Convergence or confusion? A study of world economic growth

Keunkwan Ryu () and Yong Yoon ()
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Keunkwan Ryu: Seoul National University
Yong Yoon: Chulalongkorn University

Economics Bulletin, 2020, vol. 40, issue 4, 2819-2827

Abstract: This paper takes a closer look at the typical growth convergence regression of Barro (1991), Mankiw, Romer and Weil (1992), Sala-i-Martin (1996), and others. By interpreting the two components of the regression coefï¬ cient separately, i.e. the correlation coefficient and the ratio of standard deviations, we distinguish between "time-series" convergence and "cross-section" convergence, and consequently the relationship between β− and σ−convergence. And, using data from the latest Penn World Table database (version 9.1), we investigate the convergence or the lack-of-convergence in samples of countries representing the “World†, OECD and Sub-Saharan Africa. The implications of this study for the neoclassical growth model are also discussed.

Keywords: Economic growth; convergence (search for similar items in EconPapers)
JEL-codes: O4 (search for similar items in EconPapers)
Date: 2020-10-12
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