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Convergence in Emerging Europe

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  • Athanasios Vamvakidis
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    Abstract

    The emerging European economies have been converging rapidly towards the more advanced European economies in recent years. However, large external imbalances in parts of the region have raised questions about sustainability and concerns about vulnerabilities. Empirical evidence in this paper suggest that the convergence trend of emerging Europe is based on strong fundamentals and is expected to continue, but at a slower pace. Moreover, the convergence path may be volatile as countries with large external imbalances adjust, with risks of a hard landing in some cases.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 08/181.

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    Length: 30
    Date of creation: 01 Jul 2008
    Date of revision:
    Handle: RePEc:imf:imfwpa:08/181

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    Related research

    Keywords: Economic growth; Emerging markets; Transition economies; External debt; current account; current account deficits; real gdp; growth model; gdp growth; growth rates; current account balances; gdp per capita; current account deficit; short-term debt; current account balance; growth rate; growth accounting; external shocks; business cycle; current account adjustment; per capita income; gdp deflator; fixed capital formation; external indebtedness; capital formation; gross fixed capital formation; central banks; gdp growth rate; central bank; domestic debt; debt dynamics; net debt; government deficits; currency board; total factor productivity; net external debt; neoclassical growth model; balance of payments;

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    1. Vivek Arora & Athanasios Vamvakidis, 2005. "How Much Do Trading Partners Matter for Economic Growth?," IMF Staff Papers, Palgrave Macmillan, vol. 52(1), pages 24-40, April.
    2. Jesmin Rahman, 2008. "Current Account Developments in New Member States of the European Union," IMF Working Papers 08/92, International Monetary Fund.
    3. G. Russell Kincaid & Martin Fetherston & Peter Isard & Hamid Faruqee, 2001. "Methodology for Current Account and Exchange Rate Assessments," IMF Occasional Papers 209, International Monetary Fund.
    4. Stanley Fischer, 1993. "The Role of Macroeconomic Factors in Growth," NBER Working Papers 4565, National Bureau of Economic Research, Inc.
    5. Elina Ribakova & Balázs Horváth & Dimitri G. Demekas & Yi Wu, 2005. "Foreign Direct Investment in Southeastern Europe," IMF Working Papers 05/110, International Monetary Fund.
    6. Peter Isard & Hamid Faruqee, 1998. "Exchange Rate Assessment," IMF Occasional Papers 167, International Monetary Fund.
    7. Abdul Abiad & Ashoka Mody & Susan Schadler & Daniel Leigh, 2007. "Growth in the Central and Eastern European Countries of the European Union," IMF Occasional Papers 252, International Monetary Fund.
    8. David Moore & Athanasios Vamvakidis, 2008. "Economic Growth in Croatia: Potential and Constraints," Financial Theory and Practice, Institute of Public Finance, Institute of Public Finance, vol. 32(1), pages 1-28.
    9. Olivier Blanchard & Francesco Giavazzi, 2002. "Current Account Deficits in the Euro Area: The End of the Feldstein Horioka Puzzle?," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 33(2), pages 147-210.
    10. Gian-Maria Milesi-Ferretti & Assaf Razin, 1997. "Sharp Reductions in Current Account Deficits," IMF Working Papers 97/168, International Monetary Fund.
    11. Ceyla Pazarbasioglu & Gudrun Johnsen & Paul Louis Ceriel Hilbers & Inci Ötker, 2005. "Assessing and Managing Rapid Credit Growth and the Role of Supervisory and Prudential Policies," IMF Working Papers 05/151, International Monetary Fund.
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