Veli Yumuk - Academia.edu (original) (raw)
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Twelve years ago, eleven European countries voluntarily abandoned their home currencies and joine... more Twelve years ago, eleven European countries voluntarily abandoned their home currencies and joined the Euro. The founding fathers of the Euro believed that creation of the common currency would strengthen integration among the members and catalyze economic convergence progress within the common currency area. This study examines this issue in detail. I focus on labor productivity convergence and study it at sectoral level in order to figure out dynamics of different industries which are subject to different economic fundamentals. The sectors under study are electrical and optical machines (ELECOM), which denotes the IT industry in a specific country, goods production excluding electrical machinery, and market services excluding post and telecommunication. The empirical results reveal the fact that in the Euro era, there is no labor productivity convergence within the first wave Euro zone countries in any of three sectoral categories. This result largely stems from two facts. First, ...
In mid 90’s, productivity growth rate started to accelerate in the USA. The sources of this resur... more In mid 90’s, productivity growth rate started to accelerate in the USA. The sources of this resurgence were the IT-producing industry and the IT-using market services. Meanwhile, Europe was still suffering from the low level of productivity growth rates. This fact leads to pessimistic assessments about the economic future of Europe. However, this paper uncovers that productivity growth rate started to accelerate after 2000 in the EU-15ex which consists of Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Spain and United Kingdom. In fact, it is hard to realize the acceleration in the productivity growth rate in early 2000’s because of the low level of productivity growth rate in this period. However, the productivity growth rate of the EU-15ex reached to the US productivity growth rate in mid 2000’s. The major source of this convergence is the IT-using market services. In addition, acceleration of the productivity growth rate of IT-producing industry has conti...
Twelve years ago, eleven European countries voluntarily abandoned their home currencies and joine... more Twelve years ago, eleven European countries voluntarily abandoned their home currencies and joined the Euro. The founding fathers of the Euro believed that creation of the common currency would strengthen integration among the members and catalyze economic convergence progress within the common currency area. This study examines this issue in detail. I focus on labor productivity convergence and study it at sectoral level in order to figure out dynamics of different industries which are subject to different economic fundamentals. The sectors under study are electrical and optical machines (ELECOM), which denotes the IT industry in a specific country, goods production excluding electrical machinery, and market services excluding post and telecommunication. The empirical results reveal the fact that in the Euro era, there is no labor productivity convergence within the first wave Euro zone countries in any of three sectoral categories. This result largely stems from two facts. First, the initial integration level among the Euro zone countries prior to joining the Euro was not developed enough to catalyze labor productivity convergence progress. On top of that, the creation of the Euro has not improved economic integration among the members to the extent estimated at its launch.
Twelve years ago, eleven European countries voluntarily abandoned their home currencies and joine... more Twelve years ago, eleven European countries voluntarily abandoned their home currencies and joined the Euro. The founding fathers of the Euro believed that creation of the common currency would strengthen integration among the members and catalyze economic convergence progress within the common currency area. This study examines this issue in detail. I focus on labor productivity convergence and study it at sectoral level in order to figure out dynamics of different industries which are subject to different economic fundamentals. The sectors under study are electrical and optical machines (ELECOM), which denotes the IT industry in a specific country, goods production excluding electrical machinery, and market services excluding post and telecommunication. The empirical results reveal the fact that in the Euro era, there is no labor productivity convergence within the first wave Euro zone countries in any of three sectoral categories. This result largely stems from two facts. First, ...
In mid 90’s, productivity growth rate started to accelerate in the USA. The sources of this resur... more In mid 90’s, productivity growth rate started to accelerate in the USA. The sources of this resurgence were the IT-producing industry and the IT-using market services. Meanwhile, Europe was still suffering from the low level of productivity growth rates. This fact leads to pessimistic assessments about the economic future of Europe. However, this paper uncovers that productivity growth rate started to accelerate after 2000 in the EU-15ex which consists of Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Spain and United Kingdom. In fact, it is hard to realize the acceleration in the productivity growth rate in early 2000’s because of the low level of productivity growth rate in this period. However, the productivity growth rate of the EU-15ex reached to the US productivity growth rate in mid 2000’s. The major source of this convergence is the IT-using market services. In addition, acceleration of the productivity growth rate of IT-producing industry has conti...
Twelve years ago, eleven European countries voluntarily abandoned their home currencies and joine... more Twelve years ago, eleven European countries voluntarily abandoned their home currencies and joined the Euro. The founding fathers of the Euro believed that creation of the common currency would strengthen integration among the members and catalyze economic convergence progress within the common currency area. This study examines this issue in detail. I focus on labor productivity convergence and study it at sectoral level in order to figure out dynamics of different industries which are subject to different economic fundamentals. The sectors under study are electrical and optical machines (ELECOM), which denotes the IT industry in a specific country, goods production excluding electrical machinery, and market services excluding post and telecommunication. The empirical results reveal the fact that in the Euro era, there is no labor productivity convergence within the first wave Euro zone countries in any of three sectoral categories. This result largely stems from two facts. First, the initial integration level among the Euro zone countries prior to joining the Euro was not developed enough to catalyze labor productivity convergence progress. On top of that, the creation of the Euro has not improved economic integration among the members to the extent estimated at its launch.