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With high growth rates in Asia, most notably in China, India, and Southeast and Central Asia, Eurasia's economic center of gravity is rapidly shifting to the East. At the same time, most of Europe faces serious barriers to growth in the long term. The volume examines the causes and consequences of this major shift in economic power and considers the options available to policymakers in various parts of Europe and Asia. The ten chapters in this book focus on long-term challenges of globalization rather than short-term problems of individual countries and explore two themes: global macroeconomic imbalances and growth. This work is based on a CASE-Center for Social and Economic Research and CASE-Ukraine conference.

Chapters are provided for preview only.

Preface

Acknowledgments

Introduction: Challenges of Globalization
Anders Åslund and Marek Dabrowski

1 Are Large External Imbalances in Central Europe Sustainable?
Susan Schadler

2 Current Account Imbalances in the Euro Area
Alan Ahearne, Birgit Schmitz, and Jurgen von Hagen

3 Rethinking Balance of Payments Constraints in a Globalized World
Marek Dabrowski

4 A World Out of Balance?
Daniel Gros

5 Sustainable Adjustment of Global Imbalances
Ray Barrell, Dawn Holland, and Ian Hurst

6 Meeting the China Challenge Is Meeting the Challenge of Comprehensive Engagement and Multilateralism
Wing Thye Woo

7 Institutional Systems and Economic Growth
Leszek Balcerowicz

8 Impact of "Legal School" Versus Recent Colonial Origin on Economic Growth
Jacek Rostowski and Bogdan Stacescu

9 Does the European Union Emulate the Positive Features of the East Asian Model?
Anders Åslund

10 Eight Potential Roadblocks to Smooth EU-China Economic Relations
Jean Pisani-Ferry and André Sapir

About the Contributors

Index