Real Convergence in the Enlarged Euro Area
Title | Real Convergence in the Enlarged Euro Area PDF eBook |
Author | Nils Björkstén |
Publisher | |
Pages | 42 |
Release | 2000 |
Genre | Convergence (Economics) |
ISBN |
Real Convergence in the Euro Area
Title | Real Convergence in the Euro Area PDF eBook |
Author | |
Publisher | |
Pages | 100 |
Release | 2017 |
Genre | |
ISBN | 9789289928663 |
In the euro area, there is mixed evidence that the GDP per capita of lower-income economies has been catching up with that of higher-income economies since the start of monetary union. The significant real convergence performance of some of the most recent members contrasts with that of the economies of southern Europe, which have not met expectations. However, attributing all the blame for this outcome to the introduction of the single currency simply misses the point. By taking a “long view” and reviewing the evidence since the 1960s, this paper shows that certain member countries began to face a “non-convergence trap” long before the euro years. We also provide stylised facts on: (i) the central role of total factor productivity in driving real convergence in the euro area over time, alongside other factors; and (ii) the crucial interaction of real convergence with “Maastricht convergence” and institutional quality, the other two key components of sustainable economic convergence. We conclude that it is critical that the euro area countries facing convergence challenges enhance the resilience of their economic structures by improving the relevant institutions and governance.
Economic Convergence and Divergence in Europe
Title | Economic Convergence and Divergence in Europe PDF eBook |
Author | Gertrude Tumpel-Gugerell |
Publisher | Edward Elgar Publishing |
Pages | 498 |
Release | 2003-01-01 |
Genre | Business & Economics |
ISBN | 9781781951286 |
Recoge : 1. Introductory session. - 2. Past convergence within the European Union. - 3. Accesion countries : achievements in real convergence. - 4. Accesion countries : how to balance real and nominal convergence challenges for monetary and exchange rate policy. - 5. Does the financial sector contribute to real growth? - 6. Is there somebody left out in the cold? prospects of CEE countries other than current accesion countries. - 7. Policy challenges within the (enlarged) EU : how to foster economic convergence?
Real Convergence in Central, Eastern and South-Eastern Europe
Title | Real Convergence in Central, Eastern and South-Eastern Europe PDF eBook |
Author | R. Martin |
Publisher | Springer |
Pages | 221 |
Release | 2009-02-27 |
Genre | Business & Economics |
ISBN | 0230235433 |
This book brings together policymakers, high-level practitioners, academics, and experts from central banks and international institutions in order to review key policy challenges for convergence in the region of central, eastern and south-eastern Europe. Contributions focus especially on inflation, growth, migration and the balance of payments.
Economic Convergence in the Euro Area: Coming Together or Drifting Apart?
Title | Economic Convergence in the Euro Area: Coming Together or Drifting Apart? PDF eBook |
Author | Mr.Jeffrey R. Franks |
Publisher | International Monetary Fund |
Pages | 47 |
Release | 2018-01-23 |
Genre | Business & Economics |
ISBN | 1484338782 |
We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
Real Convergence in the Euro Area
Title | Real Convergence in the Euro Area PDF eBook |
Author | Juan Luis Diaz del Hoyo |
Publisher | |
Pages | 102 |
Release | 2017 |
Genre | |
ISBN |
In the euro area, there is mixed evidence that the GDP per capita of lower-income economies has been catching up with that of higher-income economies since the start of monetary union. The significant real convergence performance of some of the most recent members contrasts with that of the economies of southern Europe, which have not met expectations. However, attributing all the blame for this outcome to the introduction of the single currency simply misses the point. By taking a “long view” and reviewing the evidence since the 1960s, this paper shows that certain member countries began to face a “non-convergence trap” long before the euro years. We also provide stylised facts on: (i) the central role of total factor productivity in driving real convergence in the euro area over time, alongside other factors; and (ii) the crucial interaction of real convergence with “Maastricht convergence” and institutional quality, the other two key components of sustainable economic convergence. We conclude that it is critical that the euro area countries facing convergence challenges enhance the resilience of their economic structures by improving the relevant institutions and governance.
Economic Catching Up in the Enlarged Euro Area
Title | Economic Catching Up in the Enlarged Euro Area PDF eBook |
Author | Nils Björksten |
Publisher | |
Pages | 56 |
Release | 2000 |
Genre | Convergence (Economics) |
ISBN |