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Convergence process of central and eastern european countries toward the european union as measured by macroeconomic polygons

Author

Listed:
  • Vladimír Nachtigal
  • Martin Srholec
  • Vladimír Tomšík
  • Markéta Votavová

Abstract

The article analyses the economic development of transition economies (the CR, Hungary, Poland, Slovakia and Slovenia) in the nineties by means of the original graphical method based on a multidimensional view, with the intention to assess convergence or divergence of their economic level vis-a-vis the average level of the EU countries. The polydimensional aspect is based in the first step on four basic objectives of economic policy depicted by the macroeconomic (magic) tetragon. In the second step, an each quadrant of the magic tetragon is extended by six detailed indicators to get a multidimensional convergence polygon. The polygon framework allowed carrying out more detailed analysis of the convergence process. The detailed results of the multidimensional convergence analysis varied across individual countries and over time; the time path of these differences partly reflected the uneven progress in macroeconomic stabilization and recovery of economic growth.

Suggested Citation

  • Vladimír Nachtigal & Martin Srholec & Vladimír Tomšík & Markéta Votavová, 2002. "Convergence process of central and eastern european countries toward the european union as measured by macroeconomic polygons," Prague Economic Papers, Prague University of Economics and Business, vol. 2002(4), pages 291-317.
    • Handle: RePEc:prg:jnlpep:v:2002:y:2002:i:4:id:199
    DOI: 10.18267/j.pep.199
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    References listed on IDEAS

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    1. Carlin, Wendy & Landesmann, Michael, 1997. "From Theory into Practice? Restructuring and Dynamism in Transition Economies," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 13(2), pages 77-105, Summer.
    2. Michael Landesmann, 2000. "Structural Change in the Transition Economies, 1989 to 1999," wiiw Research Reports 269, The Vienna Institute for International Economic Studies, wiiw.
    3. Josef Pöschl, 2000. "Transition Countries Clamber Aboard the Business Boom in Western Europe. Upswing masks persistent transition-related problems," wiiw Research Reports 264, The Vienna Institute for International Economic Studies, wiiw.
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    Cited by:

    1. Růžena Vintrová, 2003. "Reálná konvergence - předpoklad plynulé integrace do Evropské unie [Real convergence - a presumption for a fluent integration into the European union]," Politická ekonomie, Prague University of Economics and Business, vol. 2003(1), pages 79-91.

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    More about this item

    Keywords

    European Union; convergence; macroeconomic (magic) tetragon; macroeconomic (magic) polygon; transformation process;
    All these keywords.

    JEL classification:

    • B49 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Other
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E61 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Policy Objectives; Policy Designs and Consistency; Policy Coordination
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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