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Parameter variation in the "log t" convergence test

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  • Johnson, Paul A.

Abstract

This paper estimates a local linear version of the model used in Phillips and Sul's (2007, 2009) "log t" convergence test. It documents the economically and statistically significant within-sample variation in the estimated value of the key parameter of that test when applied to data for 18 OECD countries during the 20th century. This variation suggests the substantial waxing and waning of the forces driving convergence, possibly due to low-frequency shocks and changes in the level economic integration.

Suggested Citation

  • Johnson, Paul A., 2019. "Parameter variation in the "log t" convergence test," MPRA Paper 94149, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:94149
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    References listed on IDEAS

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    1. Quah, Danny, 1997. "Empirics for growth and distribution," LSE Research Online Documents on Economics 2138, London School of Economics and Political Science, LSE Library.
    2. Paul Johnson & Chris Papageorgiou, 2020. "What Remains of Cross-Country Convergence?," Journal of Economic Literature, American Economic Association, vol. 58(1), pages 129-175, March.
    3. Peter C. B. Phillips & Donggyu Sul, 2009. "Economic transition and growth," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 24(7), pages 1153-1185.
    4. Di Vaio, Gianfranco & Enflo, Kerstin, 2011. "Did globalization drive convergence? Identifying cross-country growth regimes in the long run," European Economic Review, Elsevier, vol. 55(6), pages 832-844, August.
    5. Michael D. Bordo & Alan M. Taylor & Jeffrey G. Williamson, 2003. "Globalization in Historical Perspective," NBER Books, National Bureau of Economic Research, Inc, number bord03-1.
    6. Nazrul Islam, 2003. "What have We Learnt from the Convergence Debate?," Journal of Economic Surveys, Wiley Blackwell, vol. 17(3), pages 309-362, July.
    7. Peter C. B. Phillips & Donggyu Sul, 2007. "Transition Modeling and Econometric Convergence Tests," Econometrica, Econometric Society, vol. 75(6), pages 1771-1855, November.
    8. Joachim Schnurbus & Harry Haupt & Verena Meier, 2017. "Economic Transition and Growth: A Replication," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 32(5), pages 1039-1042, August.
    9. Quah, Danny, 1997. "Empirics for Growth and Distribution: Stratification, Polarization, and Convergence Clubs," CEPR Discussion Papers 1586, C.E.P.R. Discussion Papers.
    10. Philippe Aghion & Steven Durlauf (ed.), 2005. "Handbook of Economic Growth," Handbook of Economic Growth, Elsevier, edition 1, volume 1, number 1.
    11. Epstein, Philip & Howlett, Peter & Schulze, Max-Stephan, 2003. "Distribution dynamics: stratification, polarization, and convergence among OECD economies, 1870-1992," Explorations in Economic History, Elsevier, vol. 40(1), pages 78-97, January.
    12. Danny Quah, 1997. "Empirics for Growth and Distribution," CEP Discussion Papers dp0324, Centre for Economic Performance, LSE.
    13. Quah, Danny T, 1997. "Empirics for Growth and Distribution: Stratification, Polarization, and Convergence Clubs," Journal of Economic Growth, Springer, vol. 2(1), pages 27-59, March.
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    Cited by:

    1. Harry Aginta, 2021. "Spatial dynamics of consumer price in Indonesia: convergence clubs and conditioning factors," Asia-Pacific Journal of Regional Science, Springer, vol. 5(2), pages 427-451, June.

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    More about this item

    Keywords

    Cross-country convergence; σ-convergence; transition;
    All these keywords.

    JEL classification:

    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • 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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