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Empirical evidence on convergence across the PIIGS member states of the Euro-zone

Empirical evidence on convergence across the PIIGS member states of the Euro-zone This paper investigates unconditional convergence of major economic variables across the Euro-zone member states of Portugal, Ireland, Italy, Greece and Spain over the last 30 years. The criteria used for investigating convergence are β-convergence, σ-convergence, and time-series-convergence. The findings show that the unemployment rate, the budget deficit, and the general government gross debt do not converge, but the GDP growth rate, the labour productivity growth rate, the prices inflation rate, and the wages inflation rate converge across the five Euro-zone member states. The findings show that the speed of convergence varies depending on the period of under review (the pre-Maastricht Treaty decade, the post-Maastricht Treaty decade, and the decade after the initiation of the Euro-zone). http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Sustainable Economy Inderscience Publishers

Empirical evidence on convergence across the PIIGS member states of the Euro-zone

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Publisher
Inderscience Publishers
Copyright
Copyright © Inderscience Enterprises Ltd. All rights reserved
ISSN
1756-5804
eISSN
1756-5812
DOI
10.1504/IJSE.2014.063183
Publisher site
See Article on Publisher Site

Abstract

This paper investigates unconditional convergence of major economic variables across the Euro-zone member states of Portugal, Ireland, Italy, Greece and Spain over the last 30 years. The criteria used for investigating convergence are β-convergence, σ-convergence, and time-series-convergence. The findings show that the unemployment rate, the budget deficit, and the general government gross debt do not converge, but the GDP growth rate, the labour productivity growth rate, the prices inflation rate, and the wages inflation rate converge across the five Euro-zone member states. The findings show that the speed of convergence varies depending on the period of under review (the pre-Maastricht Treaty decade, the post-Maastricht Treaty decade, and the decade after the initiation of the Euro-zone).

Journal

International Journal of Sustainable Economy – Inderscience Publishers

Published: Jan 1, 2014

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