A Time‐Series Perspective on Convergence: Australia, UK and USA since 1870

Les Oxley and David Greasley

The Economic Record, 1995, vol. 71, issue 3, 259-270

Abstract: Tests of the Convergence Hypothesis or the tendency for per capita income levels to narrow over time, have generally utilized cross‐sectional data and have usually found conflicting evidence. In this study we utilize time‐series data on Australia, UK and USA for the period 1870–1992, and time‐series tests, to consider both ‘catching‐up2 and ‘long‐run convergence’. The paper finds evidence in favour of long‐run convergence in per capita income levels for the UK and Australia for the period 1892–1992 and catching‐up in the case of UK and USA, and Australia and USA, giving some support for the exogenous approaches to economic growth.

Date: 1995
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