A New Model for Balanced Growth and Convergence: Achieving Economic Sustainability in CESEE Countries

A New Model for Balanced Growth and Convergence: Achieving Economic Sustainability in CESEE Countries

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Overview

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.

Product Details

ISBN-13: 9781782548164
Publisher: Elgar, Edward Publishing, Inc.
Publication date: 12/13/2013
Pages: 264
Product dimensions: 6.10(w) x 9.20(h) x 0.80(d)

About the Author

Edited by Ewald Nowotny, Governor, Oesterreichische Nationalbank, Peter Mooslechner, formerly Oesterreichische Nationalbank and Doris Ritzberger-Grünwald, Director, Oesterreichische Nationalbank, Austria

Table of Contents

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 Güler and Cüneyt Orman


PART IV: SMALL-COUNTRY EXPERIENCES IN ECONOMIC ADJUSTMENT

10. Business Cycle Convergence or Decoupling? Economic Adjustment of CESEE Countries During the Crisis

Martin Gächter, Aleksandra Riedl and Doris Ritzberger-Grünwald


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 Jelašić


15. Banking in CEE: Less Growth, More Balance

Gianfranco Bisagni, Matteo Ferrazzi and Pia Pumberger


Index

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