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citations
Cited by 41 publications
(13 citation statements)
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References 24 publications
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“…Since the year 2008, the ratios for the second and the third quintiles (which include the crisis countries Spain, Italy, Portugal, Cyprus and Greece) are declining, thereby indicating increasing economic heterogeneity. This is in line with the notion that since the start of the crisis the divergence of income levels has re-emerged again (Christodoulakis 2009). In contrast, the central and eastern European EMU member states as represented by the lowest income quintile are converging again.…”
supporting
confidence: 89%
“…Since the year 2008, the ratios for the second and the third quintiles (which include the crisis countries Spain, Italy, Portugal, Cyprus and Greece) are declining, thereby indicating increasing economic heterogeneity. This is in line with the notion that since the start of the crisis the divergence of income levels has re-emerged again (Christodoulakis 2009). In contrast, the central and eastern European EMU member states as represented by the lowest income quintile are converging again.…”
supporting
confidence: 89%
“…The other is the so-called σ-convergence, which measures the decline in dispersion of GDP per capita among fellow member-countries. In a study for the initial 12-member group of the Euro Area (henceforth EA12), Christodoulakis (2009) employed both convergence indicators to show that the gap had in fact widened, albeit to an extent that at that time seemed to be reversible if certain policies were implemented.…”
Section: Region and Periphery [11]mentioning
confidence: 99%
“…Reality, however, has shown that competitiveness has fallen in some of the less prepared members, now that devaluation is no longer an option. As suggested by Christodoulakis (2009), the access to cheaper capital provided by EMU membership has aggravated pre‐existing current account deficits in peripheral countries. Unlike the core EMU members, the periphery has attracted relatively more investment in the non‐tradable sector (the housing boom being a good example), which resulted in a progressive deterioration of the trade balance.…”
Section: The Oca Index and The Fiscal And External Imbalancesmentioning
confidence: 99%