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Convergence by Parts

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Author Info
James Feyrer (Dartmouth College)

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Abstract

This paper investigates the empirical validity of different classes of 'development trap' models of economic growth. Quah (1993) finds that the cross country distribution of per capita income is moving toward a twin peaked distribution. This finding has supported and encouraged a large theoretical literature on development traps that produce twin peaks through physical and human capital accumulation. Contrary to these models, physical and human capital are found to be moving toward single peaked distributions. The productivity residual is moving toward a twin peaked distribution that mirrors that of per capita income. Quah's result appears to be driven by productivity differences rather than factor accumulation. The importance of productivity is consistent with cross sectional results by Klenow & Rodriguez-Clare (1997) and Hall & Jones (1999). Kremer, Onatski & Stock (2001) and Jones (1997) have questioned the robustness of the lower peak in output. This paper shows that the productivity residual has a more prominent and more robust lower peak than output. A further examination suggests that dynamic interaction between human capital accumulation and productivity may act in the long run to eliminate the low peak in productivity.

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Publisher Info
Article provided by Berkeley Electronic Press in its journal Contributions to Macroeconomics.

Volume (Year): 8 (2008)
Issue (Month): 1 ()
Pages: 1646-1646
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Handle: RePEc:bep:maccon:v:8:y:2008:i:1:p:1646-1646

Note: oai:bepress:bejm-1646
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Related research
Keywords: growth; multiple equilibria; convergence;

Find related papers by JEL classification:
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

Cited by:
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  1. Philippe Aghion & Peter Howitt & David Mayer-Foulkes, 2004. "The Effect of Financial Development on Convergence: Theory and Evidence," NBER Working Papers 10358, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  2. Adriana Di Liberto & Francesco Pigliaru & P. Chelucci, 2008. "International TFP Dynamics and Human Capital Stocks: a Panel Data Analysis, 1960-2003," Working Paper CRENoS 200812, Centre for North South Economic Research, University of Cagliari and Sassari, Sardinia. [Downloadable!]
  3. Areendam Chanda & Carl-Johan Dalgaard, 2005. "Dual Economies and International Total Factory Productivity Differences," Macroeconomics 0507003, EconWPA. [Downloadable!]
    Other versions:
  4. Hildegunn Ekroll Stokke, 2005. "Productivity Growth in Backward Economies and the Role of Barriers to Technology Adoption," Working Paper Series 4905, Department of Economics, Norwegian University of Science and Technology. [Downloadable!]
  5. Danny Quah, 2002. "Spatial Agglomeration Dynamics," American Economic Review, American Economic Association, vol. 92(2), pages 247-252, May. [Downloadable!]
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  6. Bryan S. Graham & Jonathan R. W. Temple, 2004. "Rich nations, poor nations: how much can multiple equilibria explain?," The Institute for International Integration Studies Discussion Paper Series iiisdp017, IIIS. [Downloadable!]
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  7. Costas Aariadis & John Stachurski, 2004. "Poverty Traps," Department of Economics - Working Papers Series 913, The University of Melbourne. [Downloadable!]
    Other versions:
    • Azariadis, Costas & Stachurski, John, 2005. "Poverty Traps," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 1, chapter 5 Elsevier. [Downloadable!] (restricted)
  8. David Mayer Foulkes, 2005. "Institutions and Long-Term Development Policy," Documentos de Trabajo 9602, CIDE, Division de Economia. [Downloadable!]
  9. David Mayer-Foulkes, 2005. "Development and Underdevelopment in the Globalizing Economy," DEGIT Conference Papers c010_005, DEGIT, Dynamics, Economic Growth, and International Trade. [Downloadable!]
  10. Quah, Danny, 2002. "Technology Dissemination and Economic Growth: Some Lessons for the New Economy," CEPR Discussion Papers 3207, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  11. Christiane Schuppert & Nadja Wirz, 2008. "Public Education and Growth in Developing Countries," EPRU Working Paper Series 08-04, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics. [Downloadable!]
  12. repec:att:wimass:1920516 is not listed on IDEAS
  13. Böckerman, Petri & Eero , Lehto & Huovari, Janne, 2008. "The return to the technological frontier: The conditional effect of plants’ R&D on their productivity in Finnish manufacturing," MPRA Paper 8715, University Library of Munich, Germany. [Downloadable!]
  14. Steven N. Durlauf & Andros Kourtellos & Chih Ming Tan, 2005. "Empirics of Growth and Development," Discussion Papers Series, Department of Economics, Tufts University 0520, Department of Economics, Tufts University. [Downloadable!]
    Other versions:
  15. Peter Howitt, 2002. "The Research Agenda: Schumpeterian Growth Theory," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 3(2), April. [Downloadable!]
  16. Kraay, Aart & Raddatz, Claudio, 2005. "Poverty traps, aid, and growth," Policy Research Working Paper Series 3631, The World Bank. [Downloadable!]
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  17. Peter Howitt & David Mayer-Foulkes, 2002. "R&D, Implementation and Stagnation: A Schumpeterian Theory of Convergence Clubs," NBER Working Papers 9104, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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