With formidable challenges facing Europe today, effective and well-designed structural reforms are key to shaping Europe?'s future. This book examines the achievements and failures of past structural policies so that new concepts can adapt to address remaining and newly emerging challenges with greater success. Tangible policy advice is offered in the original contributions to this book, re-assessing past ?'moments of truth'? in European structural policy. The book focuses on the area of Central, Eastern and Southeastern Europe (CESEE), not least because this region has been largely successful through a profound transition period. Highlighting the social aspects and distributional effects of reforms that go beyond liberalization and deregulation, the book covers key issues facing Europe in the future, particularly those arising from technological innovation. Structural Reforms for Growth and Cohesion will prove a useful book for academic researchers looking into European policy progress and reform. Indeed, it will also be a vital reference tool for policymakers seeking to deepen their understanding of the challenges facing a modern Europe and how these can be tackled. Contributors include: O. Causa, L. Csaba, O. Dreute, G. Fischer, J.-M. Frie, H. Gabrisch, M. Ghodsi, J. Grubler, S. Guriev, V. Isaila, J. Makuch, A. Mungiu-Pippidi, E. Nowotny, S. Puntscher Riekman, P. Ramskogler, O. Reiter, D. Ritzberger-Grunwald, J. Rusnok, H. Schuberth, H. Schweiger, R. Stehrer, P. Strzelecki, D. Taglioni, L. Vinhas de Souza, B. Virag

In the global financial crisis, competitiveness gaps between Euro area countries caused additional strain. This book discusses the various dimensions of competitiveness, with a special focus on emerging Central, Eastern and Southeastern European countries. For Europe to proceed with convergence and to resist global competitive pressures, it argues that policies to boost productivity and innovation are vital. With products becoming ever more technically sophisticated and global interconnectedness on a relentless rise, it also demonstrates that quality, customer orientation and participation in global production networks and global value chains are at least as important as relative costs and prices. This book delves into the literature and dissects the complexity of competitiveness, aiming to offer tangible policy advice focussed on how well the European economy is performing and how it could improve. The key findings of the book, from a mix of academics and policymakers, constitute a state-of-the-art assessment of competitiveness that may change traditional perceptions of how economies can return to a path of sustainable growth. Comprehensive and forward-looking, this enlightening book will appeal to academics, researchers and policymakers with a particular interest in European economies and economic integration. Contributors include: D. Andrews, B.B. Bakker, I. Begg, M. Belka, K. Benkovskis, Z. Darvas, A. de Serres, M. Gradzewicz, D. Hanzl-Weiss, B.S. Javorcik, A. Kosior, K. Krogulski, M. Landesmann, E. Nowotny, B. Pinto, D. Ritzberger Grunwald, M. Rubaszek, P. Samecki, M. Silgoner, P. Sinclair, K. Vondra, B. Vujcic, J. Woerz, L. Yueh

How can financial flows help the EU fulfil its mandate to promote economic, social and territorial cohesion, and solidarity among Member States enshrined in the EU Treaty? Dissecting the complexity of cohesion, this book examines the factors that matter most for the functioning of the Economic and Monetary Union and the convergence of Central, Eastern and Southeastern European (CESEE) countries. This insightful and timely book brings together central bankers, policy makers and academics to discuss how to best advance and fund the catching-up process of the euro area and CESEE countries. Focusing on a modern understanding of industrial policy - which fosters skills, innovation and infrastructure - contributors highlight how the EU's regional policy can better meet persistent investments needs. Critical and comprehensive, this book is crucial reading for researchers at all levels focusing on policy reform in emerging European economies. Central bankers and policy experts in public or international organizations will also benefit from this book's contemporary perspective on monetary and industrial policies.

In 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. Gachter, 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

What is the link between the financial cycle -financial booms, followed by busts - and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramount contribution to the debate surrounding the recent financial and economic crisis.With contributions from eminent academics and policy makers, this multi-disciplinary collection ascertains the policy challenges perpetuated by financial cycles in the real economy. Prominent macroeconomic models are challenged as experts question the nexus between financial deepening and growth, and assess the contribution of real estate bubbles to financial crises. Focusing on Europe, and in particular on Central, Eastern and South-Eastern Europe, the collection provides country-specific accounts, suggesting policy initiatives for dealing with financial cycles. The book concludes that financial cycles are leading indicators for financial crises and calls for economists to integrate financial factors into macroeconomic modeling. The multi-faceted nature of this book will be invaluable to researchers and students interested in the post financial crisis debate. Policy makers and practitioners will find the expert insight into lessons learned in Europe in the wake of the financial crisis and the proposal for dynamic policy initiatives to be invaluable. Contributors: J. Asmussen, M. Belka, D. Bernhofer, C. Borio, C.M. Buch, G. M. Caporale, K. D'Hulster, M. Dumi i , O. Fernandez-Amador, M. Gachter, U. Herman, O. Holtemoeller, B. Jazbec, M. Lozej, D. Mihaljek, B. Mijailovi , E. Nowotny, E. Ortega, J. Penalosa, C. Rault, F. Sindermann, V. o i , A. Sova, R. Sova, A. Subelyte, J.W. van den End, P. van den Noord, A. Winkler, E. Zamrazilova, V. arek

This topical book addresses the need for emerging economies in Central, Eastern and South-Eastern Europe to find a new, sustainable growth model that fosters continued convergence with the EU without leading to the build-up of new vulnerabilities.The expert contributions frame the discussion on balanced growth in Europe, deal with the legacy of the old growth model (such as managing disrupted capital flows and deleveraging), and provide insights from the growth strategies of Russia and Turkey as well as the adjustment process of successful small CESEE countries. They focus on providing a multi-disciplinary assessment, combining the views of policy-makers and academics with those of central and commercial bankers. This book will prove a thought-provoking read for academics, researchers and students in the fields of economics - particularly international economics - and finance, money and banking. Policy-makers and economists interested in European integration and emerging European economies will also find this book to be an invaluable resource. Contributors: A.F. Aysan, G. Bisagni, D. Bogov, M. Dabrowski, M. Ferrazzi, A. Filardo, M. Gachter, L. Gattini, M.H. Guler, A. Hansson, S. Honkapohja, R. Jela i , K. Knot, I. Korhonen, A. Krstevska, E. Liikanen, E. Nowotny, C. Orman, E. Plato, P. Pumberger, M. Randveer, D. Revoltella, A. Riedl, D. Ritzberger-Grunwald, K. Sonin, E. Tuomi, S. Verkaart

This important book discusses European integration in a global economic setting, investigating the impact of China and Russia as emerging global players in the catching-up process in Central, Eastern and South-Eastern Europe. The expert contributors focus on global imbalances and accompanying policy challenges, competitiveness and trade, the sustainability of current growth strategies, and banking and financial stability in the light of the global economic and financial crisis. They provide a multi-disciplinary assessment, combining the views of high-ranking central bankers, policymakers, commercial bankers and academics, and demonstrate that a broad view of European economic integration is crucial given that spillovers and contagion were major issues of the recent economic crisis. This book will prove an illuminating read for academics, researchers, students and policymakers with an interest in international economics, money, finance and banking and European studies. Contributors: S. Aleksashenko, A. Aslund, M.D. Chinn, A. Csermely, L. Everaert, P. Harasztosi, W.J. Kooi, I. Korhonen, E. Liikanen, G.M. Milesi-Ferretti, P. Mooslechner, C. Moser, F. Moss, E. Nowotny, G.F. Papa, G. Pellenyi, D. Ritzberger-Grunwald, A.K. Rose, C. Schitter, G. Schnabl, J.-L. Schneider, A. Scott, M. Silgoner, D. Soskic, K. Steiner, L. Stemitsiotis, A. Tanku, M. Taube, J. Worz, H. Zemanek, M. Zhu

Against the backdrop of the financial crisis that unfolded in 2008, this book deals with policy challenges going forward, focusing in particular on the ongoing catching-up process in Central, Eastern and South-Eastern European (CESEE) countries. While having emerged relatively unscathed from the crisis, the CESEE economies nonetheless need to adjust to the new external conditions they will encounter. In this respect, decision-makers are faced with multiple sources of uncertainty: will post-crisis growth be the same as pre-crisis growth? What will be the future role of financial integration, growth financing and exports? What are the particular challenges facing monetary policy-makers and the banking sector in the region? On these issues and related topics, the book provides a multi-disciplinary assessment, combining the views of high-ranking central bankers and other policy makers, commercial bankers and academics. Economists and students of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes will find this book of great interest and importance, especially those working on Central, Eastern and South-Eastern Europe.

Combining both academic and practitioner perspectives, this book provides authoritative insights into the integration of European labour markets against the background of increasing international labour mobility. A wide range of contributions explore, in particular, the effects that labour mobility has had on the earnings and employment situation of individual households, on the effective supply of labour, and on the availability of skills in migrants' home and host countries as well as on the size of income support through migrants' remittances. Global and European trends and patterns are discussed along with related policy challenges - all with a special focus on European migration after EU enlargement - and the nexus between labour markets and trade integration. This book will be an invaluable source of information for economists and other economic policy and European integration experts from central, commercial and investment banks, governments, international organizations, universities and research institutes alike.

Die Herausgeber und Autoren widmen diese Festschrift Kurt W. Rothschild und Josef Steindl als zwei Wissenschaftlern, die sowohl durch ihr wissenschaftliches Werk wie durch ihr menschliches Format hochste Achtung und Zuneigung verdient und gewonnen haben. Es ist etwas ungewohnlich, eine Festschrift, wie in diesem Fall, zwei Wissenschaftlern zu- zueignen. Die gemeinsame Ehrung erschien uns jedoch naheliegend bei zwei Okonomen, die nicht nur miteinander in personlicher Freundschaft verbunden sind, sondern die auch in ihrem Lebensweg und - bei aller Verschiedenheit im Einzelnen - auch in den grundle- genden Ansatzen ihres wissenschaftlichen Denkens eine erhebliche Ubereinstimmung auf- weisen. Kurt W. Rothschild und Josef Steindl haben zu einer Vielzahl von wirtschaftswissen- schaftlichen Forschungsgebieten Beitrage geleistet und wirken in vielen Bereichen der wirt- schaftswissenschaftlichen Forschung mit, wobei hier insbesondere an beider Tatigkeit im Osterr. Institut fiir Wirtschaftsforschung und auch an die intensive Mitarbeit Kurt Roth- schilds im Verein fiir Socialpolitik erinnert sei. Es ist daher auch selbstverstandlich, daJ3 ei- ne Festschrift zu Ehren dieser beiden Forscher eine grol3e Spannweite von Themen und Forscherpersonlichkeiten umfal3t.

The Euro and Economic Stability assesses the euro area's merits as a shelter and the merits of euro assets as a safe haven and reviews the case for rapid euro adoption from a post-crisis view. Policymakers and economists provide relevant lessons from euro area divergences for future euro area members and, more generally, from the financial crisis, while banking representatives discuss post-crisis business models of banks in the area. Last but not least, a theoretical introductory chapter fills the gap between mainstream macroeconomic modelling and real-world decision-making. The prime audience for this invaluable book will be economists and other experts in the fields of economic policy and European integration from central, commercial and investment banks, governments, international organizations, universities and research institutes. The book is also aimed at readers with a particular interest in the contributions' special regional focus: Central, Eastern and South-Eastern Europe.

Autoren aus Osterreich, Deutschland, der Schweiz und den USA behandeln in der Festschrift fur den bekannten osterreichischen Nationalokonomen Helmut Frisch theoretische und politisch-praktische Fragen aus den Themenkomplexen Inflation, Staatsverschuldung und Stabilisierungspolitik.
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Dem Lehrbuch der Finanzwissenschaft liegt ein umfassender Begriff vom oeffentlichen Sektor in einer Volkswirtschaft zugrunde. Neben Fragen der oeffentlichen Ausgaben und Einnahmen behandelt der Band auch oekonomische Aspekte oeffentlicher Unternehmen sowie die Finanzwissenschaft der Europaischen Union. Die Autoren vermitteln eine umfassende, theoretische wie empirisch fundierte Einfuhrung und legen besonderen Wert auf die Anwendungsorientierung. Der Text wurde fur die Neuauflage neu gegliedert und ist didaktisch noch besser aufbereitet.

Autoren aus Osterreich, Deutschland, der Schweiz und den USA behandeln in der Festschrift fur den bekannten osterreichischen Nationalokonomen Helmut Frisch theoretische und politisch-praktische Fragen aus den Themenkomplexen Inflation, Staatsverschuldung und Stabilisierungspolitik.
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