What is the link between the financial cycle -financial booms, followed by busts - and the real economy? What is the direction of this link and how salient is this connection? This unique book examines these fundamental questions and offers a paramount contribution to the debate surrounding the recent financial and economic crisis.

With contributions from eminent academics and policy makers, this multi-disciplinary collection ascertains the policy challenges perpetuated by financial cycles in the real economy. Prominent macroeconomic models are challenged as experts question the nexus between financial deepening and growth, and assess the contribution of real estate bubbles to financial crises. Focusing on Europe, and in particular on Central, Eastern and South-Eastern Europe, the collection provides country-specific accounts, suggesting policy initiatives for dealing with financial cycles. The book concludes that financial cycles are leading indicators for financial crises and calls for economists to integrate financial factors into macroeconomic modeling.

The multi-faceted nature of this book will be invaluable to researchers and students interested in the post financial crisis debate. Policy makers and practitioners will find the expert insight into lessons learned in Europe in the wake of the financial crisis and the proposal for dynamic policy initiatives to be invaluable.

Contributors: J. Asmussen, M. Belka, D. Bernhofer, C. Borio, C.M. Buch, G. M. Caporale, K. D'Hulster, M. Dumi i , O. Fern�ndez-Amador, M. G�chter, U. Herman, O. Holtem�ller, B. Jazbec, M. Lozej, D. Mihaljek, B. Mijailovi , E. Nowotny, E. Ortega, J. Pe�alosa, C. Rault, F. Sindermann, V. o i , A. Sova, R. Sova, A. Subelyte, J.W. van den End, P. van den Noord, A. Winkler, E. Zamrazilov�, V. �rek

About the Author

Edited by Ewald Nowotny, former Governor, Doris Ritzberger-Gr�nwald, Director and Peter Back�, Deputy Head, Foreign Research Division, Oesterreichische Nationalbank, Austria

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