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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 explicitly characterizing the dynamically evolving corss-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. Our 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 falls to overturn these characterizations.

Suggested Citation

  • Quah, Danny, 1995. "Convergence empirics across economies with (some) capital mobility," LSE Research Online Documents on Economics 2256, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:2256
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    More about this item

    Keywords

    Growth and fluctuations; cross-country distribution of income; convergence hypothesis; intra-distribution mobility; capital investment;
    All these keywords.

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C33 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Models with Panel Data; Spatio-temporal Models
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles

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