<abstract xmlns="http://www.w3.org/1999/xhtml">

<p>Despite the significant academic interest in the economic cohesion, the various aspects of convergence and the ways they can be measured still remain theoretically unclear. These are issues of extreme political significance, especially for countries aspiring for EU and euro area membership. The goal of this paper is to consolidate a variety of theoretical views on the convergence and its measurement and use it as the basis to assess the progress and the current state of economic convergence to the EU of the four candidate countries. The interrelation between the three forms of convergence in the different phases of the economic cycle is studied and the slobs in the ways the convergence is measured are outlined. The study reveals large differences between the candidate countries in achieving convergence with the EU. Their experiences do not confirm the positive relationship between nominal and real convergence. The structural convergence considered as convergence of sectoral structure has but little impact on the real convergence.</p>
</abstract>

Despite the significant academic interest in the economic cohesion, the various aspects of convergence and the ways they can be measured still remain theoretically unclear. These are issues of extreme political significance, especially for countries aspiring for EU and euro area membership. The goal of this paper is to consolidate a variety of theoretical views on the convergence and its measurement and use it as the basis to assess the progress and the current state of economic convergence to the EU of the four candidate countries. The interrelation between the three forms of convergence in the different phases of the economic cycle is studied and the slobs in the ways the convergence is measured are outlined. The study reveals large differences between the candidate countries in achieving convergence with the EU. Their experiences do not confirm the positive relationship between nominal and real convergence. The structural convergence considered as convergence of sectoral structure has but little impact on the real convergence.

Nominal, Structural and Real Convergence of the EU Candidate Countries’ Economies

Journal of Central Banking Theory and Practice

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

Despite the significant academic interest in the economic cohesion, the various aspects of convergence and the ways they can be measured still remain...

Nominal, Structural and Real Convergence of the EU Candidate Countries’ Economies

Published Online: Sep 06, 2021

Page range: 59 - 78

Received: Jun 13, 2020

Accepted: Oct 27, 2020

DOI: https://doi.org/10.2478/jcbtp-2021-0024

Keywords
economic convergence, candidate countries, macroeconomic imbalances

© 2021 Daniela Bobeva, published by Sciendo

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

Nominal, Structural and Real Convergence of the EU Candidate Countries’ Economies

Published Online: Sep 06, 2021

Page range: 59 - 78

Received: Jun 13, 2020

Accepted: Oct 27, 2020

DOI: https://doi.org/10.2478/jcbtp-2021-0024

Keywordseconomic convergence, candidate countries, macroeconomic imbalances

© 2021 Daniela Bobeva, published by Sciendo

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

Keywords
economic convergence, candidate countries, macroeconomic imbalances