application/pdf 496017 bytes UNEMPLOYMENT CONVERGENCE IN THE EUROPEAN UNION: CRISIS ADJUSTMENT AND RECOVERY DYNAMICS Konvergencija nezaposlenosti u Evropskoj uniji: dinamika prilagođavanja krizi i oporavka http://creativecommons.org/licenses/by/4.0/legalcode Abstract: This study examines unemployment convergence across the 27 member states of the European Union during the post-crisis decade. Using annual panel data covering the period 2010–2019, the analysis investigates whether labor market disparities narrowed following the sovereign debt crisis and during the subsequent recovery phase. A fixed-effects framework is employed to test for βconvergence in unemployment rates, complemented by sub-period estimations that distinguish between the crisis-adjustment phase (2010–2013) and the recovery period (2014–2019). The results indicate statistically significant unemployment convergence throughout the decade. Convergence dynamics were stronger during the immediate post-crisis adjustment phase, with an estimated annual speed of adjustment of approximately 20 percent, and remained present - though more moderate - during the recovery period. These findings suggest that EU labor markets exhibited systematic mean reversion following the crisis, contributing to a gradual reduction in cross-country disparities in unemployment rates. The evidence is robust to alternative specifications and supports the view that labor market integration mechanisms intensified during periods of macroeconomic stress. Overall, the study provides empirical evidence of dynamic labor market convergence within the European Union, highlighting the differentiated adjustment patterns between crisis and recovery phases. Apstrakt: Ova studija ispituje konvergenciju nezaposlenosti u 27 zemalja članica Evropske unije tokom decenije nakon krize. Koristeći godišnje panel podatke koji pokrivaju period 2010–2019, analiza istražuje da li su se razlike na tržištu rada smanjile nakon krize državnog duga i tokom faze oporavka koja je usledila. Za testiranje β-konvergencije stopa nezaposlenosti koristi se okvir sa fiksnim efektima, dopunjen procenama podperioda koje razlikuju fazu prilagođavanja krizi (2010-2013) i period oporavka (2014–2019). Rezultati ukazuju na statistički značajnu konvergenciju nezaposlenosti tokom cele decenije. Dinamika konvergencije bila je jača tokom faze prilagođavanja neposredno nakon krize, sa procenjenom godišnjom brzinom prilagođavanja od približno 20 procenata, i ostala je prisutna – iako umerenija – tokom perioda oporavka. Ovi nalazi ukazuju na to da su tržišta rada EU pokazala sistematski prosečni povratak nakon krize, doprinoseći postepenom smanjenju razlika u stopama nezaposlenosti između zemalja. Dokazi su robusni u odnosu na alternativne specifikacije i podržavaju stav da su se mehanizmi integracije tržišta rada intenzivirali tokom perioda makroekonomskog stresa. Generalno, studija pruža empirijske dokaze o dinamičnoj konvergenciji tržišta rada unutar Evropske unije, ističući različite obrasce prilagođavanja između faza krize i oporavka. JEL: J64, E24, C23 https://unilib.phaidrabg.rs/o:10322 doi:10.65772/ak2026101 cobiss:196208649 ISSN: 0354-6403 2026 Keywords: unemployment, convergence, European Union, labor market, βconvergence. Ključne reči: nezaposlenost, konvergencija, Evropska unija, tržište rada, βkonvergencija. eng Akcionarstvo volume: 32 number: 1 startpage: 13 endpage: 30 info:eu-repo/semantics/article Obućinski, Dejan Marković, Svetlana Blanuša, Andrija