Economic convergence of the Western Balkans towards the EU-15

This paper aims to analyze the beta convergence of Western Balkan countries towards the EU-15 Member States in the period 2004-2016, and two sub-periods: 2004-2008 and 2009-2013. Beta convergence is based on the neoclassical growth theory and tests the hypothesis that poor countries tend to grow fas...

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Autores:: Nagy, Sándor Gyula
Siljak, Dzenita

Tipo de recurso:: Article of journal

Fecha de publicación:: 2019

Institución:: Universidad Católica de Colombia

Repositorio:: RIUCaC - Repositorio U. Católica

Idioma:: spa

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dc.title.spa.fl_str_mv	Economic convergence of the Western Balkans towards the EU-15
dc.title.translated.eng.fl_str_mv	Convergencia económica de los Balcanes Occidentales hacia la ue-15 Convergência econômica dos Bálcãs Ocidentais à UE-15
title	Economic convergence of the Western Balkans towards the EU-15
spellingShingle	Economic convergence of the Western Balkans towards the EU-15 CONVERGENCIA BETA BALCANES OCCIDENTALES UNIÓN EUROPEA ANTIGUOS ESTADOS MIEMBROS CRECIMIENTO ECONÓMICO
title_short	Economic convergence of the Western Balkans towards the EU-15
title_full	Economic convergence of the Western Balkans towards the EU-15
title_fullStr	Economic convergence of the Western Balkans towards the EU-15
title_full_unstemmed	Economic convergence of the Western Balkans towards the EU-15
title_sort	Economic convergence of the Western Balkans towards the EU-15
dc.creator.fl_str_mv	Nagy, Sándor Gyula Siljak, Dzenita
dc.contributor.author.spa.fl_str_mv	Nagy, Sándor Gyula Siljak, Dzenita
dc.subject.proposal.spa.fl_str_mv	CONVERGENCIA BETA BALCANES OCCIDENTALES UNIÓN EUROPEA ANTIGUOS ESTADOS MIEMBROS CRECIMIENTO ECONÓMICO
topic	CONVERGENCIA BETA BALCANES OCCIDENTALES UNIÓN EUROPEA ANTIGUOS ESTADOS MIEMBROS CRECIMIENTO ECONÓMICO
description	This paper aims to analyze the beta convergence of Western Balkan countries towards the EU-15 Member States in the period 2004-2016, and two sub-periods: 2004-2008 and 2009-2013. Beta convergence is based on the neoclassical growth theory and tests the hypothesis that poor countries tend to grow faster than rich countries, in per capita terms. The empirical findings support the economic convergence hypothesis, with convergence rates ranging from 1.1% to 2.3%. The results show that the recent financial crisis negatively affected the absolute and conditional convergence process, when economic variables are included. The main limitation of the research is the availability of data.
publishDate	2019
dc.date.accessioned.spa.fl_str_mv	2019-09-08T00:59:59Z
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dc.date.issued.spa.fl_str_mv	2019-01
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dc.identifier.citation.spa.fl_str_mv	Nagy, S. y Siljak, D. (2019). Convergencia económica de los Balcanes Occidentales hacia la UE-15. Revista Finanzas y Política Económica, 11 (1), 41-53. doi: http://dx.doi.org/10.14718/revfinanzpolitecon.2019.11.1.3
dc.identifier.issn.spa.fl_str_mv	2248-6046
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identifier_str_mv	Nagy, S. y Siljak, D. (2019). Convergencia económica de los Balcanes Occidentales hacia la UE-15. Revista Finanzas y Política Económica, 11 (1), 41-53. doi: http://dx.doi.org/10.14718/revfinanzpolitecon.2019.11.1.3 2248-6046
url	https://hdl.handle.net/10983/23681
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language	spa
dc.relation.ispartof.spa.fl_str_mv	Revista Finanzas y Política Económica , Vol. 11, no. 1 (ene. – jun.) p. 41-53.
dc.relation.references.spa.fl_str_mv	Alcidi, C., Núñez Ferrer, J., Di Salvo, M., Pilati, M. & Musmeci, R. (2018). Income Convergence in the EU: A tale of two speeds. CEPS Commentary, 9 January 2018. Barro, R. J. (1991). Economic Growth in a Cross Section of Countries. Quarterly Journal of Economics, 106(2), 407-443. Barro, R. J. & Sala-i-Martin, X. (1992). Convergence. Journal of Political Economy, 100(2), 223-251. Benczes, I. & Szent-Ivanyi, B. (2015). The European economy in 2014: Fragile recovery and convergence. JCMS: Journal of Common Market Studies, 53, 162-180. Berend, I. T. (2016). An economic history of twentieth-century Europe: Economic regimes from laissezfaire to globalization. Cambridge University Press. Bićanić, I., Deskar-Škrbić, M. & Zrnc, J. (2016). A Narrative Explanation of Breakpoints and Convergence Patterns in Yugoslavia and its Successor States 1952-2015. The wiiw Balkan Observatory Working Papers 122. Borys, M. M., Polgár, È. K. & Zlate, A. (2008). Real convergence and the determinants of growth in EU candidate and potential candidate countries. A panel data approach. European Central Bank. Botrić, V. (2013). Output Convergence between Western Balkans and EU-15. Research in Economics and Business: Central and Eastern Europe, 5(1), 46-62. Chapsa, X., Tsanana, E. & Katrakilidis, C. (2015). Growth and Convergence in the EU-15: More Evidence from the Cohesion Countries. Procedia Economics and Finance, 33, 55-63. Colak, O. (2015). Convergence Revisited: Case of EU and Eastern Europe. Regional Science Inquiry, 7(1), 69-81. El Ouardighi, J. & Somun-Kapetanovic, R. (2007). Do Balkan Countries Have a European Future? An Analysis of Real Economic Convergence, 1989-2005. South East European Journal of Economics and Business, 2(2), 23-30. European Commission. (2015). Economic Reform Programmes of Albania, The Former Yugoslav Republic of Macedonia, Montenegro, Serbia, Turkey, Bosnia and Herzegovina and Kosovo: The Commission’s overview and Country assessments. Publications Office of the European Union, Luxembourg. European Commission. (2018). Convergence Report. Institutional Paper 078. Publications Office of the European Union, Luxembourg Eurostat. (2018). Eurostat Database, www.ec.europa.eu/Eurostat Grela, M., Majchrowska, A., Michałek, T., Mućk, J., Staźka-Gawrysiak, A., Tchorek, G. & Wagner, M. (2017). Is Central and Eastern Europe converging towards the EU-15? Narodowy Bank Polski, Education & Publishing Department International Monetary Fund. (2018). World Economic Outlook Database, www.imf.org Jelnikar, E. & Murmayer, U. (2006). Convergence in Europe. Empirical Analysis on Two Groups of Countries of the European Union. Document presented at the International Conference on Human and Economic Resources, 246-260. Joshi, B., Atoyan, R. & Roaf, M. J. (2014). Regional Economic Issues - Special Report 25 Years of Transition: Post-Communist Europe and the IMF. International Monetary Fund. Matkowski, Z. & Próchniak, M. (2004). Economic convergence in the EU accession countries. Composite Indicators of Business Activity for Macroeconomic Analysis (‘The RIED Papers and Proceedings’, vol. 74), SGH, Warsaw, 405-425. Matkowski, Z., Prochniak, M. & Rapacki, R. (2016). Real Income Convergence between Central Eastern and Western Europe: Past, Present, and Prospects. Document presented in 33rd CIRET (Centre for International Research on Economic Tendency Surveys) Conference on Economic Tendency Surveys and Economic Policy Copenhagen, Denmark. Micallef, B. (2017). The process of Economic Convergence in Malta and in the European Union. Central Bank of Malta Policy Note, Central Bank of Malta, Valletta. Retrieved from: https://www.centralbankmalta. org/file.aspx?f=51536 Oblath, G., Palocz, E., Popper, D. & Valentinyi, Á. (2015). Economic convergence and structural change in the new member states of the European Union. Center for Economic and Regional Studies, Hungarian Academy of Science. Pipień, M. & Roszkowska, S. (2018). The heterogeneity of convergence in transition countries. Post- Communist Economies, 31(1), 1-31. Podkaminer, L. (2013). Development Patterns of Central and East European Countries (in the course of transition and following EU accession). Vienna Institute for International Economic Studies. Sala-i-Martin, X. (1994). Cross-sectional regressions and the empirics of economic growth. European Economic Review, 38(3-4), 739-747. Siljak, D. & Nagy, S. G. (2018). The effects of the crisis on the convergence process of the Western Balkan countries towards the European Union. Society and Economy, 40(1), 105-124. Solow, R. M. (1956). A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics, 70, 65-94. Strielkowski, W. & Höschle, F. (2016). Evidence for economic convergence in the EU: The analysis of past EU enlargements. Technological and Economic Development of Economy, 22(4), 617-630 Tsanana, E., Katrakilidis, C. & Pantelidis, P. (2013). Balkan area and EU-15: An empirical investigation of income convergence. In Balkan and Eastern European Countries in the Midst of the Global Economic Crisis, Physica-Heidelberg, 23-33. Vojinović, B., Acharya, S. & Próchniak, M. (2009). Convergence analysis among the ten European transition economies. Hitotsubashi Journal of Economics, 50(2), 123-141. World Bank. (2018). World Development Indicators Database, www.databank.worldbank.org Źuk, P., Polgar, E.K., Savelin, L., Diaz del Hoyo, J.L. & König, P. (2018). Real convergence in central, eastern and south-eastern Europe. ECB Economic Bulletin, Issue 3/2018
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spelling	Nagy, Sándor Gyula76a0f908-5ed8-496f-84bc-b083f9400e75-1Siljak, Dzenita507c9f94-ee8b-4a4f-a34a-6260f18c7c64-12019-09-08T00:59:59Z2019-09-08T00:59:59Z2019-01This paper aims to analyze the beta convergence of Western Balkan countries towards the EU-15 Member States in the period 2004-2016, and two sub-periods: 2004-2008 and 2009-2013. Beta convergence is based on the neoclassical growth theory and tests the hypothesis that poor countries tend to grow faster than rich countries, in per capita terms. The empirical findings support the economic convergence hypothesis, with convergence rates ranging from 1.1% to 2.3%. The results show that the recent financial crisis negatively affected the absolute and conditional convergence process, when economic variables are included. The main limitation of the research is the availability of data.El objetivo de este estudio es analizar la convergencia beta de los países de los Balcanes Occidentales hacia los Estados miembros de la UE-15 en el periodo 2004-2016 y dos subperiodos: 2004-2008 y 2009-2013. La convergencia beta se basa en la teoría del crecimiento neoclásico y pone a prueba la hipótesis de que los países pobres tienden a crecer más rápido que los países ricos, en términos per cápita. Los hallazgos empíricos apoyan la hipótesis de convergencia económica, con tasas de convergencia que van del 1.1% al 2.3%. Los resultados muestran que la reciente crisis financiera afectó negativamente el proceso de convergencia absoluta y condicional, cuando se incluyen variables económicas. La principal limitación de la investigación es la disponibilidad de datos.O objetivo deste estudo é analisar a convergência beta dos países dos Bálcãs Ocidentais aos Estados-membros da UE-15 no período de 2004-2016, e dois subperíodos: 2004-2008 e 2009-2013. A convergência beta está baseada na teoria do crescimento neoclássico e coloca à prova a hipótese de que os países pobres tendem a crescer mais rápido do que os ricos, em termos per capita. Os achados empíricos apoiam a hipótese de convergência econômica, com taxas de convergência que vão de 1,1% a 2,3%. Os resultados demonstram que a recente crise financeira afetou negativamente o processo de convergência absoluta e condicional, quando são incluídas variáveis econômicas. A principal limitação desta pesquisa se encontra na disponibilidade de acesso aos dados.application/pdfNagy, S. y Siljak, D. (2019). Convergencia económica de los Balcanes Occidentales hacia la UE-15. Revista Finanzas y Política Económica, 11 (1), 41-53. doi: http://dx.doi.org/10.14718/revfinanzpolitecon.2019.11.1.32248-6046https://hdl.handle.net/10983/23681spaUniversidad Católica de Colombia. Facultad de Ciencias Económicas y AdministrativasRevista Finanzas y Política Económica , Vol. 11, no. 1 (ene. – jun.) p. 41-53.Alcidi, C., Núñez Ferrer, J., Di Salvo, M., Pilati, M. & Musmeci, R. (2018). Income Convergence in the EU: A tale of two speeds. CEPS Commentary, 9 January 2018.Barro, R. J. (1991). Economic Growth in a Cross Section of Countries. Quarterly Journal of Economics, 106(2), 407-443.Barro, R. J. & Sala-i-Martin, X. (1992). Convergence. Journal of Political Economy, 100(2), 223-251.Benczes, I. & Szent-Ivanyi, B. (2015). The European economy in 2014: Fragile recovery and convergence. JCMS: Journal of Common Market Studies, 53, 162-180.Berend, I. T. (2016). An economic history of twentieth-century Europe: Economic regimes from laissezfaire to globalization. Cambridge University Press.Bićanić, I., Deskar-Škrbić, M. & Zrnc, J. (2016). A Narrative Explanation of Breakpoints and Convergence Patterns in Yugoslavia and its Successor States 1952-2015. The wiiw Balkan Observatory Working Papers 122.Borys, M. M., Polgár, È. K. & Zlate, A. (2008). Real convergence and the determinants of growth in EU candidate and potential candidate countries. A panel data approach. European Central Bank.Botrić, V. (2013). Output Convergence between Western Balkans and EU-15. Research in Economics and Business: Central and Eastern Europe, 5(1), 46-62.Chapsa, X., Tsanana, E. & Katrakilidis, C. (2015). Growth and Convergence in the EU-15: More Evidence from the Cohesion Countries. Procedia Economics and Finance, 33, 55-63.Colak, O. (2015). Convergence Revisited: Case of EU and Eastern Europe. Regional Science Inquiry, 7(1), 69-81.El Ouardighi, J. & Somun-Kapetanovic, R. (2007). Do Balkan Countries Have a European Future? An Analysis of Real Economic Convergence, 1989-2005. South East European Journal of Economics and Business, 2(2), 23-30.European Commission. (2015). Economic Reform Programmes of Albania, The Former Yugoslav Republic of Macedonia, Montenegro, Serbia, Turkey, Bosnia and Herzegovina and Kosovo: The Commission’s overview and Country assessments. Publications Office of the European Union, Luxembourg.European Commission. (2018). Convergence Report. Institutional Paper 078. Publications Office of the European Union, LuxembourgEurostat. (2018). Eurostat Database, www.ec.europa.eu/EurostatGrela, M., Majchrowska, A., Michałek, T., Mućk, J., Staźka-Gawrysiak, A., Tchorek, G. & Wagner, M. (2017). Is Central and Eastern Europe converging towards the EU-15? Narodowy Bank Polski, Education & Publishing DepartmentInternational Monetary Fund. (2018). World Economic Outlook Database, www.imf.orgJelnikar, E. & Murmayer, U. (2006). Convergence in Europe. Empirical Analysis on Two Groups of Countries of the European Union. Document presented at the International Conference on Human and Economic Resources, 246-260.Joshi, B., Atoyan, R. & Roaf, M. J. (2014). Regional Economic Issues - Special Report 25 Years of Transition: Post-Communist Europe and the IMF. International Monetary Fund.Matkowski, Z. & Próchniak, M. (2004). Economic convergence in the EU accession countries. Composite Indicators of Business Activity for Macroeconomic Analysis (‘The RIED Papers and Proceedings’, vol. 74), SGH, Warsaw, 405-425.Matkowski, Z., Prochniak, M. & Rapacki, R. (2016). Real Income Convergence between Central Eastern and Western Europe: Past, Present, and Prospects. Document presented in 33rd CIRET (Centre for International Research on Economic Tendency Surveys) Conference on Economic Tendency Surveys and Economic Policy Copenhagen, Denmark.Micallef, B. (2017). The process of Economic Convergence in Malta and in the European Union. Central Bank of Malta Policy Note, Central Bank of Malta, Valletta. Retrieved from: https://www.centralbankmalta. org/file.aspx?f=51536Oblath, G., Palocz, E., Popper, D. & Valentinyi, Á. (2015). Economic convergence and structural change in the new member states of the European Union. Center for Economic and Regional Studies, Hungarian Academy of Science.Pipień, M. & Roszkowska, S. (2018). The heterogeneity of convergence in transition countries. Post- Communist Economies, 31(1), 1-31.Podkaminer, L. (2013). Development Patterns of Central and East European Countries (in the course of transition and following EU accession). Vienna Institute for International Economic Studies.Sala-i-Martin, X. (1994). Cross-sectional regressions and the empirics of economic growth. European Economic Review, 38(3-4), 739-747.Siljak, D. & Nagy, S. G. (2018). The effects of the crisis on the convergence process of the Western Balkan countries towards the European Union. Society and Economy, 40(1), 105-124.Solow, R. M. (1956). A Contribution to the Theory of Economic Growth. Quarterly Journal of Economics, 70, 65-94.Strielkowski, W. & Höschle, F. (2016). Evidence for economic convergence in the EU: The analysis of past EU enlargements. Technological and Economic Development of Economy, 22(4), 617-630Tsanana, E., Katrakilidis, C. & Pantelidis, P. (2013). Balkan area and EU-15: An empirical investigation of income convergence. In Balkan and Eastern European Countries in the Midst of the Global Economic Crisis, Physica-Heidelberg, 23-33.Vojinović, B., Acharya, S. & Próchniak, M. (2009). Convergence analysis among the ten European transition economies. Hitotsubashi Journal of Economics, 50(2), 123-141.World Bank. (2018). World Development Indicators Database, www.databank.worldbank.orgŹuk, P., Polgar, E.K., Savelin, L., Diaz del Hoyo, J.L. & König, P. (2018). Real convergence in central, eastern and south-eastern Europe. ECB Economic Bulletin, Issue 3/2018Derechos Reservados - Universidad Católica de Colombia, 2019info:eu-repo/semantics/closedAccessAtribución-NoComercial-SinDerivadas 4.0 Internacional (CC BY-NC-ND 4.0)https://creativecommons.org/licenses/by-nc-nd/4.0/http://purl.org/coar/access_right/c_14cbCONVERGENCIA BETABALCANES OCCIDENTALESUNIÓN EUROPEAANTIGUOS ESTADOS MIEMBROSCRECIMIENTO ECONÓMICOEconomic convergence of the Western Balkans towards the EU-15Convergencia económica de los Balcanes Occidentales hacia la ue-15Convergência econômica dos Bálcãs Ocidentais à UE-15Artículo de revistahttp://purl.org/coar/resource_type/c_6501http://purl.org/coar/resource_type/c_2df8fbb1Textinfo:eu-repo/semantics/articlehttp://purl.org/redcol/resource_type/ARTinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/version/c_970fb48d4fbd8a85PublicationORIGINAL2Convergencia económica de los Balcanes Occidentales hacia la ue-15.pdf2Convergencia económica de los Balcanes Occidentales hacia la ue-15.pdfapplication/pdf1080753https://repository.ucatolica.edu.co/bitstreams/1922f8ab-8044-493a-a6d2-0e649a3f1ee2/download2981f6c1b89957d0d05bb0a1d28c3747MD51TEXT2Convergencia económica de los Balcanes Occidentales hacia la ue-15.pdf.txt2Convergencia económica de los Balcanes Occidentales hacia la ue-15.pdf.txtExtracted texttext/plain43442https://repository.ucatolica.edu.co/bitstreams/2e2ecef7-6aa5-4477-838e-aa9f052a8d5e/download26dd828239195c2cd7ae505c3e4f7cdfMD52THUMBNAIL2Convergencia económica de los Balcanes Occidentales hacia la ue-15.pdf.jpg2Convergencia económica de los Balcanes Occidentales hacia la ue-15.pdf.jpgRIUCACimage/jpeg73970https://repository.ucatolica.edu.co/bitstreams/42bf4532-d53a-4cf0-959a-3938b0ff91fe/download53b3f8392040f07bc0dcf33b0edb7cc6MD5310983/23681oai:repository.ucatolica.edu.co:10983/236812023-03-24 18:09:17.939https://creativecommons.org/licenses/by-nc-nd/4.0/Derechos Reservados - Universidad Católica de Colombia, 2019https://repository.ucatolica.edu.coRepositorio Institucional Universidad Católica de Colombia - RIUCaCbdigital@metabiblioteca.com

Economic convergence of the Western Balkans towards the EU-15

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