Warianty tytułu
Języki publikacji
Abstrakty
Objective: This article aims to present the convergence analysis results for the Eastern Partnership EaP countries and the twenty-eight members of the European Union (EU).
Research Design & Methods: The relationships between the selected macroeconomic variables and per capita GDP growth rate are econometrically tested to support this research. We analyse the convergence during the period of 2004-2017, but also include two sub-periods: 2004-2008 and 2009-2013.
Findings: The empirical findings support the economic convergence hypothesis. The results show that the recent financial crisis negatively affected the absolute and conditional convergence process, when economic variables are included in the analysis. The negative effects of the crisis on conditional convergence with economic and socio-political variables are not identified.
Implications & Recommendations: Poorer countries in the analysed group should do more to open their economies to attract investment, as gross fixed capital formation and economic openness have a positive impact on per capita growth, while general government debt, unemployment and inflation should be stabilised in the examined sample of countries.
Contribution & Value Added: The contribution of this article is reflected in the fact that it examines a geographic and economic area that has been under examined. The analyses on the Eastern Partnership countries convergence process towards the European Union are almost nonexistent. Economic literature on convergence has focused on the EU Member States, while the analyses on the Eastern Partnership countries convergence process towards the EU are almost nonexistent. (original abstract)
Research Design & Methods: The relationships between the selected macroeconomic variables and per capita GDP growth rate are econometrically tested to support this research. We analyse the convergence during the period of 2004-2017, but also include two sub-periods: 2004-2008 and 2009-2013.
Findings: The empirical findings support the economic convergence hypothesis. The results show that the recent financial crisis negatively affected the absolute and conditional convergence process, when economic variables are included in the analysis. The negative effects of the crisis on conditional convergence with economic and socio-political variables are not identified.
Implications & Recommendations: Poorer countries in the analysed group should do more to open their economies to attract investment, as gross fixed capital formation and economic openness have a positive impact on per capita growth, while general government debt, unemployment and inflation should be stabilised in the examined sample of countries.
Contribution & Value Added: The contribution of this article is reflected in the fact that it examines a geographic and economic area that has been under examined. The analyses on the Eastern Partnership countries convergence process towards the European Union are almost nonexistent. Economic literature on convergence has focused on the EU Member States, while the analyses on the Eastern Partnership countries convergence process towards the EU are almost nonexistent. (original abstract)
Rocznik
Tom
Numer
Strony
221--235
Opis fizyczny
Twórcy
autor
- University of Sarajevo, Bosnia and Herzegovina
autor
- Corvinus University of Budapest, Hungary
Bibliografia
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- Cavenaile, L., & Dubois, D. (2011). An empirical analysis of income convergence in the European Union. Applied Economics Letters, 18(17), 1705-1708.
- Colak, O. (2015). Convergence Revisited: Case of EU and Eastern Europe. Regional Science Inquiry, 7(1), 69-81.
- Dvorokova, K. (2014). Sigma Versus Beta-convergence in EU28: do they lead to different results, Proceedings of the Mathematical Methods in Finance and Business Administration, Tenerife, Spain, pp. 88-94. Retrieved from http://www.wseas.us/e-library/conferences/2014/Tenerife/ECONMATH/ ECONMATH-13.pdf.
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- European External Action Service. (2017). Myths about the Eastern Partnership - Factsheet, 20 November, Brussels. Retrieved from https://eeas.europa.eu/diplomatic-network/eastern-partnership/ 35712/myths-about-eastern-partnership-factsheet_en.
- Eurostat. (2018). Eurostat Database. Retrieved from www.ec.europa.eu/Eurostat on December 7, 2018.
- Grzelak, A., & Kujaczyńska, M. (2013). Real convergence of the European Union members states - evaluation attempt. Management, 17(1), 393-404.
- International Monetary Fund. (2018). World Economic Outlook Database. Retrieved from www.imf.org on December 7, 2018.
- Islam, N. (1995). Growth empirics: a panel data approach. The Quarterly Journal of Economics, 110(4), 1127-1170.
- Kharlamova, G. (2015). The European Union and the Eastern Partnership: Convergence of Economies. Procedia Economics and Finance, 27, 29-41.
- Matkowski, Z., & Prochniak, M. (2004). Economic convergence in the EU accession countries. Composite Indicators of Business Activity for Macroeconomic Analysis ('The RIED Papers and Proceedings', vol. 74). SGH 405-425.
- Mikulić, D., Lovrinčević, Ž., & Nagyszombaty, A.G. (2013). Regional convergence in the European Union, new member states and Croatia. South East European Journal of Economics and Business, 8(1), 9-21.
- Pipień, M., & Roszkowska, S. (2018). The heterogeneity of convergence in transition countries. Post- Communist Economies, 1-31.
- Preiherman, Y. (2012). The Lie of Full Employment. In Belarus Digest. Retrieved from https://belarusdigest. com/story/the-lie-of-full-employment on June 17, 2018.
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- Siljak, D., & Nagy, S.G. (2018). Economic Convergence of the Eastern Partnership Countries towards the EU-13. Eastern Journal of European Studies, 9(2), 169-185.
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- Stanišić, N., Makojević, N., & Tubić Ćurčić, T. (2018). The EU Enlargement and Income Convergence: Central and Eastern European Countries vs. Western Balkan Countries. Entrepreneurial Business and Economics Review, 6(3), 29-41.
- Szeles, M.R., & Marinescu, N. (2010). Real convergence in the CEECs, euro area accession and the role of Romania. The European Journal of Comparative Economics, 7(1), 181-202.
- Šikić, L. (2013). Long term economic convergence among ten new EU member states in the light of the economic crisis. Financial Theory and Practice, 37(4), 361-381. https://doi.org/10.15678/EBER.2018.060302.
- Tsanana, E., Katrakilidis, C., & Pantelidis, P. (2013). Balkan area and EU-15: An empirical investigation of income convergence. In Balkan and Eastern European Countries in the Midst of the Global Economic Crisis, 23-33.
- Vojinović, B., Acharya, S., & Prochniak, M. (2009). Convergence analysis among the ten European transition economies. Hitotsubashi Journal of Economics, 123-141.
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Typ dokumentu
Bibliografia
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Identyfikator YADDA
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