Angesichts eines niedrigen Steueraufkommens bei gleichzeitig hohen Ausgabenerfordernissen in Ostdeutschland wurde im Jahre 1995 der sogenannte Solidarpakt geschlossen, der den ostdeutschen Ländern, befristet auf 10 Jahre, finanzielle Leistungen von Bund und westdeutschen Ländern in Höhe von...

We examine real business cycle convergence for 41 euro area regions and 48 US states. Results obtained by a panel model with spatial correlation indicate that the relevance of common business cycle factors is rather stable over the past two decades in the euro area and the US. Ongoing business...

In this paper we investigate the effects of EU enlargement on price convergence. The internal market is expected to boost integration and increase efficiency and welfare through a convergence of prices in product markets. Two principal drivers are crucial to explain price developments. On the...

In the debate on global imbalances, the euro area countries did not receive much attention so far. While the current account is on balance for the entire area, divergences between individual member states have increased since the introduction of the common currency. In this paper, the imbalances...

This study analyses certain information presented by the Member States in the National Reform Programmes and Stability and Convergence Programmes submitted to the EU in the framework of the 2013 European Semester. Based on a methodological framework developed to summarise specific aspects of...

In the debate on global imbalances, the euro area countries did not receive much attention so far. While the current account is on balance for the entire area, divergences between individual member states have increased since the introduction of the common currency. In this paper, the imbalances...