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How is Real Convergence Driving Nominal Convergence in the New EU Member States?
Lein, Sarah M.; Leon-Ledesma, Miguel A.; Nerlich, Carolin - 2021
prices with respect to the euro area: productivity growth and increased trade openness. Productivity growth can have a … productivity growth a positive one on price level convergence with respect to the euro area …
Persistent link: https://www.econbiz.de/10013316776
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Public Sector Efficiency : Evidence for New EU Member States and Emerging Markets
Afonso, António; Schuknecht, Ludger; Tanzi, Vito - 2021
In this paper we analyse public sector efficiency in the new member states of the European Union compared to that in emerging markets. After a conceptual discussion of expenditure efficiency measurement issues, we compute efficiency scores and rankings by applying a range of measurement...
Persistent link: https://www.econbiz.de/10013318047
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FDI and Productivity Covergence in Central and Eastern Europe : An Industry-Level Investigation
Bijsterbosch, Martin - 2009
This paper presents empirical evidence of the effect of FDI inflows on productivity convergence in central and eastern … Europe, using industry-level data. Four conclusions stand out. First, there is a strong convergence effect in productivity …, both at the country and at the industry level. Second, FDI inflow plays an important role in accounting for productivity …
Persistent link: https://www.econbiz.de/10012765711
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GDP-Inflation Cyclical Similarities in the CEE Countries and the Euro Area
Macchiarelli, Corrado - 2013
In this paper we look at business cycles similarities between CEE countries and the euro area. Particularly, we uncover GDP-inflation cycles by adopting a trend-cycle decomposition model which allows the trend to be either stochastic or deterministic i.e. of the non-linear type. Once cyclical...
Persistent link: https://www.econbiz.de/10013081633
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Adjusting to the Euro
Fagan, Gabriel - 2007
In this paper we argue that, for a group of converging economies of the European Union, participation in the euro area has been associated with easier access to financing by domestic economic agents. Easier access to financing was a significant impulse leading to a sharp increase in households'...
Persistent link: https://www.econbiz.de/10012778006
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Fiscal Convergence Before Entering the Emu
Onorante, Luca - 2006
The monetary integration of the acceding countries will proceed in several distinct steps, starting with membership in the European Union (EU), followed by participation in the so-called Exchange Rate Mechanism (ERM) II and ultimately entry into the euro area. This paper addresses the question...
Persistent link: https://www.econbiz.de/10012779801
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Inflation Persistence : Euro Area and New EU Member States
Franta, Michal - 2009
Is inflation persistence in the new EU Member States (NMS) comparable to that in the euro area countries? We argue that persistence may not be as different between the two country groups as one might expect. We confirm that one should work carefully with the usual estimation methods when...
Persistent link: https://www.econbiz.de/10012767014
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Optimal Reserve Composition in the Presence of Sudden Stops : The Euro and the Dollar as Safe Haven Currencies
Beck, Roland - 2008
We analytically derive optimal central bank portfolios in a minimum variance framework with two assets and quot;transaction demandsquot; caused by sudden stops in capital inflows. In this model, the transaction demands become less important relative to traditional portfolio objectives as debt to...
Persistent link: https://www.econbiz.de/10012771394
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Cross-Border Production Chains and Business Cycle Co-Movement between Central and Eastern European Countries and Euro Area Member States
Iossifov, Plamen K. - 2021
In this paper, we highlight the role of global value chains in the synchronization of economic activity between countries in Central and Eastern Europe (CEE) and the euro area. We start off by demonstrating that the degree of synchronization of the business cycles of CEE countries and their main...
Persistent link: https://www.econbiz.de/10013315647
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The Political Economy Under Monetary Union : Has the Euro Made a Difference?
Fratzscher, Marcel; Stracca, Livio - 2021
Economic and Monetary Union (EMU) has transformed Europe and has created an integrated pan-European economy. Much research has focused on understanding this integration process and what benefits and costs it entails. This paper identifies a political economy channel of EMU as the monetary union...
Persistent link: https://www.econbiz.de/10013316460