Nominal and real convergence in the new member states (longer-term perspectives)

Authors

  • P. Halmai Pannon University Szent Istvan University, Hungary
  • V. Vasary Pannon University Szent Istvan University, Hungary

Keywords:

nominal convergence, real convergence, catch-up process

Abstract

The advancement of nominal and real convergence in the process of EU adaptation is of special importance. The paper studies the main factors of convergence processes in detail. It pays special attention to the analysis of catch-up processes. The paper uses the concepts of the growth theories in order to describe the real convergence processes. Besides the supply side approach (growth accounting, production function), it focuses highly on the demand side and the factors playing an important role in the newest growth theories (trade, macroeconomic policies, institutional system, etc.).

Author Biographies

P. Halmai, Pannon University Szent Istvan University, Hungary

(paper presented at the Workshop „Pilgrims to the Euro Zone” – Romania and other new EU members ante portas, Braşov, 05.09.2009)

V. Vasary, Pannon University Szent Istvan University, Hungary

(paper presented at the Workshop „Pilgrims to the Euro Zone” – Romania and other new EU members ante portas, Braşov, 05.09.2009).

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Published

2011-09-20

Issue

Vol. 4(53) No. 1 (2011)

Section

ECONOMIC THEORY

License

Copyright (c) 2011 Bulletin of the Transilvania University of Brasov. Series V: Economic Sciences

Creative Commons License

This work is licensed under a Creative Commons Attribution 4.0 International License.