Andreja Todorović

Macroeconomic Shocks, Credit-Risk Persistence, and the Limits of Nonlinear Transmission in Emerging Europe

This paper examines how economic downturns and currency movements affect the quality of bank loans in Central, Eastern, and Southeastern Europe, using annual data for 14 national banking systems over 2008–2023. We estimate a bias-corrected dynamic fixed-effects model, verify inference with Driscoll–Kraay, cluster-robus...