An Empirical Analysis of Income Convergence in the European Union
AbstractIn this paper, we investigate the convergence process within the European Union (27 countries). More particularly, we study the convergence process of the new entrants from Central and Eastern Europe and of the 15 Western countries between 1990 and 2007. Applying a panel approach to the convergence equation derived by Mankiw et al. (1992) from the Solow model, we highlight the existence of heterogeneity in the European Union and show that new entrants and former members of the European Union can be seen as belonging to significantly differ ent groups of convergence. The existence of heterogeneity in the European Union or the Eurozone might affect their stability as the recent Greece’s sovereign debt crisis illustrates it.
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Bibliographic InfoPaper provided by Centre de Recherche en Economie Publique et de la Population (CREPP) (Research Center on Public and Population Economics) HEC-Management School, University of Liège in its series CREPP Working Papers with number 1001.
Date of creation: 2010
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Other versions of this item:
- Laurent Cavenaile & David Dubois, 2011. "An empirical analysis of income convergence in the European Union," Applied Economics Letters, Taylor & Francis Journals, Taylor & Francis Journals, vol. 18(17), pages 1705-1708.
- NEP-ALL-2010-08-14 (All new papers)
- NEP-EEC-2010-08-14 (European Economics)
- NEP-EUR-2010-08-14 (Microeconomic European Issues)
- NEP-ORE-2010-08-14 (Operations Research)
- NEP-TRA-2010-08-14 (Transition Economics)
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