Nominal and real convergence in the new member states (longer-term perspectives)

The advancement of nominal and real convergence in the process of EU adaptation is of special importance. The paper studies the main factors of convergence processes in detail. It pays special attention to the analysis of catch-up processes. The paper uses the concepts of the growth theories in order to describe the real convergence processes. Besides the supply side approach (growth accounting, production function), it focuses highly on the demand side and the factors playing an important role in the newest growth theories (trade, macroeconomic policies, institutional system etc.).