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Concluding Remarks

In: Convergence in Output and Its Sources Among Industrialised Countries

Author

Listed:
  • Macarena Hernández-Salmerón

    (Regional Government of Andalusia)

  • Diego Romero-Ávila

    (Pablo de Olavide University)

Abstract

This chapter provides a summary of the findings and concludes by arguing that real GDP per worker, real physical capital per worker, human capital and average annual hours worked exhibit some degree of deterministic convergence, whereas TFP series display a high degree of stochastic convergence (as given by the presence of pairwise cointegration). This means that countries’ TFP series are engaged in an ongoing process of narrowing of the technological gap (known as catching-up) among economies that have not yet converged. This in turn may imply that the cross-boundary adoption and convergence of technological advances is not automatic, as the view that technology is a public good would predict. In addition, most of the individual series forming the panels of real GDP per worker, real physical capital per worker, human capital and average annual hours are characterized by the attainment of long-run convergence, in which countries achieve full convergence to their respective steady-state equilibrium value.

Suggested Citation

  • Macarena Hernández-Salmerón & Diego Romero-Ávila, 2015. "Concluding Remarks," SpringerBriefs in Economics, in: Convergence in Output and Its Sources Among Industrialised Countries, edition 127, chapter 0, pages 65-69, Springer.
    • Handle: RePEc:spr:spbchp:978-3-319-13635-6_7
    DOI: 10.1007/978-3-319-13635-6_7
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