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Real convergence in the new Member States of the European Union (Shorter and longer term prospects)

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  • Péter Halmai
  • Viktória Vásáry

Abstract

The success of the integration process of the new EU Member States is reflected by their nominal and real convergence performance. These tendencies are of special importance considering further enlargement of the Eurozone. The financial and economic crisis of 2008 has resulted, however, in a fundamentally new situation as regards these issues. The paper considers the experiences gained in real convergence, the catch-up processes and their future prospects. As for nominal convergence, only those factors were analysed which affect real convergence directly. In particular, the analysis focuses on the sustainability of the convergence processes. The possible trends of longer term growth and convergence processes are presented based on a qualitative analysis representing the supply side approach. The analysis is aimed at revealing potential – not insignificant – risks and threats.

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Bibliographic Info

Article provided by Cattaneo University (LIUC) in its journal The European Journal of Comparative Economics.

Volume (Year): 7 (2010)
Issue (Month): 1 (June)
Pages: 229-253

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Handle: RePEc:liu:liucej:v:7:y:2010:i:1:p:229-253

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Related research

Keywords: European Union; real convergence; convergence crisis; potential growth; catch-up;

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Citations

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Cited by:
  1. Jubenot Marie-Noelle, 2013. "Applying The Kuznets Curve In Case Of Romania," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 106-115, December.
  2. Farkas, Beáta, 2011. "A közép-kelet-európai piacgazdaságok fejlődési lehetőségei az Európai Unióban
    [The development opportunities for the Central-East European market economies within the European Union]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(5), pages 412-429.
  3. Cristina Tatomir & Ileana Alexe, 2011. "Romania: Climbing The Ladder For A Better Future. When Will It Reach Eu And Euro Area?," Annals - Economy Series, Constantin Brancusi University, Faculty of Economics, vol. 4, pages 192-196, December.
  4. Andrea Elekes, 2011. "Cohesion and/or Growth?," Public Finance Quarterly, State Audit Office of Hungary, State Audit Office of Hungary, vol. 56(1), pages 108-124.

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