convergence and crisis with a specific focus on Greece. The paper extends the seminal Balassa-Samuelson model to include …

This paper compares the cyclical properties of fiscal policies across the 12 original eurozone countries and the future … counter-cyclical in Central and Eastern European countries than in members of the eurozone. The main differences arise from … the revenue side. Differences in the formation of fiscal policy between current and future eurozone countries decrease …

context of real convergence. For this purpose it extends the seminal Balassa-Samuelson model by international capital markets …

complex picture. While Europe has experienced both systematic economic convergence and an increased coordination across … national and subnational business cycles since 1980, this was not accompanied by cultural nor institutional convergence. Such …