Anca NOVAC
PhD, University POLITEHNICA of Bucharest, Romania
Natalia MOROIANU-DUMITRESCU (natalia.moroianu@csie.ase.ro)
PhD student, Bucharest University of Economic Studies, Romania,
Abstract
Using the classical β-convergence applied on the real income, our study proves the existence of two intra-EU regional markets, one formed by the old EU-15 members, and a second one formed by the newcomer states which accessed the EU by the 5th Enlargement, generating the largest integrated economy of the world. Our statistical analysis demonstrates for the first time that while still persistent, the two regional markets are going through an ongoing merge process which proves the progress reached by the newcomers in 2018 on the economic integration. The diminishing value of the β-coefficient in the decade following the financial crisis is explained by the decrease shown by the most annual growth rates as well as of the corresponding average change of the real GDP per capita calculated for all the EU economies in the period 2009-2018 compared with the period 2000-2008.
Key words: beta-convergence, integration, regional market, EU, CEEC, statistical analysis.
JEL: F14, O11, O24
