Analysis of real and nominal convergence of the Visegrad Group in the years 2000-2015

This Bachelor thesis is focused on a macroeconomic analysis of the process of the real and nominal convergence of the Visegrad Group countries to the old member states of the European Union, called EU-15 during the period of 2000-2015. The objective of the analysis is to confirm or disprove the hypothesis that in the selected period there is a convergence of the economically backward V4 countries with the advanced EU-15 countries and to highlight the factors that are behind the narrowing of the gap in economics and price levels. The theoretical part deals with the ways in which we measure and compare the economic performance and economic level, and explains the different approaches of the problem of economic growth and the subsequent catching up effect. The practical part is focused on a comparison of elected macroeconomic indicators and reference is made to the selected factors to determine whether, and for what reasons, the economic convergence of these selected countries made towards the developed countries of the EU-15. The analytical part confirms the ongoing process of the real and nominal convergence throughout the period, but its course is varied during different times of the period. In conclusion, it is found that the rate varied by the convergence processes and in fact positively affected the V4 countries, that joined the European Union. The incoming dynamics of the convergence, especially the prices, were significantly disrupted by the economic crisis.