Theoretical and Applied Economics
No. 4 / 2019 (621), Winter
Expanding the Eurozone. The stage of economic convergence for Bulgaria, Czech Republic, Croatia, Hungary, Poland and Romania
“Costin C. Kiriţescu” National Institute for Economic Research, Romanian Academy, Romania
Abstract. Before the economic crisis started in 2009, joining the Eurozone was mainly conditioned by meeting the nominal convergence criteria. Because of the problems faced by the Eurozone member states during the crisis, the European institutions implemented a series of measures aimed at increasing the resilience of the Eurozone, and thus the conditions for new candidates became more and more difficult. Gradually, they imposed conditions related to reaching a high level of real convergence, maintaining macroeconomic balance, and, more recently, joining the Banking Union, at the same time as joining the Exchange Rate Mechanism II. The sustainability of the nominal convergence criteria depends on a high level of real convergence and on sound macroeconomic indicators that would not generate macroeconomic imbalance. Based on the above, this paper touches on these aspects for the following six European Union member states, which stand to adopt the euro: Bulgaria, Czech Republic, Croatia, Hungary, Poland and Romania.
Keywords: Convergence criteria, Euro area, GDP per capita, Romania, CESEE EU Member States.
Contents
- Expanding the Eurozone. The stage of economic convergence
for Bulgaria, Czech Republic, Croatia, Hungary,
Poland and Romania
Iulian Nicolae VASILOIU
- Volatility experience of major world stock markets
M. MALLIKARJUNA
R. Prabhakara RAO
- Unemployment hysteresis analysis for OECD countries
Muhammed TIRAŞOĞLU
- Culture as a driving factor for foreign direct investments
in the Western Development Region of Romania
Norbert FÖLDI
- A Deep Neural Network (DNN) based classification model
in application to loan default prediction
Selçuk BAYRACI
Orkun SUSUZ
- The new Keynesian Phillips Curve.
Implications. Strengths and weaknesses
Rareș-Petru MIHALACHE
Dumitru Alexandru BODISLAV
- Corporate ownership structure and performance:
An enquiry into India
Pradiptarathi PANDA
Jinesh PANCHALI
- Turkey’s macroeconomic policy challenges
in the aftermath of the 2018 crisis:
A sectoral financial balances analysis
Sashi SIVRAMKRISHNA
Dhruva Teja NANDIPATI
- Main aspects on the nature of dynamic models
Constantin ANGHELACHE
Dana Luiza GRIGORESCU
Oana BÎRSAN
- An analyses model
of the Romanian privately managed pension system
Dragoș Alexandru HAȘEGAN
- Dynamic models used in analysis capital and population
Mădălina-Gabriela ANGHEL
Ștefan Virgil IACOB
Gabriel-Ștefan DUMBRAVĂ
Marius POPOVICI
- Poverty rate determinants
in the Central and Eastern Europe member states
Maria-Daniela TUDORACHE
- Wagner versus Keynesian Hypothesis:
Role of aggregate and disaggregate expenditure in Pakistan
Kashif MUNIR
Wajid ALI
- GARCH based VaR estimation:
An empirical evidence from BRICS stock markets
Siva Kiran GUPTHA. K
Prabhakar RAO. R
- Does FDI substitute exports of home country?
A case of US FDI in select Asian economies
Ketan C. LIMAYE
Achut P. PEDNEKAR
- Exploring the role of institutions
in cross country Malmquist productivity analysis:
A two-stage double bootstrap DEA approach
Danish Ahmed SIDDIQUI
Qazi Masood AHMED
- The validity of Okun’s Law:
Evidences from Indian economy
Tariq Ahmad BHAT
Tariq Ahmad LONE
Towseef Mohi Ud DIN