Paul J. J. Welfens and Holger C. Wolf While the economies of Asia and, more recently, South as well as North America have enjoyed sustained high growth, the growth performance of western Europe and in particular continental Europe has been rather modest. Coupled with sizable improvements in labor productivity and - at best - steady capital productivity, growth proved insufficient to sustain employment levels, much less to replicate the US job creation success. Relative inflation performance has been much better: in the run-up to European Monetary Union inflation rates have dramatically converged towards the lower end of the distribution while risk premia on formerly high inflation economies have fallen. Yet, looking forward, the undoubted success in achieving price stability is mitigated by the lackluster growth -and in particular employment -performance. Indeed, the relative little attention paid to initiatives directed at raising economic growth is startling, not only in the light of the US policy record but also in light of the remarkable rebound of those European economies which have aggressively tackled the structural problems, most prominently the UK and Ireland.
Inhaltsverzeichnis
I Banking in Europe and Growth. - A. Banks, Capital Markets, R&D and Economic Growth in Europe. - B. Policy Options for Prudential Supervision in Stage Three of Monetary Union. - C. Banking, Privatization and Economic Growth in Russia. - D. Historical Lessons of Foreign Banking in Eastern Europe The Case of Tsarist Russia. - E. Restructuring and Privatization of Polish Banks. - F. High Public Debt: Consequences for Investment and Growth. - II International Capital Flows and Growth. - G. Banking, Foreign Investment, Endogenous Growth and Systemic Transformation. - H. Capital Flows in Eastern Europe: Some Lessons from the Emerging Markets in Latin America and Asia. - I. Catching Up of Economies in Transformation. - J. Savings, Credit Markets and Economic Growth in Europe. - K. US Multinationals and Europe: An Update. - L. Multinational Investment and Economic Growth in Eastern Europe. - III Panel Discussion: The Banks Role in Financing Economic Expansion in Eastern Europe. - Recent Developments in the Hungarian Financial Sector. - The Present Situation of the Banking Sector in the Transition Countries. - List of Tables. - List of Figures. - List of Contributors.
