Arbeitspapier

Convergence and distortions: The Czech Republic, Hungary and Poland between 1996-2009

The paper interprets the growth and convergence experience of three Central-Eastern European economies (the Czech Republic, Hungary, and Poland) through the lens of the stochastic neoclassical growth model. It adapts the methodology of Business Cycle Accounting (Chari, Kehoe and McGrattan 2007) to economies on a transition path. The paper uses the method to uncover distortions (wedges) on the labor and capital markets, and then presents various comparisons and counterfactuals based on them. Results show that (i) capital and labor market distortions vary across the three economies, but they are well within the range of advanced economies; (ii) the Polish and Hungarian labor wedges are high, and the Czech labor wedge increases; (iii) the evolution of Hungarian wedges followed a different path than the evolution of Polish and Czech wedges, and (iv) realistic reductions in the capital and labor wedges would lead to significant output gains for Hungary and Poland.

Sprache
Englisch

Erschienen in
Series: MNB Working Papers ; No. 2011/6

Klassifikation
Wirtschaft
General Aggregative Models: Neoclassical
Macroeconomic Analyses of Economic Development
Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
Thema
convergence
distortions
Central-Eastern Europe
business cycle accounting

Ereignis
Geistige Schöpfung
(wer)
Kónya, István
Ereignis
Veröffentlichung
(wer)
Magyar Nemzeti Bank
(wo)
Budapest
(wann)
2011

Handle
Letzte Aktualisierung
10.03.2025, 11:44 MEZ

Datenpartner

Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.

Objekttyp

  • Arbeitspapier

Beteiligte

  • Kónya, István
  • Magyar Nemzeti Bank

Entstanden

  • 2011

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