European Integration In A Global Economy - CESEE and the Impact of China and Russia

The 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.’ – Barry Eichengreen, University of California, Berkeley, US

Contents: Preface PART I: CESEE, CHINA AND RUSSIA – SHIFTS IN GLOBAL ACTIVITY 1. The Economic Impact of China and Russia on the Catching-up Process in CESEE Ewald Nowotny 2. Global Shifts in the Balance of Economic Activity through the Emergence of China and Russia Erkki Liikanen PART II: GLOBAL IMBALANCES AND POLICY CHALLENGES 3. The Global Outlook, a Growth Strategy for Europe, and the Role of China Min Zhu, Alasdair Scott and Luc Everaert 4. China, East Asia and Global Rebalancing Menzie D. Chinn 5. Global Imbalances, Capital Flows and the Crisis Gian Maria Milesi-Ferretti 6. Oil Exporters’ Contribution to Global Imbalances Iikka Korhonen 7. German Unification and Intra-European Imbalances Gunther Schnabl and Holger Zemanek PART III: COMPETITIVENESS AND TRADE 8. Why do Trade Negotiations Take so Long? Christoph Moser and Andrew K. Rose 9. Global Trade, Regional Trade and Emerging Europe Loukas Stemitsiotis and Willem J. Kooi 10. Competition in the EU-15 Market: CESEE, China and Russia Christian Schitter, Maria Silgoner, Katharina Steiner and Julia Wörz 11. Opportunities and Challenges – the Impact of Chinese Competition on Hungarian Manufacturing Ágnes Csermely, Péter Harasztosi and Gábor Pellényi PART IV: ON THE SUSTAINABILITY OF CURRENT GROWTH STRATEGIES 12. Economic Problems Facing the Next Russian President Sergey Aleksashenko 13. Is the Catching-up Process in Central and Eastern Europe Sustainable? Anders Åslund 14. Short-term Outlook and Long-term Convergence in China, Russia and Eastern Europe Jean-Luc Schneider 15. The Impact of China and Russia on Catching up in South-Eastern Europe Altin Tanku 16. The Sustainability of the Catching-up Process – a Multidimensional Take Frank Moss PART V: BANKING AND FINANCIAL STABILITY 17. China’s Shadow Banking Sector – Pillar or Threat to the System? Markus Taube 18. Banking and Financial Stability in the Light of the Crisis from the Perspective of UniCredit Gianni Franco Papa 19. Banking and Financial Stability in the Light of the Crisis Dejan Šoškic Index