This topical book addresses the need for emerging economies in Central, Eastern and South-Eastern Europe to find a new, sustainable growth model that fosters continued convergence with the EU without leading to the build-up of new vulnerabilities.
The expert contributions frame the discussion on balanced growth in Europe, deal with the legacy of the old growth model (such as managing disrupted capital flows and deleveraging), and provide insights from the growth strategies of Russia and Turkey as well as the adjustment process of successful small CESEE countries. They focus on providing a multi-disciplinary assessment, combining the views of policy-makers and academics with those of central and commercial bankers.
This book will prove a thought-provoking read for academics, researchers and students in the fields of economics - particularly international economics - and finance, money and banking. Policy-makers and economists interested in European integration and emerging European economies will also find this book to be an invaluable resource.
Edited by Ewald Nowotny, Governor, Oesterreichische Nationalbank, Peter Mooslechner, Member, Governing Board, Oesterreichische Nationalbank, Austria and Doris Ritzberger-Grunwald, Director, Oesterreichische Nationalbank, Austria
Contents: Preface PART I: FRAMING THE DISCUSSION ON BALANCED GROWTH IN EUROPE 1. The Necessity of Sustainable Growth and Continued Income Convergence in Europe Ewald Nowotny 2. Changes in Banking in the Run-up to the Crisis Erkki Liikanen 3. Restarting Growth in Europe after the Great Recession: CEE versus Other Countries Seppo Honkapohja and Iikka Korhonen 4. The European Debt Crisis and a Stable Design of EMU Klaas Knot and Silvie Verkaart PART II: STOP AND GO OF CAPITAL FLOWS AND DELEVERAGING 5. Managing Stop-Go Capital Flows in Asian Emerging Markets: Lessons for the CESEE Economies Andrew Filardo 6. CESEE Banks Deleveraging or Rebalancing? Lessons from the EIB Bank Lending Survey Luca Gattini and Debora Revoltella 7. Managing Capital Flows in a Globalized Economy Marek Dabrowski PART III: GROWTH STRATEGIES OF EU NEIGHBOURING COUNTRIES: RUSSIA AND TURKEY 8. Russia in 2012: The Challenge of Reforming the Economy Without a Political Reform Konstantin Sonin 9. Sustaining Growth in Emerging Markets: The Role of Structural and Monetary Policies Ahmet Faruk Aysan, Mustafa Haluk Guler and Cuneyt Orman PART IV: SMALL-COUNTRY EXPERIENCES IN ECONOMIC ADJUSTMENT 10. Business Cycle Convergence or Decoupling? Economic Adjustment of CESEE Countries During the Crisis Martin Gachter, Aleksandra Riedl and Doris Ritzberger-Grunwald 11. South-Eastern Europe: Impacts from the Crisis, Vulnerabilities and Adjustments Dimitar Bogov and Aneta Krstevska 12. Economic Adjustment in the Baltic Countries Ardo Hansson and Martti Randveer PART V: A PRACTITIONER'S VIEW 13. Basel III from a Practitioner's Perspective Esa Tuomi and Eriks Plato 14. Banks' Challenges in Central and Eastern Europe Radovan Jelasic 15. Banking in CEE: Less Growth, More Balance Gianfranco Bisagni, Matteo Ferrazzi and Pia Pumberger Index