Alexander Plekhanov

Alexander Plekhanov is Director, Transition Impact and Global Economics, at the European Bank for Reconstruction and Development in London. He edits EBRD’s annual economic report, the Transition Report, and Regional Economic Prospects. Prior to 2007, he worked at the International Monetary Fund in Washington, DC.  Alexander holds a Ph.D. in Economics from the University of Cambridge.



Chupilkin, Maxim, Beata Javorcik, Aleksandra Peeva and Alexander Plekhanov, 2023, "Exorbitant privilege and economic sanctions", EBRD Working Paper 281.

Current version

Chupilkin, Maxim, Beata Javorcik and Alexander Plekhanov, 2023, "The Eurasian roundabout: Trade flows into Russia through the Caucasus and Central Asia", EBRD Working Paper 276.

Current version

Carruthers, Anna, and Alexander Plekhanov, 2023, "Attitudes, belief and reforms: Measurement and stylized facts", EBRD Working Paper 283.

Current version

Plekhanov, Alexander, and Joseph Sassoon, 2023, "Gas consumption in Europe during the winter of 2022-23", EBRD Working Paper 284.

Current version

Aksoy, Cevat, Maxim Chupilkin, Zsoka Koczan and Alexander Plekhanov, 2024, "Unearthing the economic consequences of earthquakes", EBRD Working Paper, Forthcoming.

Current version

Chupilkin, Maxim, Beata Javorcik, Aleksandra Peeva and Alexander Plekhanov, 2024, "Decision to leave: Economic sanctions and intermediated trade", EBRD Working Paper, Forthcoming.

Current version

Chupilkin, Maxim, Beata Javorcik and Alexander Plekhanov, 2024, "Lost in transit, and other ways of working around trade sanctions", EBRD Working Paper, Forthcoming.

Current version (Earlier version published as "The Eurasian roundabout: Trade flows into Russia through the Caucasus and Central Asia")

Selected recent papers 

Fisman, Raymond, Sergei Guriev, Carolin Ioramashvili and Alexander Plekhanov, 2024, "Corruption and Firm Growth: Evidence from around the World", Economic Journal, Forthcoming.

Koczan, Zsoka, and Alexander Plekhanov, 2023, "Scarred for life? Recession experiences, beliefs and the state",  International Tax and Public Finance, Forthcoming.

Gamtkitsulashvili, Tea, Alexander Plekhanov and Alexander Stepanov, 2023, “Killing two birds with one stone? Sound investment with social impact”, Economics of Transition and Institutional Change, Forthcoming.

Gamtkitsulashvili, Tea, and Alexander Plekhanov, 2023, "Mobility and economic activity around the world during the Covid-19 crisis", Applied Economics Letters , 2001419 [this version].

Byrne, Kieran, and Alexander Plekhanov, 2021, "Education reforms and adult skills: Evidence from Estonia", Economics of Education Review, Vol. 82, 102106. [WP version

Belgibayeva, Adiya, and Alexander Plekhanov, 2019, “Does corruption matter for sources of foreign direct investment?” Review of the World Economy, Vol. 155, pp. 487-510. [WP version]

Plekhanov, Alexander, and Florent Silve, 2018, “Institutions, innovation and growth: evidence from industry data”, Economics of Transition, Vol. 26, pp. 335-362. [WP version

Isakova, Asel, Zsoka Koczan and Alexander Plekhanov, 2016, “How much do tariffs matter? Evidence from the customs union of Belarus, Kazakhstan and Russia”, Journal of Economic Policy Reform, Vol. 19, pp. 166-184. [WP version]

Isakova, Asel, and Alexander Plekhanov, 2011, “Region-Specific Constraints to Doing Business: Evidence from Russia”, Aussenwirtschaft: The Swiss Review of International Economic Relations, Vol. 2011, No 2, pp. 181–210.  

Berglöf, Erik, Yevgeniya Korniyenko, Alexander Plekhanov, and Jeromin Zettelmeyer, 2010, “Understanding the Crisis in Emerging Europe”, Public Policy Review, Vol. 6, pp. 985–1008.

Freinkman, Lev, and Alexander Plekhanov, 2010, “Fiscal Decentralization and the Quality of Public Services in Russian Regions”, Public Finance and Management, Vol. 10, No 1.[WP version]

Freinkman, Lev, and Alexander Plekhanov, 2009, "Fiscal Decentralization in Rentier Regions: Evidence from Russia", World Development, Vol. 37, pp. 503–12.

Plekhanov, Alexander, 2007, "Endogenous Corruption in a Federation", B.E. Journal of Economic Analysis and Policy, Vol. 7, No 1, Art. 3

Plekhanov, Alexander, and Raju Singh, 2006, "How Should Subnational Government Borrowing Be Regulated? Some Cross-Country Empirical Evidence", IMF Staff Papers, Vol. 53, pp. 426–52. 

Chapters and edited volumes

EBRD Transition Report 2024-25 [editor, forthcoming]

Transitions big and small, EBRD Transition Report 2023-24 [editor]

Business unusual, EBRD Transition Report 2022-23 [editor]

System upgrade: Delivering the digital dividend, EBRD Transition Report 2021-22 [editor] 

The state strikes back, EBRD Transition Report 2020-21 [editor] 

Bircan, Cagatay, Zsoka Koczan and Alexander Plekhanov, 2020, “Jobs at risk: Early policy responses to COVID-19 in emerging markets”, in Djankov, S., and U. Panizza, eds, “Covid-19 in developing economies”, Centre for Economic Policy Research. 

Eight things you should know about middle-income transitions, EBRD report, 2019 [editor]

Better governance, better economies, EBRD Transition Report 2019-20 [editor]

Koczan, Zsoka, Alexia Latortue, Caroline Pearce and Alexander Plekhanov, 2019, “Creating livable Cities: Emerging Europe, Central Asia and the Southern and Eastern Mediterranean”, in “Creating Livable Cities: Regional Perspectives”, Regional Development Banks’ Report.

Berglof, Erik, Sergei Guriev and Alexander Plekhanov, 2019, “The Convergence Miracle in Emerging Europe: Will it continue?”, in Faces of convergence, European Commission.

Work in transition, EBRD Transition Report 2018-19 [editor]

Chhichhia, Bandini, Sergei Guriev, Alexia Latortue, Nikola Milushev, Alexander Plekhanov and Valerijs Rezvijs, 2018, “The Future of Work in Emerging Europe and Central Asia”, in The Future of Work, Inter-American Development Bank.

Sustaining growth, EBRD Transition Report 2017-18 [editor] 

Transition for All: Equal Opportunities in an unequal world, EBRD Transition Report 2016-17 [editor]

Rebalancing Finance, EBRD Transition Report 2015-16 [editor]

Innovation in Transition, EBRD Transition Report 2014 [editor]

Nikolova, Elena, Alexander Plekhanov, Gerard Roland and Jeromin Zettelmeyer, 2013, “Building better economic institutions”, Transition Report 2013, Chapter 3.

Diversifying Russia: Harnessing Regional Diversity, EBRD report, 2012 [editor]

Guriev, Sergei, Alexander Plekhanov, and Konstantin Sonin, 2012, ”Development Based on Commodity Revenues?”, in Bertrand Munier, ed., 2012, Global Uncertainty and the Volatility of Agricultural Commodity Prices, pp. 75–110.

Koczan, Zsoka, and Alexander Plekhanov, 2012, “Regional Trade Integration”, EBRD Transition Report 2012, Chapter 4.

Dahan, Frederique, Elizabeth Kirk, and Alexander Plekhanov, 2011, “Credit Information Reporting Systems”, EBRD Transition Report, pp. 34–43.

Kumar, Manmohan S., Daniel Leigh, and Alexander Plekhanov, 2007, "Fiscal Adjustments: Determinants and Macroeconomic Consequences", in Fiscal Policy: Current Issues and Challenges, Bank of Italy, pp. 247–82

Other working papers

Plekhanov, Alexander, and Marta Skrzypinska, 2022, “Cross-border spillovers from reducing non-performing loans”, EBRD Working Paper 265. 

Plekhanov, Alexander, and Morten Stostad, 2018, “Modern growth in perspective: Growth outperformance since the global financial crisis”, EBRD Working Paper 214. 

Balgova, Maria, Alexander Plekhanov and Marta Skrzypinska, 2017, “Reducing non-performing loans: Stylized facts and economic impact”, paper presented at the American Economic Association meetings.

Georgiev, Yordan, Piroska Nagy-Mohacsi and Alexander Plekhanov, 2017, “Structural reform and productivity growth in Emerging Europe and Central Asia”, Asian Development Bank working paper 523.

Gelebo, Emil, Alexander Plekhanov and Florent Silve, 2015, “Determinants of frontier innovation and technology adoption: cross-country evidence”, EBRD Working Paper 173.

Lehne, Jonathan, Jeffrey Mo and Alexander Plekhanov, 2014, “What determines the quality of economic institutions? Cross-country evidence”, EBRD Working Paper 171.

Koczan, Zsoka, and Alexander Plekhanov, 2013, “How important are non-tariff barriers? Complementarity of infrastructure and institutions of trading partners”, EBRD Working Paper 159.

Isakova, Asel, and Alexander Plekhanov, and Jeromin Zettelmeyer, 2012, “Managing Mongolia’s Resource Boom”, EBRD Working Paper 138.

Isakova, Asel, and Alexander Plekhanov, 2012, “Customs Union and Kazakhstan’s Imports”, CASE Network Studies and Analyses 442/2012.

Commander, Simon, Zlatko Nikoloski and Alexander Plekhanov, 2011, “Employment Concentration and Resource Allocation: One-Company Towns in Russia”, EBRD Working Paper 130.

Dehesa, Mario, Pablo Druck, and Alexander Plekhanov, 2007, "Relative Price Stability, Creditor Rights, and Financial Deepening", IMF Working Paper 07/139.

Freinkman, Lev, and Alexander Plekhanov, 2005, "What Determines the Extent of Fiscal Decentralization? The Russian Paradox", World Bank Policy Research Working Paper 3710.

Plekhanov, Alexander, 2005, "Are Subnational Government Budget Constraints Soft? Evidence from Russia", European Doctoral Group in Economics Jamboree.

Plekhanov, Alexander, 2004, "Incentive Aspects of Revenue Sharing: Central and Regional Government in Russia", Cambridge Working Papers in Economics 0440.

Selected policy pieces 

Aksoy, Cevat, Maxim Chupilkin, Roger Kelly, Zsoka Koczan and Alexander Plekhanov, 2023, "The impact of the 2023 earthquakes on Turkiye's economy: First estimates",  Vox EU, 26 Feb.

Carruthers, Anna, Alexander Plekhanov and Joseph Sassoon, 2022, "Policy preferences and responses to high energy and food prices in emerging markets", Vox EU, 25 Nov.

Bircan, Cagatay, Zsoka Koczan and Alexander Plekhanov, 2020, “Covid-19: Job displacement in emerging markets”, VoxEU, April 2020.

Koczan, Zsoka, and Alexander Plekhanov, 2020, “The Covid-19 shock: Employment in middle-income economies”, VoxEU, April 2020.

Koczan, Zsoka, and Alexander Plekhanov, 2020, “The Covid-19 Shock: Effects on the Migrant Labour Force and Remittances”, Global Human Movement Review, University of Cambridge.

De Haas, Ralph, Bojan Markovic and Alexander Plekhanov, 2017, “Reducing non-performing loans in Europe”, European Economy, Vol. 3, pp. 107-116.

Balgova, Maria, and Alexander Plekhanov, 2016, “The economic impact of reducing non-performing loans”, VoxEU, 18 November 2016.

Bircan, Cagatay, Ralph De Haas, Hans Peter Lankes and Alexander Plekhanov, 2015, Rebalancing finance, VoxEU, 10 November 2015.

Commander, Simon, and Alexander Plekhanov, 2013, “Diversifying Russia”, VoxEU, 29 January 2013. 

Berglöf, Erik, Alexander Plekhanov, and Alan Rousso, 2009, “A Tale of Two Crises: Russia 1998 and 2008”, Finance and Development, Vol. 46, No 2, pp. 15–18.  

Plekhanov, Alexander, 2006, "Panama: Reforms and Growth Hold Key to Reducing Inequality", IMF Survey, Vol. 35, No 12, pp. 182–83.

EBRD Regional Economic Prospects, 2013-2023 [editor]

Conquering inflation [May 2024, Forthcoming]

Shifting gears [September 2023]

Getting by: High inflation weighs on purchasing power of households [May 2023]

Not out of the woods yet [February 2023]

A cold winder ahead? Confronting the energy crunch [September 2022]

The return of runaway prices: Dealing with expensive food and energy [May 2022]

In the shadow of the war: The economic fallout from the war on Ukraine [ March 2022] 

Bittersweet recovery [November 2021]

Recovery gathering pace [June 2021]

Covid-19 Early estimates of the damage, uncertain prospects [September 2020]

Covid-19 From shock to recovery (+update) [April-May 2020]

Stalling engines of growth [November 2019]

Facing global slowdown: More exposed, better prepared?  [May 2019]

In the shadow of trade conflicts [November 2018]

Has growth peaked?  [May 2018]

Accelerating in sync [November 2017]

Growth picking up despite political uncertainty [May 2017]

Return to modest growth [November 2016]

Modest pick-up amid continued uncertainty [May 2016]

Economic outlook split by conflicting forces [November 2015]

In the cross-currents of diverging monetary policies and Russia's recession [May 2015]

Oil-driven Russia downturn adds to weakness in EBRD economies [January 2015]

In the heavy shadow of the Ukraine/Russia crisis [September 2014]

The Ukraine/Russia crisis weighs on transition region's growth [May 2014]

Slow recovery ahead [January 2014]

Weak growth despite Eurozone pickup [November 2013]