Bitte verwenden Sie diesen Link, um diese Publikation zu zitieren, oder auf sie als Internetquelle zu verweisen: https://hdl.handle.net/10419/297904 
Autor:innen: 
Erscheinungsjahr: 
2021
Quellenangabe: 
[Journal:] European Financial and Accounting Journal [ISSN:] 1805-4846 [Volume:] 16 [Issue:] 2 [Year:] 2021 [Pages:] 29-50
Verlag: 
Prague University of Economics and Business, Faculty of Finance and Accounting, Prague
Zusammenfassung: 
One of the fundamental pillars of the European Union aims at the convergence of economic performances among its Member States. This objective has become increasingly challenging with the advancement of the integration process from the customs union to the economic and monetary union, from the six founding Members to twenty-seven European states. The aim of this paper is to study real convergence in the European Union between 2000 and 2019 and conducting also a comparative analysis between the New and the Old Members. The methodological tools imply absolute and conditional Ø- and σ-convergence. By using cross-sectional regressions, we have found evidence in favour of the absolute Ø-convergence hypothesis, as the initially poorer Members experienced higher GDP per capita growth rates than the developed economies. The average catching-up speed in the European Union was 2.5%, while the Central and Eastern Members experienced a higher convergence rate, which reached 3.6%. Moreover, by applying panel regressions, we have found evidence supporting the conditional convergence hypothesis, the study emphasising the role of macroeconomic, social, and governance-related variables in promoting economic growth. Our research suggests that investment and trade had a major role in enhancing economic growth both at the aggregate and subgroup level. Finally, the paper illustrates that Ø-convergence was accompanied by a reduction of disparities within the European Union. However, the global financial crisis hampered the convergence process among the Old Members. The paper suggests that although the Central and Eastern European countries made important progress in terms of catching-up, convergence of economic performance in the European Union has not been reached so far. By contrast, the modest growth rates and the exacerbation of income differentials between the Old Members might call into question the perspective to achieve this objective in the short term.
Schlagwörter: 
European Union
Real Convergence
Central and Eastern Europe
Ø-convergence
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-convergence
JEL: 
O40
O52
O57
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