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Convergence Empirics Across Economies with (Some) Capital Mobility

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  • Quah, Danny

Abstract

This paper reinterprets a simple model of growth and fluctuations across many economies to allow for the explicit characterization of the dynamically-evolving cross-economy distribution of income. Such a framework provides a more natural, revealing study of the convergence hypothesis. The data show limited intra-distribution mobility in incomes across economies and thus, little convergence. The analysis uncovers some `convergence club'-like dynamics, and reveals the wide diversity in growth experiences across countries. Conditioning on physical capital investment, secondary school enrolment, and a dummy for the African continent fails to overturn these characterizations.

Suggested Citation

  • Quah, Danny, 1994. "Convergence Empirics Across Economies with (Some) Capital Mobility," CEPR Discussion Papers 954, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:954
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    Citations

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    Cited by:

    1. Maurer, Rainer, 1995. "Is economic growth a random walk?," Kiel Working Papers 677, Kiel Institute for the World Economy (IfW Kiel).
    2. Benhabib, Jess & Gali, Jordi, 1995. "On growth and indeterminacy: some theory and evidence," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 43(1), pages 163-211, December.
    3. Boris Petkov, 2016. "Is There a Club of Former Centrally Planned Economies, Given the Empirical Evidence for Their Growth and Convergence Patterns?," Economic Alternatives, University of National and World Economy, Sofia, Bulgaria, issue 1, pages 48-63, March.
    4. G. S. Maddala & S. Wu, 2000. "Cross-country growth regressions: problems of heterogeneity, stability and interpretation," Applied Economics, Taylor & Francis Journals, vol. 32(5), pages 635-642.
    5. World Bank, 2003. "Timor-Leste Poverty Assessment : Poverty in a New Nation - Analysis for Action, Volume 2. Technical Report," World Bank Publications - Reports 14817, The World Bank Group.
    6. Pietro Garibaldi, 2000. "Job Flows and Plant Size Dynamics: Traditional Measures and Alternative Econometric Techniques," LABOUR, CEIS, vol. 14(2), pages 185-212, June.
    7. Quah, Danny T, 1996. "Convergence Empirics across Economies with (Some) Capital Mobility," Journal of Economic Growth, Springer, vol. 1(1), pages 95-124, March.

    More about this item

    Keywords

    Convergence; Education; Evolving Distribution; First Passage Time; Growth; Investment; Polarization; Stochastic Kernel;
    All these keywords.

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
    • O47 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

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