Suchergebnisse

This book analyzes the economic performance of the EU in the first five years after its largest expansion in 2004. Accession and integration were expected to foster growth and convergence among the new Member States through intensified trade, foreign direct investment, financial deepening and the adoption of the EU`s institutional framework. With the benefit of five years experience, this book brings together experts from academia and think-tanks to assess the driving forces of economic growth and real convergence. The question whether the EU has made a difference in terms of growth is studied thoroughly from various angles, including that of country-specific and sector-specific analysis. It is shown that while the enlargement has been a success story overall, growth and catching-up cannot be taken for granted and the importance of economic policy remains undiminished. TOC:1. Introduction.- 2 .Trade and Foreign Direct Investments in an Enlarged EU: Opportunities and Challenges.- 3. Migration in an Enlarged EU: Solution or Problem for Labour Market Woes and Cash-Strapped Social Security systems?- 4. Financial Integration and Stability in an Enlarged EU.- 5. Integration, Openness and Growth: Did Accession Make a Difference?- 6. Index.

ABSTRACTIn recent years, fiscal performance in Central Europe has steadily deteriorated, in contrast to the improvement in the Baltics. This paper explores the determinants of such differences among countries on the path to European Union (EU) accession. Regression estimates suggest that economic and institutional fundamentals do not provide a full explanation. An alternative explanation lies in the political economy of the accession process, and a game‐theoretic model illustrates why a country with a stronger bargaining position might have an incentive to deviate from convergence to the Maastricht criteria. The model generates alternative fiscal policy regimes – allowing for regime shifts – depending on country characteristics and EU policies.