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Macroeconomic Convergence in Transition Countries

  • Kocenda, Evzen

This paper analyzes performance of the transition economies in the Central and Eastern European (CEE) countries in terms of their convergence in selected macroeconomic fundamentals. The analysis uses monthly data on industrial output, money aggregate (M1), consumer prices and producer prices from 1991 to 1998. The analysis is carried out within distinctive groups of countries based on different trade and geographical arrangements, and uses a panel unit-root test as an econometric tool. In general, we conclude that the transition CEE countries were not successful in achieving a certain degree of natural economic integration among them so far. Certain levels of convergence occurred only for a limited number of countries at the advanced stage of transition process.

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Article provided by Elsevier in its journal Journal of Comparative Economics.

Volume (Year): 29 (2001)
Issue (Month): 1 (March)
Pages: 1-23

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Handle: RePEc:eee:jcecon:v:29:y:2001:i:1:p:1-23
Contact details of provider: Web page: http://www.elsevier.com/locate/inca/622864

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  1. Ng, S. & Perron, P., 1994. "Unit Root Tests ARMA Models with Data Dependent Methods for the Selection of the Truncation Lag," Cahiers de recherche 9423, Centre interuniversitaire de recherche en ├ęconomie quantitative, CIREQ.
  2. Bernard, Andrew B & Durlauf, Steven N, 1995. "Convergence in International Output," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 10(2), pages 97-108, April-Jun.
  3. Robert J. Barro & Xavier Sala-i-Martin, 1991. "Convergence across States and Regions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1), pages 107-182.
  4. Baumol, William J, 1986. "Productivity Growth, Convergence, and Welfare: What the Long-run Data Show," American Economic Review, American Economic Association, vol. 76(5), pages 1072-85, December.
  5. Campbell, J.Y. & Perron, P., 1991. "Pitfalls and Opportunities: What Macroeconomics should know about unit roots," Papers 360, Princeton, Department of Economics - Econometric Research Program.
  6. Ben-David, Dan, 1996. "Trade and convergence among countries," Journal of International Economics, Elsevier, vol. 40(3-4), pages 279-298, May.
  7. Ben-David, D., 1995. "Measuring Income Convergence an Alternative Test," Papers 41-95, Tel Aviv.
  8. Lucio Sarno, 1997. "Policy convergence, the exchange rate mechanism and the misalignment of exchange rates. Some tests of purchasing power parity and generalized purchasing power parity," Applied Economics, Taylor & Francis Journals, vol. 29(5), pages 591-605.
  9. Barro, Robert J, 1991. "Economic Growth in a Cross Section of Countries," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 407-43, May.
  10. Papell, David H., 1997. "Searching for stationarity: Purchasing power parity under the current float," Journal of International Economics, Elsevier, vol. 43(3-4), pages 313-332, November.
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  12. Barro, Robert J & Sala-i-Martin, Xavier, 1992. "Convergence," Journal of Political Economy, University of Chicago Press, vol. 100(2), pages 223-51, April.
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