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THE REAL CONVERGENCE OF CEE COUNTRIES: A STUDY OF REAL GDP PER CAPITA

100%
Zárembová A., Lyócsa Š., Baumöhl E.
Ekonomický časopis (Journal of Economics)
|
2012
|
vol. 60
|
issue 6
642 – 656
EN
The paper examines the unconditional sigma and time-series convergence of a real GDP per capita (measured in national currencies and euros) for CEE8 countries during the 1995 : Q1 – 2011 : Q1 period by applying the unit root framework using the DF-GLS test and the Lee and Strazicich (2003; 2004) test, which allows for endogenous breaks in trends and constants. We selected Germany as a benchmark country for relative real GDP per capita because of its geographical and economical position relative to all CEE8 countries. We have found that both sigma convergence and time-series convergence were present for most of the CEE8 countries prior to the breaks in trends, but after the breaks, the convergence slowed or reversed and thus indicated divergence.
2

CONVERGENCE OF NON-FINANCIAL COMPANIES’ CAPITAL STRUCTURE IN CENTRAL AND EASTERN EUROPE

72%
Krištofík P., Šlampiaková L., Fendeková J.
Ekonomický časopis (Journal of Economics)
|
2021
|
vol. 69
|
issue 3
237 – 256
EN
This paper explores the convergence of financial systems in selected CEE countries, by examining the typical capital structure, and its convergence, of their non-financial companies. It examines the sigma convergence of ratios of the most important financial liabilities to total financial liabilities. It focusses on those liabilities that constitute a significant part of total liabilities. These are equity and investment fund shares, bank loans, debt securities and trade credit. Using the Eurostat database, there is strong evidence for sigma convergence of equity and bank loans. This confirms the banking sector’s key role in continental Europe. In contrast, debt securities and trade credit show only moderate convergence. The 2008 crisis led to increased variance for debt securities and trade credit.
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