Real Convergence in Malta and in the EU Countries after the Financial Crisis

• 발행기관: 세종대학교 경제통합연구소
• 저자명: Brian Micallef
• 간행물 정보: 『Journal of Economic Integration』제35권 제2호, 215~239쪽, 전체 25쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2020.06.30

영문 초록

Strong economic growth after the 2008-2009 financial crisis led to a rapid rate of real convergence in Malta. This article compares Malta’s real convergence process with that of other EU27 economies post-financial crisis. A growth accounting framework is used to decompose the sources of growth and convergence from a supply-side perspective. The EU evidence of convergence is mixed. Malta’s convergence since 2010 was driven by a higher utilization of labor. The cross-country comparison identifies three important lessons for a country’s convergence process: one, the perils associated with rapid growth driven by the accumulation of imbalances; two, the need for a flexible adjustment process following an economic shock; and three, EU and euro area memberships are no panacea for real convergence, without institutions that are conducive to technological adoption and productivity growth.

목차

I. Introduction

II. Literature Review

III. Heterogeneity in EU Countries

IV. Methodology

V. Results

VI. Conclusion

키워드

Real Convergence Labor Productivity Labor Utilization Malta EU