Drivers of Convergence in Eleven Eastern European Countries

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collection.link.5
https://openknowledge.worldbank.org/handle/10986/9
collection.name.5
Policy Research Working Papers
dc.contributor.author
Cuaresma, Jesus Crespo
dc.contributor.author
Oberhofer, Harald
dc.contributor.author
Smits, Karlis
dc.contributor.author
Vincelette, Gallina A
dc.date.accessioned
2013-01-02T20:06:39Z
dc.date.available
2013-01-02T20:06:39Z
dc.date.issued
2012-08
dc.date.lastModified
2017-12-14T05:37:49Z
dc.description.abstract
This paper investigates the drivers of growth and prosperity in a group of eleven European countries -- Bulgaria, Croatia, the Czech Republic, Estonia, Hungary, Latvia, Lithuania, Poland, Romania, Slovenia, and Slovakia (the EU11). Since the EU11 began the transformation process, this group of emerging countries has made impressive strides as developing market economies and is anchoring development in European Union institutions. There are reasons to believe that the convergence of EU11 income per capita to Western European levels will continue, but will proceed more slowly. The paper concludes that trade and financial integration have sped along at a spectacular pace in the EU11 in the recent past, although trade in modern services and the integration of government bond and equity markets are somewhat behind. As in the rest of Europe, demographic developments will pose huge challenges for the sustainability of public finance in the EU11 economies. In the next several decades, the EU11 labor force is expected to contract more than labor forces in the rest of the European Union, making it even more urgent that countries in the region reform pension systems, change migration policy, and find incentives to attract talent to the region. Closing the gap with the rest of the European Union in educational attainment levels and improving education quality might significantly soften the constraints imposed by the demographic threats and produce sizable returns in terms of additional income convergence.
en
dc.identifier
http://documents.worldbank.org/curated/en/2012/08/16658348/drivers-convergence-eleven-eastern-european-countries
dc.identifier.uri
http://hdl.handle.net/10986/12034
dc.language
English
dc.language.iso
en_US
dc.publisher
World Bank, Washington, DC
dc.relation.ispartofseries
Policy Research Working Paper; No. 6185
dc.rights
CC BY 3.0 IGO
dc.rights.holder
World Bank
dc.rights.uri
http://creativecommons.org/licenses/by/3.0/igo/
dc.subject
ACCOUNTABILITY
dc.subject
AFFILIATES
dc.subject
AVERAGE PRODUCTIVITY
dc.subject
BANKING SYSTEM
dc.subject
BANKS
dc.subject
BENCHMARK
dc.subject
BOND MARKETS
dc.subject
BRAIN DRAIN
dc.subject
BUSINESS CLIMATE
dc.subject
BUSINESS ENVIRONMENT
dc.subject
BUSINESS ENVIRONMENTS
dc.subject
BUSINESS REGULATION
dc.subject
CAPITAL ACCUMULATION
dc.subject
CAPITAL FLOW
dc.subject
CAPITAL FLOWS
dc.subject
CAPITAL INVESTMENT
dc.subject
CAPITAL INVESTMENTS
dc.subject
CIVIL SERVICE
dc.subject
COMMON MARKET
dc.subject
COMPETITIVENESS
dc.subject
CONSOLIDATION
dc.subject
CONSUMER DURABLES
dc.subject
CONSUMPTION LEVELS
dc.subject
CORPORATE GOVERNANCE
dc.subject
CROSS-BORDER TRANSACTIONS
dc.subject
DEBT
dc.subject
DEBT CRISIS
dc.subject
DEMOGRAPHIC
dc.subject
DEMOGRAPHICS
dc.subject
DEVELOPING COUNTRIES
dc.subject
DEVELOPING MARKET
dc.subject
DEVELOPMENT FINANCE
dc.subject
DEVELOPMENT POLICY
dc.subject
DIVIDENDS
dc.subject
DRIVERS
dc.subject
ECONOMETRICS
dc.subject
ECONOMIC ANALYSIS
dc.subject
ECONOMIC GROWTH
dc.subject
ECONOMIC IMPACT
dc.subject
ECONOMIC INTEGRATION
dc.subject
ECONOMIC OUTLOOK
dc.subject
ECONOMIC RESEARCH
dc.subject
ECONOMIC SURVEYS
dc.subject
ECONOMICS
dc.subject
EMERGING ECONOMIES
dc.subject
EMERGING MARKETS
dc.subject
EMPLOYMENT
dc.subject
EMPLOYMENT GROWTH
dc.subject
ENTREPRENEURSHIP
dc.subject
ENVIRONMENTAL
dc.subject
ENVIRONMENTAL POLICIES
dc.subject
EQUITY MARKETS
dc.subject
EXPORT GROWTH
dc.subject
EXPORTS
dc.subject
EXTRAORDINARY INCOME
dc.subject
FACTORS OF PRODUCTION
dc.subject
FERTILITY RATE
dc.subject
FERTILITY RATES
dc.subject
FINANCIAL CRISIS
dc.subject
FINANCIAL FLOWS
dc.subject
FINANCIAL INTEGRATION
dc.subject
FINANCIAL MANAGEMENT
dc.subject
FINANCIAL SECTOR
dc.subject
FINANCIAL SERVICES
dc.subject
FISCAL CONSOLIDATION
dc.subject
FISCAL DEFICIT
dc.subject
FOREIGN ASSETS
dc.subject
FOREIGN CAPITAL
dc.subject
FOREIGN DIRECT INVESTMENT
dc.subject
FOREIGN EXCHANGE
dc.subject
FOREIGN MARKETS
dc.subject
FOREIGN OWNERSHIP
dc.subject
FUTURE STUDIES
dc.subject
GDP
dc.subject
GDP PER CAPITA
dc.subject
GLOBAL MARKETS
dc.subject
GOVERNANCE INDICATORS
dc.subject
GOVERNMENT BOND
dc.subject
GOVERNMENT EXPENDITURES
dc.subject
GROWTH PROJECTIONS
dc.subject
GROWTH RATE
dc.subject
HOUSING
dc.subject
HUMAN CAPITAL
dc.subject
INCOME
dc.subject
INCOME LEVELS
dc.subject
INCOMES
dc.subject
INEFFICIENCY
dc.subject
INNOVATION
dc.subject
INTEREST RATE
dc.subject
INTERMEDIATE GOODS
dc.subject
INTERNATIONAL INVESTORS
dc.subject
INTERNATIONAL MARKET
dc.subject
INTERNATIONAL MARKETS
dc.subject
INVESTMENT CLIMATE
dc.subject
JOB CREATION
dc.subject
LABOR COSTS
dc.subject
LABOR FORCE
dc.subject
LABOR FORCE GROWTH
dc.subject
LABOR FORCE PARTICIPATION
dc.subject
LABOR MARKET
dc.subject
LABOR MARKET POLICIES
dc.subject
LABOR MOBILITY
dc.subject
LABOR ORGANIZATION
dc.subject
LABOR PRODUCTIVITY
dc.subject
LABOUR
dc.subject
LABOUR FORCE
dc.subject
LAWS
dc.subject
LEGAL SYSTEM
dc.subject
LIFE EXPECTANCY
dc.subject
LIQUIDITY
dc.subject
LIVING STANDARDS
dc.subject
LOCAL GOVERNMENTS
dc.subject
MARKET ECONOMIES
dc.subject
MERGERS
dc.subject
MIGRATION
dc.subject
OPEN ECONOMIES
dc.subject
OUTPUT
dc.subject
OUTSOURCING
dc.subject
PENSION
dc.subject
PENSION REFORM
dc.subject
PENSION SYSTEMS
dc.subject
PENSIONS
dc.subject
PER CAPITA INCOME
dc.subject
POLICY MAKERS
dc.subject
PORTFOLIO
dc.subject
PRIVATIZATION
dc.subject
PRODUCTIVITY
dc.subject
PRODUCTIVITY GROWTH
dc.subject
PROPERTY RIGHTS
dc.subject
PUBLIC DEBT
dc.subject
PUBLIC FINANCE
dc.subject
PUBLIC FINANCES
dc.subject
PUBLIC SERVICES
dc.subject
PURCHASING POWER
dc.subject
RAPID GROWTH
dc.subject
REAL GDP
dc.subject
RED TAPE
dc.subject
REGIONAL INTEGRATION
dc.subject
REPLACEMENT RATE
dc.subject
RETIREMENT
dc.subject
RETIREMENT AGE
dc.subject
SAVINGS
dc.subject
SAVINGS RATES
dc.subject
SHAREHOLDERS
dc.subject
SINGLE MARKET
dc.subject
SKILLED WORKERS
dc.subject
SKILLS SHORTAGES
dc.subject
SOCIAL BENEFITS
dc.subject
SOCIAL INCLUSION
dc.subject
SOCIAL PROTECTION
dc.subject
SOVEREIGN DEBT
dc.subject
SUBSIDIARIES
dc.subject
SYSTEMS ANALYSIS
dc.subject
TAX
dc.subject
TAX ADMINISTRATION
dc.subject
TECHNOLOGY TRANSFER
dc.subject
TOTAL FACTOR PRODUCTIVITY
dc.subject
TRADE BARRIERS
dc.subject
TRADE FLOWS
dc.subject
TRANSPARENCY
dc.subject
TRANSPORT
dc.subject
VALUE ADDED
dc.subject
WAGES
dc.subject
WORLD MARKETS
dc.title
Drivers of Convergence in Eleven Eastern European Countries
en
okr.crosscuttingsolutionarea
Jobs
okr.date.disclosure
2012-08-01
okr.doctype
Publications & Research :: Policy Research Working Paper
okr.doctype
Publications & Research
okr.docurl
http://documents.worldbank.org/curated/en/2012/08/16658348/drivers-convergence-eleven-eastern-european-countries
okr.globalpractice
Macroeconomics and Fiscal Management
okr.globalpractice
Social Protection and Labor
okr.globalpractice
Environment and Natural Resources
okr.globalpractice
Finance and Markets
okr.globalpractice
Trade and Competitiveness
okr.googlescholar.linkpresent
yes
okr.identifier.doi
10.1596/1813-9450-6185
okr.identifier.externaldocumentum
000158349_20120830140513
okr.identifier.internaldocumentum
16658348
okr.identifier.report
WPS6185
okr.language.supported
en
okr.pdfurl
http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2012/08/30/000158349_20120830140513/Rendered/PDF/wps6185.pdf
en
okr.region.administrative
Europe and Central Asia
okr.topic
Social Protections and Labor :: Labor Policies
okr.topic
Banks & Banking Reform
okr.topic
Private Sector Development :: Emerging Markets
okr.topic
Economic Theory and Research
okr.topic
Environmental Economics and Policies
okr.topic
Finance and Financial Sector Development
okr.topic
Macroeconomics and Economic Growth
okr.topic
Environment
okr.unit
Development Research Group (DECRG)
okr.volume
1 of 1

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