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Post-Crisis Growth and Integration in Europe

Catching-up Strategies in CESEE Economies Edited by Ewald Nowotny, Governor, Oesterreichische Nationalbank, Austria, Peter Mooslechner, Member, Governing Board, Oesterreichische Nationalbank, Austria and Doris Ritzberger-Grünwald, Director, Oesterreichische Nationalbank, Austria
Against the backdrop of the financial crisis that unfolded in 2008, this book deals with policy challenges going forward, focusing in particular on the ongoing catching-up process in Central, Eastern and South-Eastern European countries.
Published in Association with Oesterreichische Nationalbank, Austria
Extent: 336 pp
Hardback Price: $144.00 Web: $129.60
Publication Date: 2011
ISBN: 978 0 85793 290 7
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  • Economics and Finance
  • Financial Economics and Regulation
Against the backdrop of the financial crisis that unfolded in 2008, this book deals with policy challenges going forward, focusing in particular on the ongoing catching-up process in Central, Eastern and South-Eastern European (CESEE) countries.

Whilst having emerged relatively unscathed from the crisis, the CESEE economies nonetheless need to adjust to the new external conditions they will encounter. In this respect, decision-makers are faced with multiple sources of uncertainty: will post-crisis growth be the same as pre-crisis growth? What will be the future role of financial integration, growth financing and exports? What are the particular challenges facing monetary policy-makers and the banking sector in the region? On these issues and related topics, the book provides a multi-disciplinary assessment, combining the views of high-ranking central bankers and other policy-makers, commercial bankers and academics.

Economists and students of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes will find this book of great interest and importance, especially those working on Central, Eastern and South-Eastern Europe.
Contributors: I. Angeloni, B.B. Bakker, M. Belka, H. Berg, S.G. Cecchetti, V. Constâncio, A. Csajbók, J.P. Damijan, M.T. Fábregas Fernández, J. Fidrmuc, J.F. Francois, V. Gligorov, L. Halpern, S. Honkapohja, M. Hysek, B. Jazbec, A. Kastrati, J. Király, C. Knobloch, Č. Kostevc, M.A. Kovács, L. Lipschitz, M. Loufir, R. Martin, K. McMorrow, P. Mooslechner, J. Nagel, E. Nowotny, C. Popa, D. Ritzberger-Grünwald, W. Röger, D.K. Rosati, A. Stopczyński, A. Treichl, M. Voljč, B. Vujčić, P.A. Wachtel, J. Wörz
Contents:

Preface

PART I: CATCHING-UP AND GROWTH PROSPECTS AFTER THE CRISIS
1. Challenges to European Economic Integration
Vítor Constâncio

2. A Forward-looking View on Catching-up Strategies from an Austrian Angle
Ewald Nowotny

3. Re-establishing Growth After the Crisis – Lessons from the Nordic Countries
Seppo Honkapohja

4. Catching-up Prospects After the Crisis for the EU’s CESEE Region
Kieran Mc Morrow and Werner Röger

5. Growth Prospects in the EU-10 Members States After the Crisis
Dariusz K. Rosati

6. Neoclassicism in the Balkans
Vladimir Gligorov

7. Unlocking Growth Potential in the Balkans
Boštjan Jazbec and Albulenë Kastrati

8. The Catching-up Experience of the Western Balkans – the Cases of Serbia, FYR of Macedonia and Albania
Michael Loufir

PART II: POLICY CHALLENGES IN THE CESEE REGION AND BEYOND
9. Monetary Policy and Financial Stability: What’s Ahead for Central and Eastern Europe
Stephen G. Cecchetti

10. Central Banking for the 21st Century: An American Perspective
Paul A. Wachtel

11. Monetary Policy Challenges in the CESEE Region: Architecture for an Earthquake Zone
Bas B. Bakker and Leslie Lipschitz

12. A Policy Recipe for Successful Convergence of CESEE Countries in the Post-crisis World
Júlia Király, Attila Csajbók and Mihály András Kovács

13. Monetary Policy Challenges in the CESEE Region – the Case of Poland
Marek Belka

14. Monetary Policy Challenges in the CESEE Region – the Case of Romania
Christian Popa

15. Monetary Policy Challenges in the CESEE Region – the Case of Croatia
Boris Vujčić

16. Challenges for Monetary and Exchange Rate Policy in CESEE Created by the Crisis: Back to Square One?
Peter Mooslechner

PART III: THE NEW ROLE OF FINANCIAL INTEGRATION, GROWTH FINANCING AND EXPORTS
17. Policy Perspectives on Financial Integration After the Crisis
Ignazio Angeloni

18. The Need for an Enhanced Role of Local Supervisors and Shareholder Oversight
Andrzej Stopczyński

19. Firms’ Patterns of Trade and Access to Finance
Jože P. Damijan and Črt Kostevc

20. Financing for Growth in CESEE
Joachim Nagel and Corinna Knobloch

21. Capital Inflows, Exports and Growth in the CESEE Region
Jarko Fidrmuc and Reiner Martin

22. Structural Components of International Trade Growth 1995–2009
Joseph F. Francois and Julia Wörz

23. The Great Trade Collapse and its Impact on Firms in Europe
László Halpern

PART IV: CHALLENGES FOR BANKING IN THE CESEE REGION
24. After the Crisis: Financial Sector Reform in the EU
María Teresa Fábregas Fernández

25. Banking Challenges in the CESEE Region from the Erste Group Perspective
Andreas Treichl

26. Challenges for Banking in the CESEE Region – the Situation in Austria and CESEE in November 2010
Michael Hysek

27. The CESEE Experience of KBC Group
Marko Voljć

28. Challenges for Banking in the CESEE Region – the Case of Swedbank Baltic Banking
Håkan Berg

Index