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This book will prove a thought-provoking read for academics, researchers and students in the fields of economics _ particularly international economics _ and finance, money and banking. Policy-makers and economists interested in European integration an
Although interest in spatial growth regressions has been growing in recent years, formal theoretical approaches that acknowledge the role of space in economic growth have been sparse. In particular in a regional context, the assumption of independent, non-interacting closed economies can lead to misinterpretations. This book fills the void by discussing neoclassical growth theory in a spatial context, in order to examine growth both theoretically and empirically in a system of N regional economies. A formal model is presented that allows for interregional fixed capital relocations, which are in turn determined by the economies’ relative locations in space. It is shown how initial endowments with human capital play a decisive role regarding the evolution of output, and how both convergence and divergence processes may occur. Using a spatial econometric model specification, the theoretical model is tested empirically for 255 European regions.
We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.
"At the end of 1995, the Czech Republic was regarded as the clearest success story in the region. It had one of the lowest rates of inflation and the lowest rates of unemployment. The high GDP growth rate looked sustainable, as it was accompanied by a moderate current account deficit, balanced fiscal account and seemed to be underpinned by important structural reform." The Czech Republic was perceived until 1996 as the most successful transition economy in Central and Eastern Europe (CEE). The Czech Republic seems to be the clearest success story in the region. However, the Czech miracle came to a halt in May 1997. Its future economic development and successful integration into the European Union (EU) depends critically on its capacity to recover a sustainable output growth path. To assist the country in achieving its primary goal to join the European Union (EU) in the shortest period of time, this report analyzes economic developments in the Czech Republic since 1997. It focuses on assessing the status of the Czech Republic's economy from the perspective of its pursuit for EU membership. The report is composed of two volumes. The first volume is the summary report that condenses main findings and conclusions. The second volume is the main report. It provides the assessment and technical study of selected key sectors of the Czech economy. The EU accession process dominates the sector analyses, which are outlined in each chapter.
We study the properties of the IMF-WEO estimates of real-time output gaps for countries in the euro area as well as the determinants of their revisions over 1994-2017. The analysis shows that staff typically saw economies as operating below their potential. In real time, output gaps tend to have large and negative averages that are largely revised away in later vintages. Most of the mis-measurement in real time can be explained by the difficulty in predicting recessions and by overestimation of the economy’s potential capacity. We also find, in line with earlier literature, that real-time output gaps are not useful for predicting inflation. In addition, countries where slack (and potential growth) is overestimated to a larger extent primary fiscal balances tend to be lower and public debt ratios are higher and increase faster than projected. Previous research suggests that national authorities’ real-time output gaps suffer from a similar bias. To the extent these estimates play a role in calibrating fiscal policy, over-optimism about long-term growth could contribute to excessive deficits and debt buildup.
This book aims to answer a number of important questions. To what extent have European countries converged or diverged with EU-wide economic and social indicators over the past 20 years? What have been the drivers of convergence? Why do some countries lag behind, while others experience continuous upward convergence? Why are these trajectories not always linear? Particular attention is paid to the role of institutions, actors and industrial relations – focusing on the resources and strategies of governments, employers and trade unions – in nudging EU countries onto an upward convergence path.
The Eastern Enlargement of the EU identifies the major fiscal challenges facing Central European countries on the road to European Union accession. The Introduction and three other chapters are on broad macro-economic issues, and four `sectoral' chapters follow these on such questions as the fiscal impact of pensions, health reform, taxation and agricultural policies. A comprehensive analysis of tax systems and of the major elements of public social expenditures (pensions and health care systems) is presented. This analysis helps to identify the key factors determining the present size of governments and the need for, and prospects of, fiscal adjustment. In addition, a comparison of fiscal policy is carried out, followed by a long-term fiscal projection until year 2010. The book is relevant to academics in macroeconomics, European studies and transition economics, as well as in public finance and public policy sciences. It should also appeal to a significant professional audience. Policy makers and economists interested in the accession process in EU countries - at ministries, National Banks, research departments of banks, international organizations (the EU Commission, World Bank, IMF, OECD) - will have a strong interest in this book.
Fiscal rule frameworks have evolved significantly in response to the global financial crisis. Many countries have reformed their fiscal rules or introduced new ones with a view to enhancing the credibility of fiscal policy and providing a medium-term anchor. Enforcement and monitoring mechanisms have also been upgraded. However, these innovations have made the systems of rules more complicated to operate, while compliance has not improved. The SDN takes stock of past experiences, reviews recent reforms, and presents new research on the effectiveness of rules. It also proposes guiding principles for future reforms to strike a better balance between simplicity, flexibility, and enforceability. Read the blog
With an increase in global competition among universities and national higher education systems, educational programs desire to offer compatible content without losing their competitive advantage. Because of this balance, the issue of convergence, along with its benefits and limits, has emerged. Handbook of Research on Trends in European Higher Education Convergence aims to identify the indicators that meet the consensus of the academic community and higher education management experts. Analyzing the recognized trends within the publication and concluding which measures should be taken to improve convergence pace and avoid potential pitfalls; this reference book is a useful resource for academics and students, as well as specialists, policy makers, and professionals connected with the educational sector.