By Anastasios Karasavvoglou, Persefoni Polychronidou
The area is altering speedily. the worldwide monetary situation has known as into query the political judgements which were made through all international locations for many years and has ended in a re-formulation of instruments and goals. alterations to the recent scenario are worthwhile and entail huge financial and social bills. The Balkan and Black Sea region is a crucial reference element for the eu and worldwide economic climate. therefore, the learn of the industrial improvement within the sector is of significant curiosity, enticing politicians and scientists alike. lower than this framework, the problem of the relation among the area’s nations and the E.U., the position of the banking procedure and the significance of the first area of the financial system as a massive developmental issue for the nations’ economies are of significant importance.
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Additional resources for Balkan and Eastern European Countries in the Midst of the Global Economic Crisis
First of all, we create the variable dit and we determine a model for every country based on the relation (7). We estimate several models including dummy variables in order to reach the appropriate number of time trends t variables by means of AIC. Next, we calculate the rk index and in conjunction with the estimated coefficients of the time trends we perform a Wald test to conclude over the existence of convergence. Table 1 summarizes the chosen polynomial order of time trend variables, the average slopes, the results of the convergence test based on the output gap values and the period examined: The findings for Slovenia and Greece indicate convergence for both countries since they present a positive average slope and the Wald tests suggest the rejection of the null hypothesis of no convergence.
Its macroeconomic stability was achieved after 1996 and managed to record a positive growth rate in 2010. Greece. Greece is the country with the longest history in Balkans. Right after the world war, Greece joined NATO2 and since then was settled the basis of its economic stabilization. During the period 1953–1972 the Greek economy developed rapidly and structured within international events. In 1981, Greece joined the European Community (EC) being the tenth member and the first among the Mediterranean countries after Italy.
It keeps on having one of the lowest per capita GDP in Europe. Regarding the economic structure, services’ sector has the largest share in GDP while industry follows with textiles, iron, and steel being the basic exports goods. Agriculture represents only a small part of GDP though wine and vegetables are significant export goods. Its macroeconomic stability was achieved after 1996 and managed to record a positive growth rate in 2010. Greece. Greece is the country with the longest history in Balkans.
Balkan and Eastern European Countries in the Midst of the Global Economic Crisis by Anastasios Karasavvoglou, Persefoni Polychronidou