European Integration in a Global Economy
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European Integration in a Global Economy

CESEE and the Impact of China and Russia

Edited by Ewald Nowotny, Peter Mooslechner and Doris Ritzberger-Grünwald

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.
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Chapter 1: The economic impact of China and Russia on the catching-up process in CESEE

Ewald Nowotny


The purpose of this chapter is to investigate the economic impact of China and Russia as emerging global economic players on the catching-up process in Central, Eastern and South-Eastern Europe (CESEE). The focus is on CESEE as a whole, because a country-by-country approach would involve the risk of overlooking fundamental economic developments that take place elsewhere but might affect the region as a whole. Developments in Russia, and even more so in China, seem to fall into this category. Given their huge size and market potential alone, it is quite obvious that economic developments in these two countries will have an impact on the CESEE region. In turn, the CESEE region as a whole – and the euro area as well – may well have an impact on Russia and China, too. From the perspective of the CESEE area, the question arises as to whether competition from the two large and growing emerging market economies of China and Russia constitutes a drawback for CESEE, or whether opportunities prevail. I briefly address this question by first comparing some key indicators for the three economic areas in question and then looking more closely at the economic impact of China and Russia on CESEE. Although we all have an idea about the size of these areas, it is useful to look at the actual statistics. In Figure 1.1 we can see at first glance that the CESEE-10 – that is the group of CESEE EU member states – are very small in terms of population and landmass compared to China and Russia.

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