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Convergence Of The G-7: A Cointegration Approach

Author

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  • Weatherspoon, Dave D.
  • Seale, James L., Jr.
  • Moss, Charles B.

Abstract

Income convergence among the G-7 countries was demonstrated using Theil's inequality (entropy) index. G-7 convergence was also found for three potential factors of influence on economic growth: government expenditure, investment expenditure, and industrial employment. Pairwise cointegration tests indicated that income inequality was cointegrated with the other three inequality measures for the time period of 1950-88. Finally, Johansen's I(2) multi-cointegration tests indicated that three of the four inequality measures (i.e. income, investment expenditure, and industrial employment) were cointegrated suggesting that there exists a long-run equilibrium between the inequality in income, investment expenditure, and industrial employment.

Suggested Citation

  • Weatherspoon, Dave D. & Seale, James L., Jr. & Moss, Charles B., 1999. "Convergence Of The G-7: A Cointegration Approach," Staff Paper Series 11675, Michigan State University, Department of Agricultural, Food, and Resource Economics.
    • Handle: RePEc:ags:midasp:11675
    DOI: 10.22004/ag.econ.11675
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    Keywords

    Agricultural and Food Policy;

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