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A New Model for Balanced Growth and Convergence

Achieving Economic Sustainability in CESEE Countries Edited by Ewald Nowotny, Governor, Oesterreichische Nationalbank, Peter Mooslechner, Member, Governing Board, Oesterreichische Nationalbank, Austria and Doris Ritzberger-Grünwald, Director, Oesterreichische Nationalbank, Austria
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.
Published in Association with Oesterreichische Nationalbank, Austria
Extent: 264 pp
Hardback Price: $136.00 Web: $122.40
Publication Date: 2013
ISBN: 978 1 78254 816 4
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  • Economics and Finance
  • Financial Economics and Regulation
  • International Economics
  • Money and Banking
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.
Contributors: A.F. Aysan, G. Bisagni, D. Bogov, M. Dabrowski, M. Ferrazzi, A. Filardo, M. Gächter, L. Gattini, M.H. Güler, A. Hansson, S. Honkapohja, R. Jelaši?, K. Knot, I. Korhonen, A. Krstevska, E. Liikanen, E. Nowotny, C. Orman, E. Plato, P. Pumberger, M. Randveer, D. Revoltella, A. Riedl, D. Ritzberger-Grünwald, K. Sonin, E. Tuomi, S. Verkaart
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 Jelaši?

15. Banking in CEE: Less Growth, More Balance
Gianfranco Bisagni, Matteo Ferrazzi and Pia Pumberger

Index