An empirical analysis of income convergence in the European Union

Laurent Cavenaile

73 citations0/0 files storedApplied Economics Letters

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Economic Growth and Productivity Monetary Policy and Economic Impact Historical Economic and Social Studies

Abstract

In this article, we investigate the convergence process within the European Union. More particularly, we study the convergence process of the new entrants from Central and Eastern Europe and of the 15 Western countries between 1990 and 2007. Applying a panel approach to the convergence equation derived from the Solow model, we show that new entrants and former members of the European Union can be seen as belonging to different groups of convergence. The existence of heterogeneity in the European Union or the Eurozone might affect their stability as the recent Greece's sovereign debt crisis illustrates it.

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References

1991Some Tests of Specification for Panel Data: Monte Carlo Evidence and an Application to Employment Equations 1956A Contribution to the Theory of Economic Growth 1992A Contribution to the Empirics of Economic Growth 1995Growth Empirics: A Panel Data Approach 2003Productivity Growth, Convergence, and Welfare: What the Long-Run Data Show 1993Galton's Fallacy and Tests of the Convergence Hypothesis 1995Multiple regimes and cross‐country growth behaviour 2003What have We Learnt from the Convergence Debate?

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