The paper aims at investigating the impact of the Great Recession on per capita GDP convergence process across European regions and countries. Using the time‐varying factor model developed by Phillips and Sul for the period 2000–2015 and two different merging procedures to identify clubs, we provide evidence of the diverging impact of the Great Recession “between” the higher and the lower convergence clubs at both regional and country levels as well as of the strengthening of the convergence process “within” most clubs. In addition, we add further evidence to the common belief of a “multi‐speed” Europe by contrasting Eastern European countries' and regions' behavior vis‐a‐vis original European members' one, and by identifying the factors that affect club membership and resilience to the recent economic downturn. We find that the membership in the higher clubs and resilience to the Great Recession are positively affected by the presence of several local‐specific factors and macroeconomic characteristics.

中文翻译：

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欧洲的大衰退和俱乐部融合：跨国、跨地区面板分析（2000-2015）

本文旨在调查大衰退对欧洲地区和国家人均 GDP 趋同过程的影响。使用 Phillips 和 Sul 在 2000 年至 2015 年期间开发的时变因子模型和两种不同的合并程序来识别俱乐部，我们提供了“在”较高和较低收敛俱乐部“之间”的大衰退影响的证据区域和国家层面以及加强大多数俱乐部“内部”的融合进程。此外，我们通过将东欧国家和地区的行为与原始欧洲会员的行为进行对比，并确定影响俱乐部会员资格和会员资格的因素，为“多速”欧洲的共同信念提供了进一步的证据。对近期经济衰退的韧性。