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This paper investigates economic convergence in real income per capita between 27 European Union countries. We employ a non-linear latent factor framework to study transitional behavior among economies between 1970 and 2010. Our results offer important insights on the economic catch-up exhibited...
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We use a novel approach to address the question of whether a union of sovereign countries can efficiently raise and allocate a budget, even when members are purely self-interested and participation is voluntary. The main innovation of our model is to explore the link between budget contributions...
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market institutions and macroeconomic outcomes. Portugal occupies an unenviable rank order in such measures of the stringency …' institutional detail on the nature of employment protection in Portugal; and, second, and more substantively, by offering a detailed … analysis of the process of labor djustment in Portugal, benchmarked to other-country experience. The latter exercise based on a …
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