This paper tests for the existence of a non-linear pattern in the process of real economic convergence. It uses a sample of 88 countries for the period 1980-1999.

Negative interest rates, as an instrument of monetary policy, are regarded by the central authorities as a stimulant for the growth of real economy through: decrease of lending costs, increase of consumption, decrease of volatility and so on. However this policy has a negative influence within...

As of today any official or informal communication with respect to Europe’s economic future is most of the time accompanied by a unique keyword: „uncertainty”; several factors are at the same time being mentioned: global economy trends, fossil fuels price, Brexit, refugee crisis. With...