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A New Model for Balanced Growth and Convergence: Achieving Economic Sustainability in CESEE Countrie

PrefaceI Framing the Discussion on Balanced Growth in Europe The necessity of sustainable growth and continued income convergence in EuropeINTRODUCTIONWHY IS BALANCED GROWTH AN IMPORTANT ISSUE?CHARACTERISTICS OF A SUSTAINABLE GROWTH MODELIMPACT OF THE CRISIS ON INCOME CONVERGENCECONCLUSIONNOTESREFERENCESChanges in banking in the run-up to the crisisINTRODUCTIONLACK OF RESTRAINT FROM REGULATION, SUPERVISION AND MARKET DISCIPLINEPUBLIC REACTION TO THE CRISIS AND NEED TO REBUILD TRUSTREGULATORY RESPONSE TO THE CRISISProposal for Mandatory Separation and Rationale for SeparationAdditional Separation Conditional on the Recovery and Resolution PlanFacilitating the Use of Bail-in InstrumentsA Review of Capital Requirements on Trading Assets and Real Estate-related InstrumentsCOMPARISON WITH OTHER STRUCTURAL PROPOSALSTHE ROLE OF BANKS IN FINANCING THE EUROPEAN ECONOMYNOTESREFERENCESRestarting growth in Europe after the Great Recession: CEE versus other countriesINTRODUCTIONСonvergence and growthINFLATION AND COST COMPETITIVENESSIMBALANCES: ExTERNAL, PUBLIC AND privateUNEMPLOYMENT AND STRUCTURAL ASPECTSTHE FUTURE: OPENNESS AND INTEGRATIONCONCLUSIONSNOTESREFERENCESThe European debt crisis and a stable design of EMUII Stop and Go of Capital Flows and Deleveraging Managing stop-go capital flows in Asian emerging markets: lessons for the CESEE economiesINTRODUCTIONCAPITAL FLOWS AND REALITYRISKS AND POLICY SPACELESSONSREFERENCESCESEE banks deleveraging or rebalancing? Lessons from the EIB bank lending surveyINTRODUCTIONMAIN FACTS: BANKING IN CESEEA UNIQUE BANK LENDING SURVEY IN THE CESEE REGION: BACKGROUNDMAIN RESULTS FROM THE GROUP-LEVEL SECTION OF THE SURVEYMAIN RESULTS FROM THE SUBSIDIARY level section of the surveyA SIMPLE STATISTICAL EXERCISE USING THE RESULTS OF THE BANK LENDING SURVEYCONCLUDING REMARKSNOTESBIBLIOGRAPHYManaging capital flows in a globalized economyINTRODUCTIONLIvING IN A WORLD OF FREE AND TURBULENT CAPITAL FLOWSCAPITAL FLOWS AND CHANGES IN CURRENT ACCOUNT BALANCEFREE CAPITAL MOvEMENT AND CURRENT ACCOUNT IMBALANCESCAN COUNTRIES INFLUENCE THE SIZE AND DIRECTION OF PRIvATE CAPITAL FLOWS?CAPITAL MOBILITY AND MONETARY POLICYCONCLUSIONSNOTESREFERENCESIII Growth Strategies of EU Neighbouring Countries: Russia and Turkey Russia in 2012: the challenge of reforming the economy without a political reformSustaining growth in emerging markets: the role of structural and monetary policiesINTRODUCTIONASSESSING THE GROWTH EXPERIENCE OF TURKEYBefore the 2001 CrisisAfter the 2001 CrisisMonetary Policy Stance after the Collapse of Lehman Brothers: An Immediate Response to the CrisisSoft Landing after 2010THE TURKISH ECONOMY vERSUS CESEE ECONOMIESCONCLUSIONNOTESREFERENCESIV Small-country Experiences in Economic AdjustmentBusiness cycle convergence or decoupling? Economic adjustment of CESEE countries during the crisisINTRODUCTION AND MOTIvATIONLITERATURE REVIEWTheoretical Background: Income versus Business Cycle ConvergenceBusiness Cycle Convergence between the CESEE Region and the Euro AreaDATA AND METHODSDatasetCalculation of Business CyclesSynchronization MeasuresEMPIRICAL RESULTSCyclical Heterogeneity within the CESEE RegionDecoupling of CESEE Countries from the Euro Area Cycle?Implications for the Catching-up ProcessCONCLUSIONSNOTESREFERENCESSouth-Eastern Europe: impacts from the crisis, vulnerabilities and adjustmentsINTRODUCTIONINITIAL CONDITIONS IN THE SEE-6 BEFORE THE CRISISTHE IMPACT OF THE CRISIS ON THE SEE-6 REGIONVulnerability Analysis of the SEE-6 Countries before and during the CrisisThe Macedonian Economy during the Crisis PeriodLOOKING AHEAD: CHALLENGES FOR THE SEE-6 COUNTRIESCONCLUSIONSREFERENCESEconomic adjustment in the Baltic countriesINTRODUCTIONMAIN DEvELOPMENTS IN THE BALTICS DURING 2000-2012Expansion (2000-2007)Recession (2007-2008 and 2008-2009)Recovery (2009-2010)COMPARISON OF THE ADJUSTMENT OF THE BALTIC ECONOMIES WITH IRELAND, GREECE AND PORTUGALTHE ADVANTAGES AND DISADVANTAGES OF FAST VERSUS GRADUAL ADJUSTMENTCONCLUDING REMARKSNOTESREFERENCESV A Practitioner’s View Basel III from a practitioner’s perspectiveHISTORICAL CIRCUMSTANCESPolicy ReactionBANK REACTIONIMPLICATIONS FOR THE CORPORATE CUSTOMER RELATIONSHIPUNINTENDED CONSEQUENCESCONCLUSIONBIBLIOGRAPHYBanks’ challenges in Central and Eastern EuropeBanking in CEE: less growth, more balanceCENTRAL EASTERN EUROPE AND THE ECONOMIC ENvIRONMENTImpact on CEE from EMU Bank Deleveraging is a Manageable DragCEE BANKING SECTORMAJOR CHALLENGES FACED BY BANKSCross-border Regulatory ChallengesThe role of non-bank financial intermediariesBasel III and Capital Requirements Directive (CRD IV)SUMMARY AND CONCLUSIONSNOTESREFERENCES

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