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EU Accession: A Road to Fast-track Convergence?

Author

Listed:
  • Uwe Böwer

    (DG Economic and Financial Affairs, European Commission, Rue de la Loi 200, Brussels 1049, Belgium)

  • Alessandro Turrini

    ([1] DG Economic and Financial Affairs, European Commission, Rue de la Loi 200, Brussels 1049, Belgium[2] Centre for Economic Policy Research (CERP), 53–56 Great Sutton Street, London ECIV ODG, United Kingdom)

Abstract

This paper investigates the accession-related economic boom in the countries which recently entered the European Union (EU). The analysis tests whether, on top of the standard growth determinants, the period of EU accession made a significant difference to the growth performance of the new member states (NMS). The paper finds that the period of EU accession is characterised by significantly larger growth rates of per-capita GDP, even after controlling for a wide range of economic and institutional factors. This effect is robust and particularly strong for countries with relatively low initial income levels, weak institutional quality and less advanced financial development, suggesting that EU accession has been speeding up the catching-up process and improved the institutions of the laggards among the NMS. The prospect of EU membership which has triggered large capital inflows seems to have fostered economic growth of those NMS with lower degrees of financial depth.

Suggested Citation

  • Uwe Böwer & Alessandro Turrini, 2010. "EU Accession: A Road to Fast-track Convergence?," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 52(2), pages 181-205, June.
    • Handle: RePEc:pal:compes:v:52:y:2010:i:2:p:181-205
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    Citations

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    Cited by:

    1. Kristina Stefanova, 2022. "Labour Productivity Convergence of CEE Countries with the Euro Area – Evidence at Aggregate and Sectoral Level," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 7, pages 3-19.
    2. Doris Hanzl-Weiss & Mario Holzner & Roman Stöllinger, 2013. "Monthly Report No. 4/2013," wiiw Monthly Reports 2013-04, The Vienna Institute for International Economic Studies, wiiw.
    3. Leonor Coutinho & Alessandro Turrini, 2020. "Real Convergence Across the Euro Area," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 55(5), pages 301-311, September.
    4. Tinglong Dai & Sridhar Tayur, 2020. "OM Forum—Healthcare Operations Management: A Snapshot of Emerging Research," Manufacturing & Service Operations Management, INFORMS, vol. 22(5), pages 869-887, September.
    5. Žana Jurjević & Stanislav Zekić & Danilo Đokić & Bojan Matkovski, 2021. "Regional Spatial Approach to Differences in Rural Economic Development: Insights from Serbia," Land, MDPI, vol. 10(11), pages 1-14, November.
    6. Campos, Nauro F. & Coricelli, Fabrizio & Moretti, Luigi, 2014. "Economic Growth and Political Integration: Estimating the Benefits from Membership in the European Union Using the Synthetic Counterfactuals Method," IZA Discussion Papers 8162, Institute of Labor Economics (IZA).
    7. Coricelli, Fabrizio & Campos, Nauro & Moretti, Luigi, 2014. "Economic Growth and Political Integration: Estimating the Benefits from Membership in the European Union Using the Synthetic Co," CEPR Discussion Papers 9968, C.E.P.R. Discussion Papers.
    8. Reinhard Neck & Klaus Weyerstrass, 2019. "Macroeconomic Effects of Serbia’s Integration in the EU and the Euro Area," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 25(3), pages 277-292, August.
    9. Hagemejer Jan & Michałek Jan J. & Svatko Pavel, 2021. "Economic impact of the EU Eastern enlargement on New Member States revisited: The role of economic institutions," Central European Economic Journal, Sciendo, vol. 8(55), pages 126-143, January.

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