Advanced Search
MyIDEAS: Login to save this article or follow this journal

Convergences nominale et réelle parmi les pays de la CE et de l'AELE


Author Info

  • Rahim Loufir
  • Lucrezia Reichlin


[eng] Nominal and Real Convergence in EC and EFTA countries This paper estimates the speed of convergence towards German values of nominal and real macroeconomic indicators of EC and EFTA countries for the last twenty years (for real GDP per capita we consider the period 1950- 1988). We use a time-varying parameters method proposed by Haldane and Hall (1 991 ) which allows us to evaluate changes in the speed of convergence in relation to institutional changes such as the creation of the European Monetary System (EMS). Empirical results indicate that the EMS has favoured price convergence of participating countries, but not convergence of nominal interest rates. Moreover, countries which have converged towards the German inflation rate, have generally diverged from its level of real GDP per capita. However, with the exception of the UK, so have those EC countries which have not participated in the EMS and have not converged to the German inflation rate. The only group of countries that, in the eighties, has converged towards the German real performance is the group of countries within EFTA, which, on the other hand, has not converged with respect to the inflation rate. [fre] Cet article se propose d'estimer la vitesse de convergence de certains indicateurs macroéconomiques, nominaux et réels, des pays de la Communauté européenne (CE) et de l'Association économique de libre échange (AELE) vers les valeurs observées en Allemagne, pendant les vingt dernières années. La méthodologie employée permet d'évaluer l'ampleur et la durée des changements structurels associés à des modifications institutionnelles, telles que la création du Système monétaire européen (SME). Les résultats empiriques indiquent que le SME a favorisé la convergence des taux d'inflation des pays membres mais pas celle des taux d'intérêt nominaux. En outre, les pays qui ont convergé vers le taux d'inflation allemand ont généralement divergé en termes de niveau du PIB réel par

(This abstract was borrowed from another version of this item.)

Download Info

If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
File URL:
Download Restriction: free

File URL:
Download Restriction: free

Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): n° 43 (1993)
Issue (Month): 1 ()
Pages: 69-92

as in new window
Handle: RePEc:cai:reofsp:reof_p1993_43n1_0069

Contact details of provider:
Web page:

Related research


Other versions of this item:


No references listed on IDEAS
You can help add them by filling out this form.



This item is not listed on Wikipedia, on a reading list or among the top items on IDEAS.


Access and download statistics


When requesting a correction, please mention this item's handle: RePEc:cai:reofsp:reof_p1993_43n1_0069. See general information about how to correct material in RePEc.

For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jean-Baptiste de Vathaire).

If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

If references are entirely missing, you can add them using this form.

If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.

If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.

Please note that corrections may take a couple of weeks to filter through the various RePEc services.