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Values, institutions and the rise of Eastern Europe

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  • Gylfi Zoega
  • Edmund S. Phelps

Abstract

We study the convergence of output per capita in a sample of 37 European countries to the German real GDP per capita level during the period 1999–2014 with the aim of testing whether the speed of convergence is uniform or depends on institutions, such as membership of the European Union, the euro, or values. The results suggest that the post‐communist economies are converging more rapidly than other countries in the sample and more so the closer they are integrated into the European Union. Moreover, we find that certain values are conducive to the catching up process and that it has generated increased job satisfaction and male labour force participation.

Suggested Citation

  • Gylfi Zoega & Edmund S. Phelps, 2019. "Values, institutions and the rise of Eastern Europe," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 27(1), pages 247-265, January.
    • Handle: RePEc:bla:etrans:v:27:y:2019:i:1:p:247-265
    DOI: 10.1111/ecot.12194
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    Cited by:

    1. Thorvaldur Gylfason & Eduard Hochreiter & Tadeusz Kowalski, 2022. "Different Choices, Divergent Paths: Poland and Ukraine," wiiw Research Reports 465, The Vienna Institute for International Economic Studies, wiiw.
    2. Foreman-Peck, James & Zhou, Peng, 2022. "R&D subsidies and productivity in eastern European countries," Economic Systems, Elsevier, vol. 46(2).
    3. Thorvaldur Gylfason & Eduard Hochreiter, 2023. "To Grow or Not to Grow: Belarus and Lithuania," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 65(1), pages 137-167, March.

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