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EU accession: A road to fast-track convergence?

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Author Info

  • Uwe B�wer
  • Alessandro Turrini

Abstract

This paper investigates the accession-related economic boom in the countries which recently entered the European Union. 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.

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Bibliographic Info

Paper provided by Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission in its series European Economy - Economic Papers with number 393.

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Length: 27 pages
Date of creation: Dec 2009
Date of revision:
Handle: RePEc:euf:ecopap:0393

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Keywords: Economic growth; EU accession; new member states; convergence; B�wer; Turrini; European Economy. Economic Papers;

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References

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  1. Chinn, Menzie D. & Prasad, Eswar S., 2003. "Medium-term determinants of current accounts in industrial and developing countries: an empirical exploration," Journal of International Economics, Elsevier, vol. 59(1), pages 47-76, January.
  2. Belke, Ansgar & Bordon, Ingo & Melnykovska, Inna & Schweickert, Rainer, 2009. "Prospective NATO or EU Membership and Institutional Change in Transition Countries," IZA Discussion Papers 4483, Institute for the Study of Labor (IZA).
  3. Peter L. Rousseau & Paul Wachtel, 2009. "What is Happening to the Impact of Financial Deepening on Economic Growth?," Vanderbilt University Department of Economics Working Papers 0915, Vanderbilt University Department of Economics.
  4. Jesús Crespo-Cuaresma & Maria Antoinette Dimitz & Doris Ritzberger-Grünwald, 2002. "Growth, Convergence and EU Membership," Working Papers 62, Oesterreichische Nationalbank (Austrian Central Bank).
  5. Garbis Iradian, 2007. "Rapid Growth in Transition Economies: Panel Regression Approach," IMF Working Papers 07/170, International Monetary Fund.
  6. Barro, Robert J & Lee, Jong-Wha, 2001. "International Data on Educational Attainment: Updates and Implications," Oxford Economic Papers, Oxford University Press, vol. 53(3), pages 541-63, July.
  7. Maria L. Di Tommaso & Martin Raiser & Melvyn Weeks, 2007. "Home Grown or Imported? Initial Conditions, External Anchors and the Determinants of Institutional Reform in the Transition Economies," Economic Journal, Royal Economic Society, vol. 117(520), pages 858-881, 04.
  8. Acemoglu, Daron & Johnson, Simon & Robinson, James A., 2005. "Institutions as a Fundamental Cause of Long-Run Growth," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 6, pages 385-472 Elsevier.
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Cited by:
  1. Julia Lendvai & Werner Roeger, 2010. "External deficits in the Baltics 1995 to 2007: Catching up or imbalances," European Economy - Economic Papers 398, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  2. Kosta Josifidis & Radmila Dragutinović Mitrović & Olgica Ivančev, 2012. "Heterogeneity of Growth in the West Balkans and Emerging Europe: A Dynamic Panel Data Model Approach," Panoeconomicus, Savez ekonomista Vojvodine, Novi Sad, Serbia, vol. 59(2), pages 157-183, May.

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