Politická ekonomie 2021, 69(5):571-594 | DOI: 10.18267/j.polek.1327

Real Convergence in EU: Is There a Difference Between the Effects of the Pandemic and the Global Economic Crisis?

Aleksandra Fedajev ORCID...a, Magdalena Radulescu ORCID...b, Ana-Gabriela Babucea ORCID...c, Vladimir Mihajlovic ORCID...d
a University of Belgrade, Technical Faculty in Bor, Republic of Serbia
b University of Pitesti, Faculty of Economic Sciences, Romania
c Constantin Brancusi University of Targu Jiu, Faculty of Economics, Romania
d University of Kragujevac, Faculty of Economics, Republic of Serbia

This paper aims to shed some light on the real convergence process among EU economies in the context of the COVID-19 pandemic crisis in comparison to the real convergence in 2008, when the last financial crisis erupted. According to entropy method results, the most pronounced difference between effects of the current pandemic and the global financial crisis are registered in the unemployment rate, while the difference in the current account balance and GDP per capita are much less noticeable. The results of the entropy method also suggest that the greatest difference among EU economies in 2020 is registered in the current account deficits; a slightly lower difference is registered in the unemployment rate, while the divergence in GDP is much less pronounced. To explain the results of the entropy method, a hierarchical cluster analysis is performed and three clusters are derived. Based on the identified characteristics of the derived clusters, some policy recommendations for overcoming the current crisis are defined.

Keywords: Pandemic crisis, convergence, EU, entropy method, cluster analysis
JEL classification: A12, E61, E63, R12

Vloženo: 14. říjen 2020; Revidováno: 26. červen 2021; Přijato: 16. červenec 2021; Zveřejněno: 22. říjen 2021  Zobrazit citaci

ACS AIP APA ASA Harvard Chicago Chicago Notes IEEE ISO690 MLA NLM Turabian Vancouver
Fedajev, A., Radulescu, M., Babucea, A., & Mihajlovic, V. (2021). Real Convergence in EU: Is There a Difference Between the Effects of the Pandemic and the Global Economic Crisis? Politická ekonomie, 69(5), 571-594. doi: 10.18267/j.polek.1327
Stáhnout citaci
  • BibTeX (.bib)
  • Bookends (.ris)
  • EasyBib (.ris)
  • EndNote (.enw)
  • EndNote 8 (.xml)
  • ISI WoS (.isi)
  • Medlars (.medlars)
  • Mendeley (.ris)
  • MODS (.xml)
  • Papers (.ris)
  • RefWorks (.txt)
  • RefManager (.ris)
  • RIS (.ris)
  • MS Word (.xml)
  • Zotero (.ris)
    • Zobrazit celý článek

    Reference

    1. Albu, L. L. (2012). Structural Convergence in European Union. Annals-Economy Series, Constantin Brancusi University, Faculty of Economics, 4, 1-10.
    2. Alcidi, C., Núñez Ferrer, J., Di Salvo, M., et al. (2018). Income Convergence in the EU: A Tale of Two Speeds. CEPS Commentary, 9, 1-7.
    3. Arce, Ó., Kataryniuk, I., Marín, P., et al. (2020). Thoughts on the Design of a European Recovery Fund. Madrid Banco de España. Occasional Paper No. 2014, https://doi.org/10.2139/ssrn.3611597 Přejít k původnímu zdroji...
    4. Bacher, J. (2002). Cluster Analysis. Script. Nuremberg. Available at: https://www.clusteranalyse.net/sonstiges/zaspringseminar2002/lecturenotes.pdf
    5. Bisciari, P., Essers, D., Vincent, E. (2020). Does the EU Convergence Machine Still Work, and How will the Covid-19 Crisis Impact It? SUERF. Policy Note Issue No. 172. Available at: https://www.suerf.org/policynotes/14129/does-the-eu-convergence-machine-still-work-and-how-will-the-covid-19-crisis-impact-it
    6. Cieślik, A., Wciślik, D. R. (2020). Convergence among the CEE-8 Economies and Their Catch-up Towards the EU-15. Structural Change and Economic Dynamics, 55, 39-48, https://doi.org/10.1016/j.strueco.2020.07.006 Přejít k původnímu zdroji...
    7. Coutinho, L., Turrini, A. (2020). Real Convergence Across the Euro Area. Intereconomics, 55(5), 301-311, https://doi.org/10.1007/s10272-020-0920-2 Přejít k původnímu zdroji...
    8. Czyż, T., Hauke, J. (2015). Entropy in Regional Analysis. Quaestiones Geographicae, 34(4), 69-78, https://doi.org/10.1515/quageo-2015-0037 Přejít k původnímu zdroji...
    9. Despotović, D., Durkalić, D. (2017). Analysis of Budget Deficit in the Candidate Countries for EU Membership. Serbian Journal of Management, 12(2), 237-253, https://doi.org/10.5937/sjm12-14122 Přejít k původnímu zdroji...
    10. Diaz del Hoyo, J. L., Dorrucci, E., Heinz, F. F., et al. (2017). Real Convergence in the Euro Area: A Long-term Perspective. Frankfurt European Central Bank. ECB Occasional Paper Series No. 203. Přejít k původnímu zdroji...
    11. Durkalić, D., Fedajev, A., Furtula, S., et al. (2019). The Measurement of Real Convergence in the EU-28 by Using the Entropy Method 1. Ekonomicky Casopis, 67(7), 698-724. Přejít k původnímu zdroji...
    12. Ferreiro, J., Gálvez, C., Gómez, C., et al. (2017). Economic Crisis and Convergence in the Eurozone Countries. Panoeconomicus, 64(2), 223-244, https://doi.org/10.2298/pan1702223f Přejít k původnímu zdroji...
    13. IMF (2020). World Economic Outlook Database (April 2020 Edition). Washington, D.C.: IMF. Available at: https://www.imf.org/external/pubs/ft/weo/2020/01/weodata/index.aspx
    14. König, M., Winkler, A. (2020). COVID-19 and Economic Growth: Does Good Government Performance Pay Off? Intereconomics, 55(4), 224-231, https://doi.org/10.1007/s10272-020-0906-0 Přejít k původnímu zdroji...
    15. Malliaris, A. G., Malliaris, M. (2020). The Impact of the Twin Financial Crises. Journal of Policy Modeling, 42(4), 878-892, https://doi.org/10.1016/j.jpolmod.2020.03.011 Přejít k původnímu zdroji...
    16. Mayer, T., Schnabl, G. (2020). Post-COVID-19 EMU: Economic Distancing by Parallel Currencies. Intereconomics, 55(6), 387-391, https://doi.org/10.1007/s10272-020-0939-4 Přejít k původnímu zdroji...
    17. Mihaela, B. S. (2013). Improvements in Assessing the Forecasts Accuracy-a Case Study for Romanian Macroeconomic Forecasts. Serbian Journal of Management, 8(1), 53-65, https://doi.org/10.5937/sjm8-3235 Přejít k původnímu zdroji...
    18. Młynarzewska-Borowiec, I. (2017). Neoclassical and Technological Catching-up as the Channels of the Real Convergence Process in the European Union. International Journal of Business and Economic Sciences Applied Research (IJBESAR), 10(2), 7-18, https://doi.org/10.25103/ijbesar.102.01 Přejít k původnímu zdroji...
    19. Simionescu-Bratu, M. (2014) The Economic Convergence in European Union Based on Concentration and Entropy Approach. EuroEconomica, 33(1), 31-42.

    Tento článek je publikován v režimu tzv. otevřeného přístupu k vědeckým informacím (Open Access), který je distribuován pod licencí Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License (CC BY NC ND 4.0), která umožňuje nekomerční distribuci, reprodukci a změny, pokud je původní dílo řádně ocitováno. Není povolena distribuce, reprodukce nebo změna, která není v souladu s podmínkami této licence.


    Zpět na obsah