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Banking, International Capital Flows and Growth in Europe

Financial Markets, Savings and Monetary Integration in a World with Uncertain Convergence

  • Paul J. J. Welfens
  • Holger C. Wolf
Conference proceedings

Table of contents

  1. Front Matter
    Pages I-XIII
  2. Introduction

    1. Front Matter
      Pages 1-1
    2. Paul J. J. Welfens, Holger C. Wolf
      Pages 1-13
  3. Banking in Europe and Growth

  4. International Capital Flows and Growth

  5. Panel Discussion: The Banks’ Role in Financing Economic Expansion in Eastern Europe

  6. Back Matter
    Pages 431-458

About these proceedings

Introduction

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.

Keywords

Banking Capital Markets EU East Asia Economic Development Financing Inflation Investment Options Portfolio

Editors and affiliations

  • Paul J. J. Welfens
    • 1
  • Holger C. Wolf
    • 2
  1. 1.University of Potsdam European Institute for International Economic RelationsPotsdamGermany
  2. 2.Leonard N. Stern School of Business Management Education CenterNew York UniversityNew YorkUSA

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-642-59030-6
  • Copyright Information Springer-Verlag Berlin Heidelberg 1997
  • Publisher Name Springer, Berlin, Heidelberg
  • eBook Packages Springer Book Archive
  • Print ISBN 978-3-642-63823-7
  • Online ISBN 978-3-642-59030-6
  • Buy this book on publisher's site