Theoretical and Applied Economics
No. 9 / 2012 (574)
Laggards or performers? CEE vs. PIIGS countries’ catch-up with the Euro Area in the last ten years
Bucharest Academy of Economic Studies
Ileana ALEXE
Bucharest Academy of Economic Studies
Abstract. This research paper develops a comparative analysis between the new members states of the European Union (EU) – from Central and Eastern Europe (CEE) – and PIIGS countries (Portugal, Italy, Ireland, Greece and Spain) in terms of economic convergence with the Euro Area, in the last decade. In addition, the paper emphasizes the changes in the economic convergence levels determined by the recent international crisis. In order to assess these evolutions, we compute an aggregated index of economic convergence, made up of real and structural convergence indexes. Then, by using cluster methodology, we highlight the similarities between the states in the two groups, CEE and PIIGS, from the economic convergence perspective. The comparative analysis reveals that in 2010 only Estonia, Hungary and Slovenia report resembling characteristics to PIIGS group. We also report an important progress of the countries analyzed, as regards real and structural convergence with the Euro area. However, after a decade of catching-up, Romania remains by far the most distanced country from the Euro Area.
Contents
Innovative clusters: a solution for the economic development of Romania
Corruption, democracy and bureaucracy
Testing weak form informational efficiency on the Romanian capital market
The impact of labour market imbalances on regional disparities in the post-crisis context
Laggards or performers? CEE vs. PIIGS countries’ catch-up with the Euro Area in the last ten years
Economy of Referential Preferences A new mathematical approach for choice theory and general equilibrium
The industry of copies – obstacle for the economic recovery. Examples from the markets
The road to the new economy
Globalization and the identity dilemma
Economic fundamentals: between consecration and contestation