factor productivity
- UN
- United Nations
- UNCTAD
- United Nations Conference on Trade and Development
- UNECE
- United Nations Economic Commission for Europe
- UNESCO
- United Nations Educational, Scientific and Cultural Organization
- UNIDO
- United Nations Industrial Development Organization
- VC
- Venture capital
- WDIs
- World Development Indicators
- WEF
- World Economic Forum
- WGIs
- The World Bank’s Worldwide Governance Indicators (control of corruption, regulatory quality, government effectiveness and rule of law)
- WIPO
- World Intellectual Property Organization
- WTO
- World Trade Organization
Contact
EBRD website
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Tel: +44 20 7338 6000
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Email: projectenquiries@ebrd.com
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Office of the Chief Economist
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Email: economics@ebrd.com
Acting Chief Economist: Hans Peter Lankes
Last updated on 10 November 2015