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EN
The transformation of the economies of the Central and Eastern European states was on the regional level very significantly connected with the differential tendencies. In all new EU member states there has been from the beginning of the 90s to date a continuous deepening of the regional disparities on the economic level. The regional disparities result from a number of the economic, social and geographical factors. This article is a contribution to the studies of regional differentiation in the new EU member states. The goal of this study is to clear up the actual trends and major factors of regional growth and differentiation of the new EU member states.
EN
This paper investigates the impact of quantitative and qualitative factors on the long-term sovereign credit ratings of nine countries that joined the European Union in 2004 (Czech Republic, Estonia, Hungary, Latvia, Lithuania, Malta, Poland, Slovakia, and Slovenia). Among this group, two subgroups are distinguished – euro area members and countries that pursue an independent monetary policy. The analysis is conducted for the period of 2004q1 – 2018q4, which is later divided into pre-crisis, crisis, and post-crisis sub-periods. Using a panel fixed effects model with robust standard errors, we find that the macroeconomic variables played the dominant role throughout the period under analysis, and particularly during the crisis. Moreover, the quality of governance had an important impact on the ratings in all three sub-periods. We also find that euro area membership has provided additional benefits in terms of countries’ perceived credibility.
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