RESEARCH OF THE EFFECTS OF CONVERGENCE OF ECONOMIC POLICY IN REGIONAL AND INTERREGIONAL INTEGRATION ASSOCIATIONS

Abstract

The article is devoted to the analysis of the dynamics of macroeconomic indicators as the results of an economic policy in three integration associations: the European Union, the Organization for Economic Cooperation and Development, and BRICS. The aim of the study is to test the hypothesis of availability convergence of the results of economic policy, which is a consequence of the accession of countries to international unification. For the analysis, we used the models of $\sigma$-convergence (autoregression model, coefficient of variation), $\beta$-convergence (Barro and Sala-i-Martin, Baumol, Solow -- Svan, Quadrado -- Roura). The presence and speed of convergence was studied before and after the accession of new countries to associations: according to the results of economic policy as a whole, in the field of labor, foreign economic activity, monetary and debt policy. It was established that in all associations there is a convergence in terms of per capita GDP, but differences in the level of development between countries persist even after unification. The study showed that the greatest number of convergence effects with equalization by individual indicators of economic policy is manifested in the European Union, the least effect - in the countries of the Organization for Economic Cooperation and Development. It is proved that the effectiveness of integration depends on its degree and is ensured by the presence of a mechanism for coordinating economic policy (in general or in separate areas), general requirements for economic security, joint action programs, including in the field of science and technology, as well as providing access to development resources for all countries of the association. The results of the study can be used to adjust the directions and methods of state and regional economic policies of countries included in the integration association.