Published in Romanian Journal of Economic Forecasting,
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Real convergence is an essential objective of Romania's
integration into the EU. Bridging the development gaps between Romania and the
EU as soon as possible cannot be achieved exclusively through market forces,
since they rather tend to cause divergence and polarization. For this purpose,
special tools and mechanisms are required; e.g., cohesion. The study deals with
the economic convergence of the European countries, and especially the
convergence of the CEE countries, including Romania. Models are used to assess
the economic growth, approximate the period of real convergence of Romania to
the EU, as well as to estimate the σ- and β-convergence, and the main
shortcomings of the last indicator.
Second part comprises some models and evidence of the economic growth and convergence.
Real convergence, divergence, regression method, return to capital, σ-convergence, β-convergence
JEL Classification: C4, C5, F15, F43, F47, O41, O52, O57