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Economic Catching Up And Monetary Integration Of Central And Eastern European Countries
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Book Synopsis Economic Catching-up and Monetary Integration of Central and Eastern European Countries by : Marc Gérard
Download or read book Economic Catching-up and Monetary Integration of Central and Eastern European Countries written by Marc Gérard and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This research investigates the challenges of price level catching-up for macroeconomic stability in Central and Eastern European transition countries seeking to enter the Euro area. In this respect, an equilibrium real exchange rate model suggests that the process of real appreciation observed along economic catching-up in these countries can be ascribed to different relative price developments, depending on the exchange rate regime, as exemplified by contrasted external debt trajectories. In flexible exchange rate economies, the increase in the nominal exchange rate fosters an endogenous appreciation of the terms of trade in the medium run, by channelling foreign direct investment and associated productivity gains to the exposed sector of the economy, thus appreciating the equilibrium real exchange rate and strengthening the current account over time. In fixed exchange rate economies, positive valuation effects associated with the increase in domestic relative prices tend to divert investment to the sheltered sector, thus undermining external competitiveness and bringing about higher external debt. Furthermore, monetary integration entails specific risks for macroeconomic stability in catching-up economies, because it implies a process of rapid convergence in the financing conditions across member States, which takes place as soon as the perspective of accession to the common monetary area appears credible. A dynamic, rational expectations model shows that the appreciation of the nominal exchange rate becomes crucial to curtail the economic overheating triggered by the demand shock associated with financial convergence. By contrast, diminishing country risk premia under fixed exchange rate regimes are likely to cause 'boom bust' cycles, with an increase in external indebtedness followed by deflationary developments once in the monetary union.
Book Synopsis Post-Crisis Growth and Integration in Europe by : E. Nowotny
Download or read book Post-Crisis Growth and Integration in Europe written by E. Nowotny and published by Edward Elgar Publishing. This book was released on 2011-01-01 with total page 337 pages. Available in PDF, EPUB and Kindle. Book excerpt: 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.
Author :Alberto Quadrio Curzio Publisher :Springer Science & Business Media ISBN 13 :3790820342 Total Pages :200 pages Book Rating :4.7/5 (98 download)
Book Synopsis The EU and the Economies of the Eastern European Enlargement by : Alberto Quadrio Curzio
Download or read book The EU and the Economies of the Eastern European Enlargement written by Alberto Quadrio Curzio and published by Springer Science & Business Media. This book was released on 2008-07-19 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: The enlargement of the European Union towards the East from May 2004 has generated an increase of about 100 million inhabitants in the EU population, and has especially brought along major challenges and important opportunities both for the "new" countries and for the "old" member states. That is the main focus of this volume, which is divided into three sections. The first analyses the effects of the enlargement on the functioning of Community institutions, on the relations with the other Eastern European countries, and finally on regional and global economic dynamics; the second section analyses in detail the role of the monetary politics of the European Central Bank and the activities of the European Bank for Reconstruction and Development; and the third deals with the importance of the entrepreneurial class in ensuring the success of the transition process of the Eastern European economies.
Book Synopsis Inclusion of Central European Countries in the European Monetary Union by : Paul C. de Grauwe
Download or read book Inclusion of Central European Countries in the European Monetary Union written by Paul C. de Grauwe and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 228 pages. Available in PDF, EPUB and Kindle. Book excerpt: The creation of the European Economic and Monetary Union (EMU) and the introduction of the euro is a historical event for the EU countries. The debates on the desirability of the EMU provoked a vast economic literature dealing with the theory of the optimum currency area, costs and benefits of the EMU, symmetric vs. asymmetric shocks, alternative mechanisms of adjustment in a monetary union and so forth. Until recently, for the Central European candidate countries for a full membership in the EU, these issues seemed to be too far away, as they concentrated on devising their own monetary and exchange rate systems suitable for their transition period. The challenges of the EMU for the Central European countries were practically not dealt with in both Western and Eastern economic literature. The present book aims to fill this gap, by focusing on the most direct issue of relevance for the Central European countries with respect to the EMU - why, how and when these countries are expected to join the EMU. The papers included in this volume study the relationship between the EU accession process of the Central European candidate countries and their involvement in the process of European monetary integration.
Book Synopsis Money, Banking and Financial Markets in Central and Eastern Europe by : R. Matousek
Download or read book Money, Banking and Financial Markets in Central and Eastern Europe written by R. Matousek and published by Springer. This book was released on 2015-12-04 with total page 299 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book provides a deep insight into the market changes and policy challenges that transition economies have undergone in the last twenty years. It not only comments on and evaluates the development of financial markets in transition economies, but also highlights the key obstacles to full integration of financial markets into the EU market.
Author :Alessandro Giustiniani Publisher :International Finance Section Department of Econ Ton Univers ISBN 13 : Total Pages :60 pages Book Rating :4.:/5 (321 download)
Book Synopsis Growth and Catch-up in Central and Eastern Europe by : Alessandro Giustiniani
Download or read book Growth and Catch-up in Central and Eastern Europe written by Alessandro Giustiniani and published by International Finance Section Department of Econ Ton Univers. This book was released on 1992 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Real Convergence in Central, Eastern and South-Eastern Europe by : R. Martin
Download or read book Real Convergence in Central, Eastern and South-Eastern Europe written by R. Martin and published by Springer. This book was released on 2009-02-27 with total page 221 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book brings together policymakers, high-level practitioners, academics, and experts from central banks and international institutions in order to review key policy challenges for convergence in the region of central, eastern and south-eastern Europe. Contributions focus especially on inflation, growth, migration and the balance of payments.
Book Synopsis Economic Convergence and Divergence in Europe by : Gertrude Tumpel-Gugerell
Download or read book Economic Convergence and Divergence in Europe written by Gertrude Tumpel-Gugerell and published by Edward Elgar Publishing. This book was released on 2003-01-01 with total page 498 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recoge : 1. Introductory session. - 2. Past convergence within the European Union. - 3. Accesion countries : achievements in real convergence. - 4. Accesion countries : how to balance real and nominal convergence challenges for monetary and exchange rate policy. - 5. Does the financial sector contribute to real growth? - 6. Is there somebody left out in the cold? prospects of CEE countries other than current accesion countries. - 7. Policy challenges within the (enlarged) EU : how to foster economic convergence?
Book Synopsis European Integration in a Global Economy by : Ewald Nowotny
Download or read book European Integration in a Global Economy written by Ewald Nowotny and published by Edward Elgar Publishing. This book was released on 2012-01-01 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: ÔThe emergence of the BRICs and of China in particular has played an important if underappreciated role to the competitive difficulties of Greece, Portugal and other Southern European countries. The contributors to this volume warn that similar challenges now confront the economies of Eastern and South-Eastern Europe, many of which compete head to head with China in international markets. More reassuringly, the authors also specify an agenda for structural adjustment, product upgrading and deeper integration with Western Europe that offers hope for meeting the China challenge.Õ Ð Barry Eichengreen, University of California, Berkeley, US This important book discusses European integration in a global economic setting, investigating the impact of China and Russia as emerging global players in the catching-up process in Central, Eastern and South-Eastern Europe. The expert contributors focus on global imbalances and accompanying policy challenges, competitiveness and trade, the sustainability of current growth strategies, and banking and financial stability in the light of the global economic and financial crisis. They provide a multi-disciplinary assessment, combining the views of high-ranking central bankers, policymakers, commercial bankers and academics, and demonstrate that a broad view of European economic integration is crucial given that spillovers and contagion were major issues of the recent economic crisis. This book will prove an illuminating read for academics, researchers, students and policymakers with an interest in international economics, money, finance and banking and European studies.
Book Synopsis Economic Development and Financial Markets by : Adam Śliwiński
Download or read book Economic Development and Financial Markets written by Adam Śliwiński and published by Springer Nature. This book was released on 2019-12-07 with total page 189 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book offers fresh insights into the economic development and financial markets of Southeastern and Central European countries. The first part analyses macroeconomic trends and monetary policy issues, while the second part explores the development of financial and insurance markets. With contributions covering topics such as regional and income inequalities, economic embeddedness, industrial competitiveness, entrepreneurship, financial integration, insurance markets, and other socio-economic aspects, it appeals to scholars in the field of economics and finance interested in the further economic development of the Balkans and Eastern European countries as well as to professionals in the financial and insurance sectors.
Book Synopsis The Economic History of Central, East and South-East Europe by : Matthias Morys
Download or read book The Economic History of Central, East and South-East Europe written by Matthias Morys and published by Taylor & Francis. This book was released on 2020-12-29 with total page 529 pages. Available in PDF, EPUB and Kindle. Book excerpt: The collapse of communism in Central, East and South-East Europe (CESEE) led to great hopes for the region and for Europe. A quarter of a century on, the picture is mixed: in many CESEE countries, the transformation process is incomplete, and the economic catch-up has taken longer than anticipated. The current situation has highlighted the need for a better understanding of the long-term political and economic implications of the Central, East and South-East European historical experience. This thematically organised text offers a clear and comprehensive guide to the economic history of CESEE from 1800 to the present day. Bringing together authors from both East and West, the book also draws on the cutting-edge research of a new generation of scholars from the CESEE region. Presenting a thoroughly modern overview of the history of the region, the text will be invaluable to students of economic history and CESEE area studies.
Book Synopsis The Economic History of Central, East and South-East Europe by : Matthias Morys
Download or read book The Economic History of Central, East and South-East Europe written by Matthias Morys and published by Routledge. This book was released on 2020-12-29 with total page 467 pages. Available in PDF, EPUB and Kindle. Book excerpt: The collapse of communism in Central, East and South-East Europe (CESEE) led to great hopes for the region and for Europe. A quarter of a century on, the picture is mixed: in many CESEE countries, the transformation process is incomplete, and the economic catch-up has taken longer than anticipated. The current situation has highlighted the need for a better understanding of the long-term political and economic implications of the Central, East and South-East European historical experience. This thematically organised text offers a clear and comprehensive guide to the economic history of CESEE from 1800 to the present day. Bringing together authors from both East and West, the book also draws on the cutting-edge research of a new generation of scholars from the CESEE region. Presenting a thoroughly modern overview of the history of the region, the text will be invaluable to students of economic history and CESEE area studies.
Book Synopsis The Economic Opening of Eastern Europe by : John Williamson
Download or read book The Economic Opening of Eastern Europe written by John Williamson and published by . This book was released on 1991 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: This analysis comprises the final chapter of Currency Convertibility in Eastern Europe by John Williamson. That chapter rounded off and summed up a critique of how currency convertibility has worked in Eastern Europe and how it may work in the future.
Book Synopsis Economic Crisis and Structural Changes in the Integration Process of Eastern European Countries by : Giuliana Passamani
Download or read book Economic Crisis and Structural Changes in the Integration Process of Eastern European Countries written by Giuliana Passamani and published by . This book was released on 2013 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the integration process of Czech Republic, Hungary and Poland towards EMU, in the light of the recent global financial and economic crisis. It has been said that these transition economies, which represent the three largest in the group of Central and Eastern European Economies that have entered the EU in 2004, have been stricken by the crisis events differently on their way to unification and more deeply than the euro area countries. The aim of this study is to establish whether the process has been characterized by structural breaks that could have had permanent effects on the convergence of the three countries' economies towards the fulfilment of the criteria required by the Maastricht Treaty. Stochastic convergence is defined on the well-known and widely used concepts of unit roots and cointegration. Hence, the question amounts to asking whether the countries of interest result to share the same common stochastic trends with the euro area countries in inflation rates and interest rates, before and after the recent financial and economic crisis, even if there have been significant changes in the mean and in the trend. In other words, we ask whether the catching up progress of the transition economies in comparison with the old member states, has been interrupted by the breaking out of the financial and economic crisis, or has continued in spite of the exogenous events. In the empirical analysis for Czech Republic, Hungary and Poland we use EU15 countries as reference countries. The results show that Poland is suffering more the consequences of the recent crisis than the other two countries, in its integration process towards the adoption of euro. Though they are all stochastically converging, the path to convergence has become harder and longer after the crisis, and characterized by significant structural breaks for the three countries of interest.
Book Synopsis Monetary Integration of Central and Eastern Europe by : Maxwell J. Fry
Download or read book Monetary Integration of Central and Eastern Europe written by Maxwell J. Fry and published by . This book was released on 1995 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Alternative options for the monetary integration of Central and Eastern European EU accession countries by : Peter Backé
Download or read book Alternative options for the monetary integration of Central and Eastern European EU accession countries written by Peter Backé and published by . This book was released on 2002 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Income Convergence Between Central and Eastern Europe and Western Europe Following the Cold War by : Rüçhan Kamil Altun
Download or read book Income Convergence Between Central and Eastern Europe and Western Europe Following the Cold War written by Rüçhan Kamil Altun and published by . This book was released on 2017 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: As a result of the Cold War and the isolation of East and West Europe from each other there have been sizeable income disparities between both regions with Eastern Europe ultimately lagging behind significantly. Since the fall of the Soviet Union Eastern European countries sought closer political relations and economic integration with West Europe leading to relative income convergence between both regions and to the formation of regional convergence clubs. This paper studies absolute and relative per capita income convergence between 237 Western and Central and Eastern European regions over the period 1997-2011 using a Markov chain analysis. The results confirm relative income convergence towards income classes between 40-85% and 85-115% of the average per capita income. Furthermore it shows that, hypothetically, on average it will take about 27.5 years for non-EU East European countries, 14.5 years for EU East European countries, and 5 years for Southern EU countries to catch-up with current Western European per capita income levels. In the steady-state 81% of all regions will have at least $45,000 per capita income. However, some of these results may be too optimistic or problematic and are therefore prone to criticism.
