The focus of this book is on economic and institutional modernization in the new Russia and Eastern Europe. Systemic transformation and economic catching-up process raise new theoretical and empirical issues as well as policy topics. In the book economists from Europe and the US look into trade and investment dynamics and policy shifts, including monetary policy and strategies for international organizations. Special emphasis is on the role of the natural resources sector and on economic growth. Moreover, the internationalization of regions within Russia and energy issues as well as aspects of trade gravity modelling are analyzed. The book highlights the wider European integration dynamics from a comparative perspective.