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