Club Convergence in EU Countries: A Sectoral Perspective

• 발행기관: 세종대학교 경제통합연구소
• 저자명: Eleonora Cavallaro Ilaria Villani
• 간행물 정보: 『Journal of Economic Integration』제36권 제1호, 125~161쪽, 전체 37쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2021.03.31

영문 초록

We employ Phillips and Sul’s (2007) nonlinear dynamic factor model to investigate whether economic integration within the EU has caused countries’ productive structures to become increasingly similar and sector-level productivity to converge over the period 1995-2018. This analysis provides several results. First, the EU countries do not converge to a unique path; instead, we observe clustered patterns for aggregate and sector-level productivity growth. Second, although successful integration in global production networks enabled most Central-Eastern European countries to catch up to other EU countries, asymmetries have increased following the recent financial crisis. Third, the heterogeneity in countries’ long-run productivity levels reflects differences in their vertical specialization; countries approaching the high-growth paths specialize in knowledge-intensive production, and the foreign value-added content of their exports is lower. Our analysis is relevant to the ongoing debate on the effects of internationalizing production, as it sheds light on countries’ growth prospects and indicates possible directions for policy actions.

목차

Ⅰ. Introduction

Ⅱ. Data and Methodology

Ⅲ. Long-Run Growth in the EU: Productivity Convergence Clubs at the Aggregate Level

Ⅳ. Long-Run Growth in the EU: Real Per Capita Income Clubs at the Sector Level

Ⅴ. Has Economic Integration Led to Real Income Convergence in Europe?

Ⅵ. Conclusion

키워드

Club convergence Dynamic factor model Economic integration Vertical specialization Global value chain