Prague Economic Papers 2002, 11(4):291-317 | DOI: 10.18267/j.pep.199

Convergence process of central and eastern european countries toward the european union as measured by macroeconomic polygons

Vladimír Nachtigal1, Martin Srholec2, Vladimír Tomšík2, Markéta Votavová2
1 Na Folimance 13, CZ - 120 00 Prague 2.
2 University of Economics, 4, W. Churchill Sq., CZ - 130 67 Prague 3 (e-mail: vladimir.tomsik@newton.cz; m.votavova@centrum.cz; martin.srholec@newton.cz).

The article analyses the economic development of transition economies (the CR, Hungary, Poland, Slovakia and Slovenia) in the nineties by means of the original graphical method based on a multidimensional view, with the intention to assess convergence or divergence of their economic level vis-a-vis the average level of the EU countries. The polydimensional aspect is based in the first step on four basic objectives of economic policy depicted by the macroeconomic (magic) tetragon. In the second step, an each quadrant of the magic tetragon is extended by six detailed indicators to get a multidimensional convergence polygon. The polygon framework allowed carrying out more detailed analysis of the convergence process. The detailed results of the multidimensional convergence analysis varied across individual countries and over time; the time path of these differences partly reflected the uneven progress in macroeconomic stabilization and recovery of economic growth.

Keywords: European Union, convergence, macroeconomic (magic) tetragon, macroeconomic (magic) polygon, transformation process
JEL classification: B49, E20, E31, E61, O11, O57

Published: January 1, 2002  Show citation

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Nachtigal, V., Srholec, M., Tomšík, V., & Votavová, M. (2002). Convergence process of central and eastern european countries toward the european union as measured by macroeconomic polygons. Prague Economic Papers, 11(4), 291-317. doi: 10.18267/j.pep.199
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