Working Papers

Working Paper 62
Growth, Convergence and EU Membership

Jesús Crespo-Cuaresma, Maria Antoinette Dimitz, Doris Ritzberger-Grünwald

April 8, 2002

 

The opinions are strictly those of the authors and in no way commit the OeNB.


Editorial

In this paper Jesús Crespo-Cuaresma, Maria Antoinette Dimitz and Doris Ritzberger-Grünwald study the effect of European integration on long-term growth of the current EU member states by means of panel data methods. The length of EU membership is found to have a significant positive effect on economic growth, which is relatively higher for poorer countries. The existence of a growth bonus from EU membership appears inconsistent with neoclassical exogenous growth theory. While previous empirical studies tend not to find positive growth effects of regional integration, the present study suggests an asymmetric, convergence-stimulating impact of EU membership on long-term growth.



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    Growth, Convergence and EU Membership Jesús Crespo-Cuaresma, Maria Antoinette Dimitz and Doris Ritzberger-Grünwald

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