IDEAS home Printed from https://ideas.repec.org/p/rbz/oboens/11039.html
   My bibliography  Save this paper

Revisiting EM economic development and convergence

Author

Listed:
  • Jean-Francois Mercier

Abstract

Long-term convergence of emerging countries towards advanced economies income/capita levels has never been generalized nor consistent, even though the share of countries that converged has risen since 2000. Broader adoption of stability-oriented macro policies and trade/capital account opening probably facilitated a greater degree of convergence, but it seemed to be neither a sufficient (nor in some cases necessary) condition. Failure by many countries to successfully reallocate resources towards sectors with higher productivity gains may explain why they failed to match the performance of dynamic Asian economies, or even converge at all. The need to expand high value-added manufacturing and services sector appears strong in South Africa, which remains a commodity-dependent economy with a limited skills base and insufficient productivity growth.

Suggested Citation

  • Jean-Francois Mercier, 2022. "Revisiting EM economic development and convergence," Occasional Bulletin of Economic Notes 11039, South African Reserve Bank.
  • Handle: RePEc:rbz:oboens:11039
    as

    Download full text from publisher

    File URL: https://www.resbank.co.za/content/dam/sarb/publications/occasional-bulletin-of-economic-notes/2022/revisiting-emerging-markets-economic-development-and-convergence-june-2022.pdf
    File Function: Revision
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Jeffrey D. Sachs & Andrew M. Warner, 1995. "Economic Convergence and Economic Policies," NBER Working Papers 5039, National Bureau of Economic Research, Inc.
    2. Barro, Robert J, 1996. "Democracy and Growth," Journal of Economic Growth, Springer, vol. 1(1), pages 1-27, March.
    3. Frankel, Jeffrey A., 2010. "The Natural Resource Curse: A Survey," Scholarly Articles 4454156, Harvard Kennedy School of Government.
    4. Dani Rodrik, 2011. "The future of economic convergence," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 13-52.
    5. Ian Goldin, 2019. "Why Do Some Countries Develop and Others Not?," Springer Books, in: Paul Dobrescu (ed.), Development in Turbulent Times, pages 13-30, Springer.
    6. Jonathan Isham & Michael Woolcock & Lant Pritchett & Gwen Busby, 2005. "The Varieties of Resource Experience: Natural Resource Export Structures and the Political Economy of Economic Growth," The World Bank Economic Review, World Bank, vol. 19(2), pages 141-174.
    7. Romer, Paul M, 1990. "Endogenous Technological Change," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 71-102, October.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sarb, 2022. "Occasional Bulletin of Economic Notes 2201 combined June 2022," Occasional Bulletin of Economic Notes 11038, South African Reserve Bank.
    2. repec:rbz:oboens:11020 is not listed on IDEAS
    3. Blanco, Luisa & Grier, Robin, 2012. "Natural resource dependence and the accumulation of physical and human capital in Latin America," Resources Policy, Elsevier, vol. 37(3), pages 281-295.
    4. Adrian Boos & Karin Holm‐Müller, 2012. "A theoretical overview of the relationship between the resource curse and genuine savings as an indicator for “weak” sustainability," Natural Resources Forum, Blackwell Publishing, vol. 36(3), pages 145-159, August.
    5. Jeffrey Frankel, 2014. "Mauritius: African Success Story," NBER Chapters, in: African Successes, Volume IV: Sustainable Growth, pages 295-342, National Bureau of Economic Research, Inc.
    6. Badeeb, Ramez Abubakr & Lean, Hooi Hooi & Clark, Jeremy, 2017. "The evolution of the natural resource curse thesis: A critical literature survey," Resources Policy, Elsevier, vol. 51(C), pages 123-134.
    7. Patel, Dev & Sandefur, Justin & Subramanian, Arvind, 2021. "The new era of unconditional convergence," Journal of Development Economics, Elsevier, vol. 152(C).
    8. Shrabani Saha & Kunal Sen, 2019. "The corruption-growth relationship: Do political institutions matter?," WIDER Working Paper Series wp-2019-65, World Institute for Development Economic Research (UNU-WIDER).
    9. Michael S. Delgado & Daniel J. Henderson & Christopher F. Parmeter, 2014. "Does Education Matter for Economic Growth?," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 76(3), pages 334-359, June.
    10. Claude Diebolt & Tapas Mishra & Bazoumana Ouattara & Mamata Parhi, 2010. "Does democratic distance matter for cross-country growth interdependence?," Working Papers 10-12, Association Française de Cliométrie (AFC).
    11. Phoebe W. Ishak & Mohammad Reza Farzanegan, 2022. "Oil price shocks, protest, and the shadow economy: Is there a mitigation effect?," Economics and Politics, Wiley Blackwell, vol. 34(2), pages 298-321, July.
    12. Gundlach, Erich, 1998. "Das Wirtschaftswachstum der Nationen im zwanzigsten Jahrhundert," Open Access Publications from Kiel Institute for the World Economy 1756, Kiel Institute for the World Economy (IfW Kiel).
    13. Mehrdad Vahabi, 2017. "A critical survey of the resource curse literature through the appropriability lens," CEPN Working Papers 2017-14, Centre d'Economie de l'Université de Paris Nord.
    14. Kotsadam, Andreas & Tolonen, Anja, 2016. "African Mining, Gender, and Local Employment," World Development, Elsevier, vol. 83(C), pages 325-339.
    15. Baarsch, Florent & Granadillos, Jessie R. & Hare, William & Knaus, Maria & Krapp, Mario & Schaeffer, Michiel & Lotze-Campen, Hermann, 2020. "The impact of climate change on incomes and convergence in Africa," World Development, Elsevier, vol. 126(C).
    16. Pérez, Claudia & Claveria, Oscar, 2020. "Natural resources and human development: Evidence from mineral-dependent African countries using exploratory graphical analysis," Resources Policy, Elsevier, vol. 65(C).
    17. Karanfil, Fatih & Omgba, Luc Désiré, 2023. "The energy transition and export diversification in oil-dependent countries: The role of structural factors," Ecological Economics, Elsevier, vol. 204(PB).
    18. Nuno Torres & Óscar Afonso & Isabel Soares, 2010. "The connection between oil and economic growth revisited," FEP Working Papers 377, Universidade do Porto, Faculdade de Economia do Porto.
    19. Keller, Michael, 2020. "Wasted windfalls: Inefficiencies in health care spending in oil rich countries," Resources Policy, Elsevier, vol. 66(C).
    20. Gianluca Benigno & Luca Fornaro, 2014. "The Financial Resource Curse," Scandinavian Journal of Economics, Wiley Blackwell, vol. 116(1), pages 58-86, January.
    21. Yilanci, Veli & Aslan, Murat & Ozgur, Onder, 2021. "Disaggregated analysis of the curse of natural resources in most natural resource-abundant countries," Resources Policy, Elsevier, vol. 71(C).

    More about this item

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:rbz:oboens:11039. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Jessica VanWyk (email available below). General contact details of provider: https://edirc.repec.org/data/rbagvza.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.