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Abstract:
With both transition dynamics and the EU integration process having shifted to the south-east of Europe, a region fairly marginalized in the literature, this book fills a gap by taking stock of where South-East Europe’s economies and institutions stood in 2004.
The authors evaluate the potential for investment and growth within the South-East European region, including the role of trade and FDI, and discuss the challenges associated with unemployment, poverty and ‘brain drain’. The book also provides insights into the particular monetary and exchange rate policies applied, including cases of ‘euroization’, and finally makes an assessment, against this background, of the European perspective of the countries of South-East Europe.
European Economic Integration and South-East Europe offers a unique collection of contributions, combining authoritative views from central bank officials and policymakers, topical empirical evidence from academia and refreshing practical insights from companies doing business in the area. It will be of great interest to economists as well as those generally interested in the future of the EU, the design of the enlargement process and the challenges of reform on the road to a stronger Europe.
Contents:
Navigating the Road to Europe - Klaus Liebscher
South-East European Challenges and Prospects - Jean-Claude Trichet
Changes in the Focus of European Economic Integration - Axel A. Weber
Part I: South-East Europe: Where Do Institutions and the Economy Stand?
1. South-East Europe: Signs of Catching Up - Michael A. Landesmann
2. South-East Europe on the Way to Euro-Atlantic Integration - Erhard Busek
3. The Western Balkans' European Perspective - Reinhard Priebe
4. South-East Europe: Opportunities and Potential for Investment and Growth - Elisabetta Falcetti, Peter Sanfey & Sladjana Tepic
Part II: The Case of Dollarization and Euroization
5. The Euro in Central and Eastern European Countries: Some Introductory Remarks - Josef Christl
6. De Jure Dollarization and Euroization - Eduardo Levy Yeyati
7. Lessons from Sustained Cases of Official Dollarization / Euroization - Adalbert Winkler
Part III: Monetary and Exchange Rate Policies: Circumstances and Choice in South-East Europe
8. Monetary Policy in a Euro-Dominated Environment: Challenges for Central Banks in South-East Europe - Peter Mooslechner & Doris Ritzberger-Grünwald
9. Disinflation and Monetary Policy Arrangements in Romania - Daniel Daianu & Ella Kallai
10. Choice of Exchange Rate Regime: Implications for South-East Europe - Julius Horvath
11. Euroization in Montenegro: Benefits, Weaknesses and Economic Implications - Ljubisa Krgovic
12. Exchange Rate and Monetary Policies in Bulgaria Since 1990 - Mariella Nenova
Part IV: FDI and Trade as Pivotal Elements for Catching Up and Competitiveness
13. FDI and Trade as Pivotal Elements for Catching Up and Competitiveness - Ewald Nowotny
14. Foreign Direct Investment in South-East Europe: What Do the Data Tell Us? - Dimitri G. Demekas, Balazs Horváth, Elina Ribakova & Yi Wu
15. Trade Integration of the New EU Member States and Selected South-East European Countries: Lessons From a Gravity Model - Matthieu Bussière, Jarko Fidrmuc & Bernd Schnatz
16. Foreign Direct Investment and Trade as Pivotal Elements for Catching Up and Competitiveness in CEE - Boris Nemsic
Part V: Confronting Serious Challenges: High Unemployment, Poverty, Brain Drain
17. Poverty, Migration and Employment in South-East Europe: What Can the Data Tell Us? - Robert Holzmann
18. Jobless Growth in South-East Europe, Migration and the Role of the EU - Tito Boeri
19. Unemployment in the Western Balkans: A Synoptic Diagnosis - Kalman Mizsei & Nicholas Maddock
20. Unemployment, Poverty and Brain Drain: Summing Up - Thomas Wieser
Part VI: Banking in South-East Europe and the Leading Role of Austrian Banks
21. Estimating the Gap in Banking Efficiency Between Eastern and Western European Economies - Laurent Weill
22. Banking Reform in South-East Europe: Accomplishments and Challenges - Evan Kraft
23. Banking in South-East Europe: Status Quo and the Way Forward - Norbert Walter
24. Banking in South-East Europe: The Case of the Raiffeisen Group - Heinz Wiedner
25. Banking in South-East Europe: The Case of Erste Bank - Manfred Wimmer
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