1,138 research outputs found
European Integration, Productivity Growth and Real Convergence
This paper derives a stochastic endogenous growth model that investigates the impact of European Union integration on convergence and productivity growth. We deviate from the general strand of literature by not only deriving a theoretical model for the effects of integration on the rate of economic growth, but also by using more appropriate estimation techniques. The outcome of a series of panel and structural break tests examining the accession process of five recent members to the Union generally show improved rates of productivity growth and convergence to EU standards. We then draw from the experience of these recent members to derive implications for the first-round EU candidate countries. Subsequent tests on the first-round candidate countries find a high level of heterogeneity in growth rates, and a fast-paced convergence to EU standards.http://deepblue.lib.umich.edu/bitstream/2027.42/40043/3/wp657.pd
Simulation of multi-axis machining processes using z-mapping technique
Parameter selection in machining operations is curial for product quality and high productivity. Process parameters such as feed, spindle speed and depth of cuts are often chosen by trial-error methods. Mathematical models can be employed to predict the mechanics and the dynamics of the process. In this study, Z-mapping technique is utilized to simulate the process step by step by updating the workpiece according the given tool path where the cutter engagement areas are also determined. Using the numerical generalized process model, whole process is simulated for any milling tool geometry including intricate profiling tools, serrated cutters and tools with variable edge geometries
European integration, productivity growth and real convergence
This paper derives a stochastic endogenous growth model that investigates the impact of European Union integration on convergence and productivity growth. We deviate from the general strand of literature by not only deriving a theoretical model for the effects of integration on the rate of economic growth, but also by using more appropriate estimation techniques. The outcome of a series of panel and structural break tests examining the accession process of five recent members to the Union generally show improved rates of productivity growth and convergence to EU standards. We then draw from the experience of these recent members to derive implications for the first-round EU candidate countries. Subsequent tests on the first-round candidate countries find a high level of heterogeneity in growth rates, and a fast-paced convergence to EU standards. --
Effects of Transition and Political Instability on Foreign Direct Investment Inflows : Central Europe and the Balkans
Nominal and real stochastic convergence within transition economies and to the European Union: Evidence from panel data
This paper investigates the issue of real and nominal economic convergence of transition economies in two distinct ways: i) within their own groups as in Koèenda (2001) and ii) to the European Union (EU). We extend Koèenda’s study not only by using a more stable period (post-93) but also by employing a more recent panel estimation approach developed by Im, Pesaran, and Shin (IPS) (1997), which offers less restrictive assumptions about convergence by allowing heterogeneity in the convergence rates than previous panel unit root techniques. Relaxing the assumption of homogeneity in convergence rates yields less convergence in price level and money supply variables than reported by Koèenda. Again using the IPS method, we extend the investigation to examine the convergence of the first and second round candidate economies to EU standards. We find that the first-round candidates have made significant progress in monetary policy convergence with respect to EU and there is significant real convergence between the first round candidate economies and EU, but not for the second round candidate countries. The results have important implications for full EU membership preparations by these countries, including the choice of an optimal interim exchange rate policy. --
The Effects of Transition and Political Instability On Foreign Direct Investment Inflows: Central Europe and the Balkans
This paper examines the effect of transition and of political instability on FDI flows to the transition economies of Central Europe, the Baltics and the Balkans. We find that FDI to transition economies unaffected by conflict and political instability exceed those that would be expected for comparable West European countries. Success with stabilization and reform tends to increase FDI inflows. In the case of Balkan counties, conflict and instability have reduced FDI inflows below what one would expect for comparable West European countries, and reform and stabilization failures have further reduced FDI to the region. Thus the economic costs of instability in the Balkans have been quite high.http://deepblue.lib.umich.edu/bitstream/2027.42/40115/3/wp729.pd
The effects of transition and political instability on foreign direct investment: Central Europe and the Balkans
In this paper we estimate the effects of transition and political instability in the Eastern European and Balkan transition countries on their FDI inflows. For transition countries unaffected by political instability, FDI inflows in the 1990s were around 20 to 30% of those achieved by European market economies with similar economic characteristics. Progress with transition and reform increased transition economies’ ability to achieve their potential FDI inflows, but because of their progress in stabilization and macroeconomic performance, this transition gap was not closed very much in the 1990s. The Balkan countries also suffered additional shorfalls in FDI due to political instability. Our estimates show that these shortfalls were large. --foreign direct investment,transition,political instability,political risk
- …