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 |
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.
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 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 | 1484338499 |
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.
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 |
Five Years of an Enlarged EU
Title | Five Years of an Enlarged EU PDF eBook |
Author | Filip Keereman |
Publisher | Springer Science & Business Media |
Pages | 275 |
Release | 2010-07-23 |
Genre | Business & Economics |
ISBN | 3642125166 |
The Fifth Enlargement that took place in 2004 and 2007 was a milestone in the history of the European Union. Not only because of the large number of acceding countries but also because of their recent political and economic experience. Ten of them had undergone a profound transition from a totalitarian regime to democracy, and from a centrally planned economy to a market-based system. Most of them had income levels signi?cantly below those of the then EU-15. Now, 6 years later, we can clearly see that the process of European integration, both before and after 2004, was what enabled Europe to overcome the gaps between various parts of the continent. The enlargement made Europe a better and wealthier place and streng- ened its position in the world. Integration into the European Union has always been one of the strongest incentives for reform in the new Member States. Particularly important in my view have been the development of ?nancial markets through foreign direct investment and capital in?ows, and the opening of labour markets – which was a two-way phenomenon, with markets being opened up in acceding as well as the incumbent Member States. The Fifth Enlargement was thus an exercise of glo- lisation in miniature, a practice run for the Union to tackle the challenges of the ever smaller world.