Club Convergence in EU Countries: A Sectoral Perspective
نویسندگان
چکیده
We employ Phillips and Sul’s (2007) nonlinear dynamic factor model to investigate whether economic integration within the EU has caused countries’ productive structures become increasingly similar sector-level productivity converge over period 1995-2018. This analysis provides several results. First, countries do not a unique path; instead, we observe clustered patterns for aggregate growth. Second, although successful in global production networks enabled most Central-Eastern European catch up other countries, asymmetries have increased following recent financial crisis. Third, heterogeneity long-run levels reflects differences their vertical specialization; approaching high-growth paths specialize knowledge-intensive production, foreign value-added content of exports is lower. Our relevant ongoing debate on effects internationalizing as it sheds light growth prospects indicates possible directions policy actions.
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ژورنال
عنوان ژورنال: Journal of Economic Integration
سال: 2021
ISSN: ['1225-651X', '1976-5525']
DOI: https://doi.org/10.11130/jei.2021.36.1.125