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Financial and Monetary Integration in the New Europe

Convergence Between the EU and Central and Eastern Europe Edited by David G. Dickinson, Director of Money, Banking and Finance and Senior Lecturer, Department of Economics and Andrew W. Mullineux,The Business School, University of Birmingham, UK
Potential new entrants to the European Union from Central and Eastern European countries face many challenges to achieve financial convergence with the existing EU nations. Using detailed case studies from Bulgaria, the Czech Republic, Latvia, Lithuania and Poland and analysis of cross country data from these regions, Financial and Monetary Integration in the New Europe looks at the key issues for applicant countries as they negotiate the terms of their membership in the European Union.

Of major concern to these countries is the financial sector and its implications for economic growth and the conduct of macroeconomic policy. The book examines, in particular, monetary and exchange rate policies, banking regulation and financial market efficiency. The overall impact of building a market driven financial system on economic development is also explored.
Extent: 496 pp
Hardback Price: $202.00 Web: $181.80
Publication Date: 2002
ISBN: 978 1 84064 246 9
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  • Economics and Finance
  • Financial Economics and Regulation
Potential new entrants to the European Union from Central and Eastern European countries face many challenges to achieve financial convergence with the existing EU nations. Using detailed case studies from Bulgaria, the Czech Republic, Latvia, Lithuania and Poland and analysis of cross country data from these regions, Financial and Monetary Integration in the New Europe looks at the key issues for applicant countries as they negotiate the terms of their membership in the European Union.

Of major concern to these countries is the financial sector and its implications for economic growth and the conduct of macroeconomic policy. The book examines, in particular, monetary and exchange rate policies, banking regulation and financial market efficiency. The overall impact of building a market driven financial system on economic development is also explored.

This volume illustrates that overall, transition countries have made great strides in transformation to market economies and that most have experienced significant economic growth. However, there is still some institution building to be completed and outstanding policy issues to be resolved.

Financial and Monetary Integration in the New Europe will be of great interest to EU and CEE policymakers and will prove useful reading to those concerned with EU expansion and CEE economic development.
Contributors: J. Agung, J.-B. Desquilbet, D.G. Dickinson, M.J. Fry, E. Girardin, C. Gondat-Larralde, D. Goyeau, B. Grabowski, N. Horsewood, T. Houbenova, M. Hrncir, S. Jasinskaite, L. Lepetit, R. Matousek, R. Melnikiene, A.W. Mullineux, V. Murinde, J. Pruski, A. Raczko, A. Sauviat, K. Smidkova, I. Steinbuka, D. Sutherland, A. Tarazi, D. Vidickiene
Contents

Preface and acknowledgements

1 Financial integration between the EU and the economies of Central and Eastern Europe: an overview
David G. Dickinson and Andrew W. Mullineux

PART I MONETARY AND EXCHANGE RATE POLICY
2 Monetary policy and economic development in transitional economies
Maxwell J. Fry

3 The Czech approach to inflation targeting
Miroslav Hrncÿ’rÿ and Katerÿina Sÿm’dkov‡

4 The link between FEER and fiscal policy in a transitional period: the case of the Czech economy
Katerÿina Sÿm’dkov‡

5 Interest rate policy and inflation behaviour in the Czech Republic: from exchange rate to inflation targeting
Eric Girardin and Nicholas Horsewood

6 Latvia on the way to the European Union: economic policy convergence
Inna Sÿteinbuka

7 Monetary policy prospects and Maastricht criteria in Lithuania before accession to the EU
Salomeúja Jasinskaiteú, Dalia Vidickieneú and Rasa Melnikieneú

8 The currency board regime in Bulgaria and its sustainability
Tatiana Houbenova

9 EMU convergence criteria and international flows of capital: the dilemmas for Polish macroeconomic policy
Boguslaw Grabowski and Jerzy Pruski

10 The Asian financial crisis and lessons for CEE economies
David G. Dickinson and Andrew W. Mullineux

11 Joining EMU as an irreversible investment
David G. Dickinson and Jean-Baptiste Desquilbet

PART II FINANCIAL SECTOR DEVELOPMENT
12 Financial stability and economic development in transitional economies
Maxwell J. Fry

13 Payment systems and economic development in transitional economies
Maxwell J. Fry

14 Mobilization of savings in transition countries: the case of Lithuania
Dalia Vidickieneú, Salomeúja Jasinskaiteú and Rasa Melnikieneú

15 The Polish banking sector and EU regulations
Andrzej Raczko

16 Banking sector restructuring and debt consolidation in the Czech Republic
Roman Matousÿek

17 Market efficiency in transition economies: equity markets and EU accession
Nicholas Horsewood and Douglas Sutherland

18 Risk and optimal interest margins: the case of commercial banks in Central Europe
Daniel Goyeau, Alain Sauviat and Amine Tarazi

19 The impact of market structure and efficiency on bank profitability: an empirical analysis of banking industries in Central and Eastern Europe
CŽline Gondat-Larralde and Laetitia Lepetit

20 Convergence between the financial systems of EU member states and applicant transition economies
Victor Murinde, Juda Agung and Andrew W. Mullineux

Index