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Reálná a nominální konvergence v zemích středoevropské pětky
[Real and Nominal Convergence of the Cee Countries]

Author

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  • Růžena Vintrová

Abstract

This paper deals with the narrowing the income gap between the Central and East European New Member States (NMS-5) and the EU-25 and with the trade-off between the real and nominal convergence. The methodology is based on international standards enabling comparisons of macroeconomic indicators, especially of GDP per capita in purchasing power parity and alternative indicators of real gross domestic income, which comprises gains or losses from the terms of trade changes. In the chapter 1 the changes in catching-up and in the position of the NMS-5 economy within the framework of EU-25 are analysed. Chapter 2 deals with the trade-off between the real and nominal convergence. The regression analysis of the comparative price and wage level in relation to the economic level reveals deviations from the theoretical values, especially in the Czech Republic. The unit labour cost's level comparisons examine the cost/price competitiveness. The perspective of real convergence is analysed in the conclusion.

Suggested Citation

  • Růžena Vintrová, 2007. "Reálná a nominální konvergence v zemích středoevropské pětky
    [Real and Nominal Convergence of the Cee Countries]
    ," Politická ekonomie, University of Economics, Prague, vol. 2007(2), pages 206-225.
  • Handle: RePEc:prg:jnlpol:v:2007:y:2007:i:2:id:597:p:206-225
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    More about this item

    Keywords

    terms of trade; unit labour costs; real gross domestic income; comparative price level; real and nominal convergence; purchasing power parity;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • F15 - International Economics - - Trade - - - Economic Integration
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development

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