Convergence Empirics Across Economies with (Some) Capital Mobility

Danny Quah ()

No 954, CEPR Discussion Papers from C.E.P.R. Discussion Papers

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.

Keywords: Convergence; Education; Evolving Distribution; First Passage Time; Growth; Investment; Polarization; Stochastic Kernel (search for similar items in EconPapers)
JEL-codes: C23 F43 O47 (search for similar items in EconPapers)
Date: 1994-05
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