Values, Institutions and the Rise of Eastern Europe

19 Pages Posted: 24 Jan 2019

See all articles by Gylfi Zoega

Gylfi Zoega

University of Iceland; University of London - Birkbeck College

Edmund S. Phelps

Center on Capitalism and Society, Columbia University

Date Written: January 2019

Abstract

We study the convergence of output per capita in a sample of 37 European countries to the German real GDP per capita level during the period 1999–2014 with the aim of testing whether the speed of convergence is uniform or depends on institutions, such as membership of the European Union, the euro, or values. The results suggest that the post‐communist economies are converging more rapidly than other countries in the sample and more so the closer they are integrated into the European Union. Moreover, we find that certain values are conducive to the catching up process and that it has generated increased job satisfaction and male labour force participation.

Keywords: Convergence, Europe, Euro, values

Suggested Citation

Zoega, Gylfi and Phelps, Edmund S., Values, Institutions and the Rise of Eastern Europe (January 2019). Economics of Transition and Institutional Change, Vol. 27, Issue 1, pp. 247-265, 2019. Available at SSRN: https://ssrn.com/abstract=3319959 or http://dx.doi.org/10.1111/ecot.12194

Gylfi Zoega (Contact Author)

University of Iceland ( email )

IS-101 Reykjavik
Iceland

University of London - Birkbeck College ( email )

Malet Street
London, WC1E 7HX
United Kingdom

Edmund S. Phelps

Center on Capitalism and Society, Columbia University ( email )

420 W. 118th Street
New York, NY 10027
United States
212-854-2060 (Phone)
212-854-8059 (Fax)

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