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This thought-provoking book investigates the political and economic transformation that has taken place over the past three decades in Central, Eastern and Southeastern Europe (CESEE) since the fall of the Iron Curtain. Through an examination of both the successes and shortcomings of post communist reform and the challenges ahead for the region, it explores the topical issues of economic transition and integration, highlighting important lessons to be learned.Featuring contributions from both top academics and experienced policymakers, 30 Years of Transition in Europe first discusses the process of transition in CESEE from a historical perspective, analysing the impacts of differing approaches on economic and monetary policy, the role of central banks and the speed of reform in various countries of the region. Chapters also compare CESEE transformations to emerging economies in Asia, and examine contemporary concerns around financial and monetary stability, as well as exploring the long-term determinants of economic growth such as digitalization, climate change and demographic trends.Economists, central bankers, and policymakers in the banking sector and other international financial organizations will find this book an enlightening read. It will also be useful for academics in economics and politics with a particular interest in emerging European economies and European integration.
Edited by Robert Holzmann, Governor, Doris Ritzberger-Grünwald, Director and Helene Schuberth, Head of Division, Oesterreichische Nationalbank, Austria
Contents:PrefacePART IA historic transformation: heterogeneity in CESEE in a changing global context1Looking back on 30 years of transition – and looking 30 years aheadRobert Holzmann21989: the year of the great ambivalenceAnton Pelinka3The price of unity: the transformation of Germany and Eastern Europe after 1989 Philipp TherPART IIA central banker’s view on monetary policy during transition4Monetary policy challenges during transition: the case of SerbiaJorgovanka Tabaković and Ana Ivković5Monetary milestones of the past 30 years: the Czech National Bank’s viewJiří Rusnok6Croatia – from hyperinflation to the road to the euro areaBoris Vujčić and Katja Gattin TurkaljPART IIIModes of transition: the impact of different economic policy approaches7Ten lessons from thirty years of post-communist economic transformationAnders Åslund8The impact of different transition patterns and approaches on economic development in EU-CEE11, Russia and UkraineMarina Gruševaja9Central, Eastern and Southeastern Europe’s reunion with EuropeAndrzej SławińskiPART IVLessons from three decades of catching-up in Asia10Catching-up in Central and Eastern Europe and East Asia – commonalities and differencesMichael A. Landesmann11Chinese multinationals in East Central Europe: structural, institutional or political considerations?Ágnes SzunomárPART VChallenges for CESEE’s near future: monetary and financial stability12Did macroprudential policies play a role in stabilizing the credit and capital flow cycle in CESEE?Markus Eller, Helene Schuberth and Lukas Vashold1330 years of monetary and exchange rate regimes in Central and Eastern Europe: what has changed, and what is next?Johannes WiegandPART VIThe future of CESEE: the impact of megatrends14At the start of a new leadership of the European Commission and the European Central Bank: where is the place of Central and Eastern Europe?Martin Selmayr15Will the EU overcome the East-West divide?Ada Ámon16Demographic change in Central, Eastern and Southeastern Europe: trends, determinants and challengesTomáš Sobotka and Alexia Fürnkranz-Prskawetz17The demographic challenge of Eastern Europe and potential policy optionsMario HolznerIndex
‘I highly recommend the scholars and observers of contemporary world to take a look at this book, not in a pick-and-match manner by chapters, but the volume as a whole.’