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The Evaluation of an Economic Distance Among Countries: A Novel Approach

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  • Jiří Mazurek

Abstract

The aim of the article is to propose a new measure of a relative economic distance between two countries (RED) or among a group of countries (GRED). Both measures enable to evaluate ´proximity´ between national economies through time series of selected variables, and are related to the concept of the sigma (beta) convergence introduced by Barro and Sala-i Martin (1995). In the empirical part of the paper, the RED of Poland, Slovakia, Austria, Germany, the USA and Japan with regard to the Czech Republic are estimated, as well as the time evolution of the GRED of the Czech Republic and its neighbours. The main finding is the strong convergence among these countries after the outbreak of the financial crisis which persists to this day.

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Bibliographic Info

Article provided by University of Economics, Prague in its journal Prague Economic Papers.

Volume (Year): 2012 (2012)
Issue (Month): 3 ()
Pages: 277-290

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Handle: RePEc:prg:jnlpep:v:2012:y:2012:i:3:id:424:p:277-290

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Related research

Keywords: unemployment; the Czech Republic; relative economic distance; GDP; correlation;

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References

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  1. Robert J. Barro, 1995. "Inflation and Economic Growth," NBER Working Papers 5326, National Bureau of Economic Research, Inc.
  2. María Teresa Ramírez & Ana María Loboguerrero, 2002. "Spatial Dependence and Economic Growth: Evidence From a Panel of Countries," BORRADORES DE ECONOMIA 003522, BANCO DE LA REPÚBLICA.
  3. Matthew Higgins & Daniel Levy & Andrew Young, 2003. "Sigma Convergence Versus Beta Convergence: Evidence from County-level Data," Emory Economics 0316, Department of Economics, Emory University (Atlanta).
  4. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
  5. Maria Abreu & Henri L.F. de Groot & Raymond J.G.M. Florax, 2004. "Space and Growth," Tinbergen Institute Discussion Papers 04-129/3, Tinbergen Institute.
  6. Ramon Moreno & Bharat Trehan, 1997. "Location and the growth of nations," Working Papers in Applied Economic Theory 97-02, Federal Reserve Bank of San Francisco.
  7. Maria ABREU & Henri L.F. DE GROOT & Raymond J.G.M. FLORAX, 2005. "Space And Growth: A Survey Of Empirical Evidence And Methods," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 21, pages 13-44.
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