Long term economic convergence among ten new EU member states in the light of the economic crisis

Luka Sikic

Financial Theory and Practice, (37), 4, pp. 361--381, https://doi.org/10.3326/fintp.37.4.2

Rad analizira apsolutnu ekonomsku konvergenciju među deset novih država članica (NMS-10) koje su pristupile Europskoj uniji 2004. godine. Dinamika konvergencije procijenjena je za razdoblje od 1997. do 2012. godine, kao i za dva podrazdoblja: 1997.–2007. i 2007.–2012. Analiza obuhvaća aspekte sigma- (σ-) i beta- (β-) konvergencije. Konvergencija je najprije procijenjena testiranjem panel jediničnog korijena nad serijama BDP-a po stanovniku, a zatim standardnim cross-section jednadžbama za apsolutnu konvergenciju. Različita vremenska razdoblja korištena su kako bi analiza obuhvatila utjecaj globalne ekonomske krize na dugoročnu konvergenciju među NMS-10 zemljama. Rezultati pokazuju da je ova skupina zemalja činila jedan homogen konvergencijski klub tijekom cijelog promatranog razdoblja te postigla visoke stope konvergencije prije krize, dok je stupanj homogenosti u NMS-10 konvergencijskom klubu značajno smanjen u razdoblju nakon početka krize.

@Article{sikic_long_2013,
  title = {Long term economic convergence among ten new EU member states in the light of the economic crisis},
  language = {en},
  author = {Luka Sikic},
  pages = {361--381},
  file = {Sikic - 2013 - Long term economic convergence among ten new EU me.pdf:C\:\\Users\\Lukas\\Zotero\\storage\\D8JFXLSC\\Sikic - 2013 - Long term economic convergence among ten new EU me.pdf:application/pdf},
  volume = {37},
  issn = {1846887X, 18459757},
  url = {http://fintp.ijf.hr/upload/files/ftp/2013/4/sikic.pdf},
  doi = {10.3326/fintp.37.4.2},
  abstract = {This paper provides an analysis of absolute economic convergence among the group of ten new member states (NMS-10) that entered European Union in the year 2004. Convergence dynamics is estimated for the period from 1997 to 2012 as well as for two sub-periods: 1997-2007 and 2007-2012. The analysis covers aspects of sigma- (If-) and beta- (�2-) convergence. Convergence is first estimated by testing for panel unit root in GDP per capita series and then by using standard cross-section equations for absolute convergence. Different time intervals were used so that the analysis could capture the impact of the global economic crisis on long-term convergence performance among the NMS-10 countries. Our results show that this group of countries formed one homogenous convergence club during the entire observed period and achieved high convergence rates in the period before the crisis, while the level of homogeneity in the NMS-10 convergence club was significantly diminished in the period after beginning of the crisis.},
  number = {4},
  urldate = {2020-11-27},
  journal = {Financial Theory and Practice},
  month = {dec},
  year = {2013},
  pubtype = {2},
  date = {2013-01-01},
}