Values, institutions and the rise of Eastern Europe

Gylfi Zoega and Edmund Phelps

The Economics of Transition, 2019, vol. 27, issue 1, 247-265

Abstract: We study the convergence of output per capita in a sample of 37 European countries to the German real GDP per capita level during the period 1999–2014 with the aim of testing whether the speed of convergence is uniform or depends on institutions, such as membership of the European Union, the euro, or values. The results suggest that the post‐communist economies are converging more rapidly than other countries in the sample and more so the closer they are integrated into the European Union. Moreover, we find that certain values are conducive to the catching up process and that it has generated increased job satisfaction and male labour force participation.

Date: 2019
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