Has COVID-19 pandemic crisis changed the EU convergence patterns?
| Autor: | Raica Milićević, Magdalena Radulescu, Vladimir Mihajlović, Aleksandra Fedajev, Zahid Yousaf, Ana Gabriela Babucea |
|---|---|
| Jazyk: | angličtina |
| Rok vydání: | 2022 |
| Předmět: |
Economics and Econometrics
Coronavirus disease 2019 (COVID-19) Economic growth development planning International trade Business activities Eu countries pandemic crisis Regional economics. Space in economics 0502 economics and business Pandemic Economics 050207 economics Pandemic crisis convergence the EU Shannon entropy index cluster analysis 050208 finance business.industry 05 social sciences 1. No poverty Convergence (economics) shannon entropy index restrict HT388 8. Economic growth HD72-88 the eu business |
| Zdroj: | Economic research-Ekonomska istraživanja Volume 35 Issue 1 Ekonomska Istraživanja, Vol 0, Iss 0, Pp 1-30 (2021) |
| ISSN: | 1848-9664 1331-677X |
| Popis: | Due to the Covid-19 pandemic, governments across the EU countries had to introduce measures to close the borders, restrict the movement of people, and suspend business activities in nonessential sectors. These restrictions threatened to result in the worst economic shock since the Great Depression of the 1930s. This situation forced the EU leaders to quickly implement urgent measures in the form of stimulating packages in order to avoid a catastrophic economic collapse. The measures, however, have been implemented without coordination and insufficiently considering the solidarity principle among the Member States, which is one of the EU basic principles. In that way, the already existing gap in development among the EU economies has become even more pronounced, which will certainly have an impact on the convergence process in the EU. In that sense, this paper is aimed at analyzing the convergence process among the EU economies during the period from 2004 to 2020 and comparing differences among the EU member states during the pandemic crisis (in 2020) and the global economic crisis (in 2008). To define the policy recommendations for overcoming the crisis and for obtaining a satisfactory level of real convergence and nominal convergence, Hierarchical Agglomerative Clustering (HAC) was performed on the data for 2020 and five clusters were derived. |
| Databáze: | OpenAIRE |
| Externí odkaz: |
|