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Testing for Convergence. A Panel of 25 Major Economies, 1960-88

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  • Travaglini, Guido

    (Istituto di Economia e Finanza (Institute of Economics and Finance) Facoltà di Giurisprudenza (Faculty of Law) Università degli Studi di Roma)

Abstract

Income convergence is here tested for the 25 nonoil Heston-Summers countries for which physical capital data are available. ß-convergence is tested via a dynamic Cobb-Douglas growth equation both in panel and in single-country form. õ-convergence is tested for the stationarity of unconditional and conditional time series of single~country income deviations from the sample mean. Although the two methods are (weakly) related to each other, conflicting results emerge: while conditional ß -convergencc cannot be significantly rejected (accepted) at the panel (single-country) level, both unconditional and conditional õ -convergence cannot be significantly accepted at the single-country level. In essence, while the two forms of convergence are empirically inconsistent with one another, the country-specific growth story holds very well, insofar as its standard determinants widely differ among nations.

Suggested Citation

  • Travaglini, Guido, 1998. "Testing for Convergence. A Panel of 25 Major Economies, 1960-88," Economia Internazionale / International Economics, Camera di Commercio Industria Artigianato Agricoltura di Genova, vol. 51(1), pages 115-142.
    • Handle: RePEc:ris:ecoint:0318
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    More about this item

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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