Description
Book SynopsisIn the long aftermath of the acute global financial crisis of 2008/09, the need to get economies back on track and to handle high levels of public and private debt has created conflicting objectives. Challenges yet to be mastered are the need to avoid counterproductive measures of adjustment and the persistent need to 'rebalance' the economy with new sources of growth and productivity. Hence, there is an urgent requirement for policies to reverse the decline in public and private investment, and to fuel innovation.
These needs, and the corresponding policy challenges, are especially prevalent in Europe, in particular Central, Eastern and South-Eastern Europe. On this issue, this book contributes important lessons learned from earlier balance sheet recessions. It also addresses the often overlooked link between macroeconomic imbalances and economic inequality. A mix of contributions from academics and policy-makers focus on the interaction between monetary policy and financial stability, adding regional perspectives to the resulting dilemmas and trade-offs.
This book is essential reading for the study of economics in emerging economies.
Contributors: T. Beck, M. Belka, S. Chakrabarti, D. Daianu, J.B. DeLong, N. Fabris, M. Gächter, M. Geiger, F. Glotzl, D. Gros, M. Holzner, J. in 't Veld, R.C. Koo, R. Kuodis, E. Nowotny, P. Pontuch, R. Raciborski, L. Reichlin, D. Ritzberger-Grunwald, H. Schuberth, M. Singer, L.E.O. Svensson, T. van Treeck
Table of ContentsContents: Preface Ewald Nowotny, Doris Ritzberger-Grünwald and Helene Schuberth PART I FRAMING THE DISCUSSION ON REBALANCING CHALLENGES 1. European Investment to Support CESEE and Euro Area Countries Ewald Nowotny 2. The Rebalancing Challenge in Europe J. Bradford Delong 3. Mid-Term Growth Perspectives for CESEE Marek Belka 4. Rebalancing the CESEE Economies: A Crucial Agenda for Future Years Sir Suma Chakrabarti PART II BALANCE SHEET ADJUSTMENTS AND ECONOMIC GROWTH 5. Fighting Balance Sheet Recessions: A Japanese Lesson for the Euro Zone Richard C. Koo 6. Post-Crisis Recovery in Slow-Motion Mode: The Role of the Non-Financial Corporate Sector Martin Gächter, Martin Geiger, Florentin Glötzl and Helene Schuberth 7. Private and Public Sector Deleveraging in the EU Jan In't Veld, Peter Pontuch and Rafal Raciborski PART III MACROECONOMIC ADJUSTMENTS AND ECONOMIC INEQUALITY 8. External Rebalancing: Is it Cyclical or Structural? Daniel Gros 9. Macroeconomic Imbalances and Economic Inequality in CESEE Mario Holzner 10. Inequality, the Crisis and Stagnation Till van Treeck PART IV THE FUTURE OF (CENTRAL) BANKING IN EUROPE 11. The ECB, the Banks and the Sovereigns Lukrezia Reichlin 12. Europe's Banking Union: Glass Half Full or Glass Half Empty? Thorsten Beck 13. What can Monetary Policy Achieve, and What is the Relation between Monetary Policy and Financial Stability? Lars E.O. Svensson PART V REGIONAL PERSPECTIVES ON MONETARY POLICY ISSUES: DILEMMAS AND TRADE-OFFS 14. Policy Trade-offs in CESEE and Elsewhere Raimondas Kuodis 15. A Central Bank's Dilemmas in Highly Uncertain Times: A Romanian View Daniel Daianu 16. A Monetary Financial Framework of the Central Bank of Montenegro: Is Financial Stability a Feasible Central Bank Goal? Nikola Fabris 17. Inflation Targeting and Use of the Exchange Rate as a Monetary Policy Instrument: The CNB Experience Miroslav Singer Index
