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Converging European Transitions

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  • Jorge Braga de Macedo

Abstract

Expectations of a broader convergence of living standards worldwide have spread at the same time as emerging markets and mature democracies seek to attract foreign investment in order to accelerate economic growth. In this increasingly competitive global environment, the protection of property rights becomes a convergence criterion, together with openness to international markets for goods, services and assets, and a stable macroeconomy. In the EU, multilateral surveillance procedures and convergence programmes have been implemented to facilitate progress towards a medium-term orientation of macroeconomic policy. These practices may also provide benchmarks for emerging markets, blurring the difference between “transition” and “development”: in particular, they define “converging European transitions” for EU applicants. Given that emerging economies have experienced a substantial fall in their perceived standards of living after the financial crises of 1997-99, the ability to ... Les attentes d’une plus grande convergence des niveaux de vie se sont répandues dans toutes les régions du monde, alors même que les marchés émergents et les vieilles démocraties s’efforcent d’attirer l’investissement étranger pour accélérer leur croissance économique. Dans cet environnement mondial de plus en plus concurrentiel, la protection des droits de propriété devient un critère de convergence, parallèlement à l’ouverture des marchés internationaux des biens, des services et des capitaux, et à la stabilité macroéconomique. Au sein de l’Union européenne, des procédures de surveillance multilatérale et des programmes de convergence ont été mis en place afin de faciliter les progrès vers une orientation à moyen terme de la politique macro-économique. Ces initiatives fournissent également des repères aux marchés émergents, gommant la différence entre économies « en transition » et « en développement » : elles définissent en particulier « des processus européens de transition ...
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Suggested Citation

  • Jorge Braga de Macedo, 2000. "Converging European Transitions," The World Economy, Wiley Blackwell, vol. 23(10), pages 1335-1365, October.
    • Handle: RePEc:bla:worlde:v:23:y:2000:i:10:p:1335-1365
    DOI: 10.1111/1467-9701.00334
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    Cited by:

    1. repec:spo:wpecon:info:hdl:2441/10184 is not listed on IDEAS
    2. Thierry Mayer, 2006. "Policy Coherence for Development: A Background Paper on Foreign Direct Investment," OECD Development Centre Working Papers 253, OECD Publishing.
    3. István Benczes, 2001. "Stability Pact for Hungary? Rise of Third Generation Reforms," CERT Discussion Papers 0103, Centre for Economic Reform and Transformation, Heriot Watt University.
    4. Csaba, László, 2006. "A stabilitási és növekedési egyezmény új politikai gazdaságtanáról [On the new political economy of the Stability and Growth Pact]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(1), pages 1-30.
    5. Dominick Salvatore, 2001. "The Problems of Transition, EU Enlargement, and Globalization," Empirica, Springer;Austrian Institute for Economic Research;Austrian Economic Association, vol. 28(2), pages 137-157, June.
    6. Pedro Lains, 2008. "The Portuguese Economy in the Irish Mirror, 1960–2004," Open Economies Review, Springer, vol. 19(5), pages 667-683, November.
    7. repec:hal:spmain:info:hdl:2441/10184 is not listed on IDEAS
    8. repec:spo:wpmain:info:hdl:2441/10184 is not listed on IDEAS
    9. repec:hal:wpspec:info:hdl:2441/10184 is not listed on IDEAS

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