This study focuses on the role of financial development in the economic growth of Central, Eastern and South-Eastern European (CESEE) countries in the post-communist era (1995)(1996)(1997)(1998)(1999)(2000)(2001)(2002)(2003)(2004)(2005)(2006)(2007)(2008)(2009)(2010)(2011)(2012)(2013)(2014), which coincides with the opening up of financial markets to foreign investors and the global financial crisis. We investigate whether economic growth in CESEE countries has benefited from the presence of foreign-owned banks. To this end, we introduce some refined measures of financial development and control for banks' financial strength. Our results challenge the idea that bank credit fosters economic growth and that foreign-owned banks are indisputably a positive addition to local markets able to foster economic growth.

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Background: Surgical management of severe pancreatic fistula after pancreatoduodenectomy remains challenging, and carries high mortality. The aim of this retrospective study was to compare different surgical techniques used at relaparotomy for pancreatic fistula after pancreatoduodenectomy, and to identify factors predictive of failure to rescue.Methods: A total of 43 patients after pancreatoduodenectomy developed a pancreatic fistula requiring relaparotomy. The perioperative data and outcomes were reviewed retrospectively.Results: Completion pancreatectomy, simple drainage of the pancreatic anastomosis and external wirsungostomy were performed in 17, 16, and 10 cases, respectively. The mortality rate for completion pancreatectomy was 47.1%, compared with 56.3% for simple drainage (p = 0.598) and 50.0% for external wirsungostomy (p = 0.883). Simple drainage was associated with a higher rate of further relaparotomies (56.3%) in comparison with completion pancreatectomy (23.5%, p = 0.055) and external wirsungostomy (0%, p = 0.003). A rescue resection of the pancreatic remnant after failed simple drainage resulted invariably in death. On multivariate analysis, the factors predictive of mortality after relaparotomy for pancreatic fistula were organ failure on the day of reoperation (p = 0.001) and need of further surgical reintervention (p = 0.007). Conclusion: Timely reintervention and appropriate surgical technique are essential for reducing mortality after reoperation for pancreatic fistula after pancreatoduodenectomy.

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In a seminal article, Hanushek and Woessmann explained economic growth as a function of the quality of education. While they did not find evidence of the importance of years of schooling, they argued for the relevance of cognitive skills and a basic literacy ratio for economic growth. However, this result was based on cross-country data limited to 23 observations. In this study, we extended and modified their approach based on the results of PISA (Programme for International Student Assessment) tests to explain the GDP changes over the last 50 years. Using panel data, we considered the possible lag that characterizes this relationship, used statistical methods to address the risk of reversed causality of economic performance affecting the quality of education, and extended the model by the inclusion of other potential growth factors. The results, which also included several robustness checks, confirmed the relevance of earlier education quality as a significant growth factor. Our results suggest the significance of educational skills for GDP growth, which might be treated as a confirmation of the importance of quality primary and secondary education for economic development. We showed that our results are robust to changes in the order of lags and confirmed the validity of the conclusion with the use of specification-robust Bayesian model averaging.

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This study analyzes the time stability of both the GDP beta convergence and the impact of monetary policy variables on economic growth in EU27 countries during 1993 and EU15 during 1972 To address the problem of variables' selection, Bayesian model pooling (BMP) is used while choosing the appropriate variables for the regression. To loosen the assumption of stability overtime, interaction terms of particular regressors are introduced with time dummies (the whole sample is divided into time intervals and is allowed for structural breaks). To address the problem of potential inconsistency of 'typical' estimators, the study employs Blundell and Bond's GMM system estimator. All the calculations are based on annual data and 3-year intervals. The main findings are: (1) The EU27 countries converged at the rate of about 5-6% per annum while the EU15 countriesat 3% p.a. (2) The pure mechanism of conditional convergence of the countries under study was rather constant over time. (3) The considered economic growth determinants, including all the variables related with monetary policy, exhibited mixed impact on economic growth, especially based on annual data. (4) These results have been obtained for the following turning points : , and -in the case of EU15 countries -1989

The Policy Research Working Paper Series disseminates the findings of work in progress to encourage the exchange of ideas about development issues. An objective of the series is to get the findings out quickly, even if the presentations are less than fully polished. The papers carry the names of the authors and should be cited accordingly. The findings, interpretations, and conclusions expressed in this paper are entirely those of the authors. They do not necessarily represent the views of the International Bank for Reconstruction and Development/World Bank and its affiliated organizations, or those of the Executive Directors of the World Bank or the governments they represent.