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Economic Convergence in the Euro Area: Coming Together or Drifting Apart?
Mr.Jeffrey R. FranksMs.Bergljot B BarkbuMr.Rodolphe BlavyWilliam OmanHanni Schoelermann
出版International Monetary Fund, 2018-01-23
主題Business & Economics / Economics / MacroeconomicsBusiness & Economics / InflationBusiness & Economics / Exports & Imports
ISBN14843387829781484338780
URLhttp://books.google.com.hk/books?id=aDoYEAAAQBAJ&hl=&source=gbs_api
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註釋We examine economic convergence among euro area countries on multiple dimensions. While there was nominal convergence of inflation and interest rates, real convergence of per capita income levels has not occurred among the original euro area members since the advent of the common currency. Income convergence stagnated in the early years of the common currency and has reversed in the wake of the global economic crisis. New euro area members, in contrast, have seen real income convergence. Business cycles became more synchronized, but the amplitude of those cycles diverged. Financial cycles showed a similar pattern: sychronizing more over time, but with divergent amplitudes. Income convergence requires reforms boosting productivity growth in lagging countries, while cyclical and financial convergence can be enhanced by measures to improve national and euro area fiscal policies, together with steps to deepen the single market.