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Convergence and Divergence

In: Palgrave Dictionary of Emerging Markets and Transition Economics

Author

Listed:
  • Guinevere Nell
  • Marcello Signorelli

Abstract

There are certain patterns, which economists have noticed and studied, in the growth of economies globally and regionally. Economies influence each other, and at times some appear to converge, in terms of growth or other indicators, to meet others. Empirical studies are used to track this phenomenon, in which economies become more alike, and economists also build dynamic models to explore the potential causes. These may include trading patterns and influence of other countries through foreign investment, as well as through an internal change of institutions, such as when economies transition between socialist and free market economic systems. Divergence of economic systems may also occur, as well as convergence and divergence of smaller economic areas and groups of areas. This chapter examines the various kinds of convergence and divergence that are most actively being examined, both real and nominal, and how their existence has influenced policy choices, especially the European Currency Union. We conclude with an examination of the challenges facing transition economies, especially those posed by reforms undertaken for the purpose of meeting with European Currency Union guidelines and laws, and the specific issues for least developed economies.

Suggested Citation

  • Guinevere Nell & Marcello Signorelli, 2015. "Convergence and Divergence," Palgrave Macmillan Books, in: Jens Hölscher & Horst Tomann (ed.), Palgrave Dictionary of Emerging Markets and Transition Economics, chapter 22, pages 437-457, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-37138-6_23
    DOI: 10.1007/978-1-137-37138-6_23
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    Citations

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    Cited by:

    1. Aldona Standar & Agnieszka Kozera, 2019. "The Role of Local Finance in Overcoming Socioeconomic Inequalities in Polish Rural Areas," Sustainability, MDPI, vol. 11(20), pages 1-28, October.
    2. Agnieszka Kozera & Małgorzata Dworakowska-Raj & Aldona Standar, 2021. "Role of Local Investments in Creating Rural Development in Poland," Energies, MDPI, vol. 14(6), pages 1-30, March.
    3. Rossitsa Rangelova, 2021. "Economic Growth and Development of the Concept of Convergence – Theoretical Basis," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 5, pages 3-26.

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