By Joel I. Deichmann (auth.), Anastasios Karasavvoglou, Persefoni Polychronidou (eds.)

The global is altering swiftly. the worldwide monetary situation has known as into query the political judgements which have been made by means of all international locations for many years and has ended in a re-formulation of instruments and goals. alterations to the recent state of affairs are worthwhile and entail substantial financial and social charges. The Balkan and Black Sea sector is a vital reference aspect for the eu and international financial system. consequently, the learn of the commercial improvement within the region is of significant curiosity, attractive politicians and scientists alike. lower than this framework, the problem of the relation among the area’s nations and the E.U., the function of the banking method and the significance of the first zone of the economic climate as a major developmental issue for the international locations’ economies are of serious importance.​

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1. The positive since ditþn > 0 and its rate À is positive Á average slope function @t@ dit > 0 is used to determine convergence. In order to calculate @t@ dit , the dit should be expressed as a function of time trend t: dit ¼ f ðtÞ þ uit (6) The general equation (6) is analyzed: dit ¼ y0 þ y1 t þ y2 t2 þ y3 t3 þ Á Á Á þ ykÀ1 tkÀ1 þ yk tk þ uit (7) where y0 ; y1 ; y2 ; y3 ; Á Á Á ykÀ1 ; yk factors are situated in front of each trend and uit is the error term whose mean is equal to zero. There is one function for every country of the sample.

Finally, Sect. 5 summarizes and concludes. 2 Economic Performance of the Balkan Zone The Balkan area is situated in the Southeastern Europe and consists of 13 countries, which are either fully, or partially or outside this area: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, FYROM, Greece, Kosovo, Montenegro, Slovenia, Serbia and further times Romania. Four of them (Bulgaria, Greece, Romania and Slovenia) have already gained their membership to the EU and have reached a higher level of growth closer to the EU.

It is also refers to the narrowing of the difference between two values over time. The roots of convergence are found to the neoclassical growth model of Solow, a mathematical approach aimed at explaining convergence. Modern growth theory has been grounded on Solow’s dynamic model (Solow 1956). However, the neoclassical theory was initially presented by Sala-i-Martin (1996) as a methodology to bibliography. The main idea was that poor economies tend to grow faster than the rich ones. The movement of a country towards a group leader addresses the topic of catching up.

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