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Direct And Back Reactions Between Real And Nominal Economic Convergence

Author

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  • DINGA, Emil

    (Centre for Financial and Monetary Research “Victor Slavescu”, N.I.E.R., Romanian Academy, Bucharest, Romania)

Abstract

The Maastricht criteria towards adhesion to euro area address the nominal economic convergence inside the European Union. However, the nominal economic convergence is sustainable only it is based on the real economic convergence. In this context, the paper approaches the relationships (structurally and functionally) between real economic convergence and nominal economic convergence from the perspective of mutual support. To this end, a cybernetic methodology is used, based on feed-direct, and on feed-back connections between the two types of economic convergence, in order to put into evidence the ways in which the two convergence processes lead, in fact, to a pair of economic convergence. As a result, the channels of communications inside the pair of economic convergence, as well as the magnitude and the speed of the two causal reactions are examined and evaluated.

Suggested Citation

  • DINGA, Emil, 2018. "Direct And Back Reactions Between Real And Nominal Economic Convergence," Journal of Financial and Monetary Economics, Centre of Financial and Monetary Research "Victor Slavescu", vol. 6(1), pages 169-175, October.
    • Handle: RePEc:vls:rojfme:v:6:y:2018:i:1:p:169-175
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    More about this item

    Keywords

    real economic convergence; nominal economic convergence; feed-direct; feed-back;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F15 - International Economics - - Trade - - - Economic Integration

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