Real and Nominal Convergence of the Cee Countries
AbstractThis paper deals with the narrowing the income gap between the Central and East European New Member States (NMS-5) and the EU-25 and with the trade-off between the real and nominal convergence. The methodology is based on international standards enabling comparisons of macroeconomic indicators, especially of GDP per capita in purchasing power parity and alternative indicators of real gross domestic income, which comprises gains or losses from the terms of trade changes. In the chapter 1 the changes in catching-up and in the position of the NMS-5 economy within the framework of EU-25 are analysed. Chapter 2 deals with the trade-off between the real and nominal convergence. The regression analysis of the comparative price and wage level in relation to the economic level reveals deviations from the theoretical values, especially in the Czech Republic. The unit labour cost's level comparisons examine the cost/price competitiveness. The perspective of real convergence is analysed in the conclusion.
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Bibliographic InfoArticle provided by University of Economics, Prague in its journal Politická ekonomie.
Volume (Year): 2007 (2007)
Issue (Month): 2 ()
Postal: Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3
Find related papers by JEL classification:
- E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
- F15 - International Economics - - Trade - - - Economic Integration
- F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
- J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
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