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Real Convergence of Western Balkan Countries to European Union in view of Macroeconomic Policy Mix

Author

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  • Aneta Krstevska

    (National Bank of the Republic of Macedonia, Skopje, Macedonia)

Abstract

Western Balkan (WB) countries have a clear orientation towards the European Union (EU), all of them currently being candidate or potential candidate countries. Moreover, the EU is an important trading partner of the WB economies, therefore, there is a recognizable need for convergence of this region towards the EU economy. The real convergence is a rather slow process and the WB region is still lagging behind the EU. This paper explores the catch up of the WB region during the global crisis that severely hit the EU economy, trying to identify potential changes in the convergence pace. In addition, this work makes a joint overview of the nominal and real convergence processes as well as the convergence of the general macroeconomic indicators of the WB countries to the EU, taking them as complementary and mutually self-supporting processes.

Suggested Citation

  • Aneta Krstevska, 2018. "Real Convergence of Western Balkan Countries to European Union in view of Macroeconomic Policy Mix," Journal of Central Banking Theory and Practice, Central bank of Montenegro, vol. 7(2), pages 187-202.
    • Handle: RePEc:cbk:journl:v:7:y:2018:i:2:p:187-202
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    File URL: http://www.cbcg.me/repec/cbk/journl/vol7no2-9.pdf
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    Citations

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    Cited by:

    1. Viktória ENDRŠDI-KOVà CS & Oleg TANKOVSKI, 2022. "A composite indicator for economic integration maturity: the case of Western Balkan countries," Eastern Journal of European Studies, Centre for European Studies, Alexandru Ioan Cuza University, vol. 13, pages 148-166, June.
    2. Ignacio Sacristán López-Bravo & Carlos San Juan Mesonada, 2022. "Effects of Policy Mix on European Regional Convergence," EconPol Working Paper 73, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.

    More about this item

    Keywords

    convergence; catch up; crisis; panel.;
    All these keywords.

    JEL classification:

    • F15 - International Economics - - Trade - - - Economic Integration
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O57 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Comparative Studies of Countries

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