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Mihai LĂCĂTUŞ - GDP as a Means, Not an End: Inequality as the Missing Variable in Fiscal Policy Design – A 60-Country Analysis of Economic Growth and Subjective Well-Being

Articles on Issue Theme

Cristian PĂUN

Academia de Studii Economice din Bucureşti

Integration into the European Monetary Union (EMU) and adoption of Euro became a specific objective for Eastern European Countries after their accession into the European Union. This objective implies specific nominal and real economic convergence for these countries within a given period of time (Copenhagen criteria). Nominal convergence measurement is based on well-defined system of economic indicators (Maastricht and Amsterdam criteria). Real convergence refers to real economic performance of a country and it is commonly associated with GDP growth rate and productivity level. From a closer look we can see that real and nominal convergence could be considered as being complementary. Tensions between real and nominal convergence are revealed through Balassa-Samuelson Effect. In this paper it is analyzed the evolution of nominal and real convergence based on a proposed set of indicators and it is estimated Balassa-Samuelson Effect on non-Euro countries.

ŒCONOMICA no. 1/2009

Keywords: nominal convergence, real convergence, euro adoption, European Monetary Union, Balassa - Samuelson Effect

JEL: E17, F36

An empirical estimation of Balassa-Samuelson Effect in case of Eastern European Countries

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