THE CONVERGENCE HYPOTHESIS FOR OECD COUNTRIES RECONSIDERED: PANEL DATA EVIDENCE WITH MULTIPLE BREAKS, 1870–2003*
Authors registered in the RePEc Author Service: Diego Romero-Ávila ()
Manchester School, 2009, vol. 77, issue 4, 552-574
In this paper we investigate the existence of stochastic convergence of per capita real output in 19 OECD countries over 1870–2003. For that purpose, we employ panel techniques which incorporate an unknown number of structural breaks along with cross‐dependence. Overall, our analysis provides strong evidence of stochastic convergence over the 20th century. In addition, the examination of time‐series β‐convergence within the different regimes identified renders evidence supporting catching‐up for 16 countries. This implies that, despite a narrowing of the income gap, the convergence process has yet to be completed. Evidence of long‐run convergence is further provided for Finland, France and the USA.
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:bla:manchs:v:77:y:2009:i:4:p:552-574
Ordering information: This journal article can be ordered from
http://www.blackwell ... bs.asp?ref=1463-6786
Access Statistics for this article
Manchester School is currently edited by Keith Blackburn
More articles in Manchester School from University of Manchester Contact information at EDIRC.
Bibliographic data for series maintained by Wiley Content Delivery ().