New Model for Balanced Growth and Convergence

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

• Contents:PrefacePART I: FRAMING THE DISCUSSION ON BALANCED GROWTH IN EUROPE1. The Necessity of Sustainable Growth and Continued Income Convergence in EuropeEwald Nowotny2. Changes in Banking in the Run-up to the CrisisErkki Liikanen3. Restarting Growth in Europe after the Great Recession: CEE versus Other Countries Seppo Honkapohja and Iikka Korhonen4. The European Debt Crisis and a Stable Design of EMUKlaas Knot and Silvie VerkaartPART II: STOP AND GO OF CAPITAL FLOWS AND DELEVERAGING5. Managing Stop–Go Capital Flows in Asian Emerging Markets: Lessons for the CESEE EconomiesAndrew Filardo6. CESEE Banks Deleveraging or Rebalancing? Lessons from the EIB Bank Lending SurveyLuca Gattini and Debora Revoltella7. Managing Capital Flows in a Globalized EconomyMarek DabrowskiPART III: GROWTH STRATEGIES OF EU NEIGHBOURING COUNTRIES: RUSSIA AND TURKEY8. Russia in 2012: The Challenge of Reforming the Economy Without a Political ReformKonstantin Sonin9. Sustaining Growth in Emerging Markets: The Role of Structural and Monetary PoliciesAhmet Faruk Aysan, Mustafa Haluk Güler and Cüneyt OrmanPART IV: SMALL-COUNTRY EXPERIENCES IN ECONOMIC ADJUSTMENT10. Business Cycle Convergence or Decoupling? Economic Adjustment of CESEE Countries During the CrisisMartin Gächter, Aleksandra Riedl and Doris Ritzberger-Grünwald11. South-Eastern Europe: Impacts from the Crisis, Vulnerabilities and AdjustmentsDimitar Bogov and Aneta Krstevska 12. Economic Adjustment in the Baltic CountriesArdo Hansson and Martti RandveerPART V: A PRACTITIONER’S VIEW 13. Basel III from a Practitioner’s PerspectiveEsa Tuomi and Eriks Plato14. Banks’ Challenges in Central and Eastern EuropeRadovan Jelašić15. Banking in CEE: Less Growth, More BalanceGianfranco Bisagni, Matteo Ferrazzi and Pia Pumberger Index