The Convergence Evolution in Europe from a Complex Networks Perspective

Theophilos Papadimitriou, Periklis Gogas and Fotios Gkatzoglou
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Fotios Gkatzoglou: Department of Economics, Democritus University of Thrace, 69100 Komotini, Greece

JRFM, 2022, vol. 15, issue 10, 1-14

Abstract: The evolution of the convergence among the European countries, including both Eurozone as well as non-Eurozone economies, is investigated in this paper. To do so, we construct correlation-based networks and study them by employing the Threshold Weighted-Minimum Dominating Set (TW–MDS) algorithm and analyzing standard quantitative performance graph theory metrics. Each country is represented by a network node, while the edges represent the cross-correlations calculated for a specific macroeconomic variable, for a given time window. To study the intertemporal evolution of the network’s interconnections, we examine its structure in three consecutive time intervals: 1999–2004, 2005–2010 and 2011–2019. The empirical findings provide a mixed pattern. The European countries exhibit a common behavior over time for some macroeconomic variables, but not for all of them.

Keywords: complex networks; convergence; correlation; European business cycles; graph theory; synchronization; EU integration; EU deepening; EU enlargement (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2022
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