Revisiting global income convergence: 1990-2018 A disaggregated analysis
Sulekha Hembram () and
Sushil Haldar ()
Additional contact information
Sulekha Hembram: Jadavpur University
Economics Bulletin, 2021, vol. 41, issue 3, 952-974
A comprehensive global convergence of income based on Î², Ïƒ, inequality (distribution sensitive) and club convergence (based on Markov process) across 187 countries over a period from 1990 to 2018 is studied here at the disaggregate level. We classify 187 countries into 5 geographical regions following United Nations Regional Groups. The Î² convergence is ensured globally as well as regionally but not Ïƒ convergence. Inequality based convergence highlights that global income inequality reduces after 2000; within(region) inequality is found higher than between (region) in lower and upper tail of the income distribution but middle of the distribution provides an opposite results. The club convergence of relative income clearly proves the existence of â€˜low level income trap' since majority of the countries are clustered around low and lower-middle income classes over time (viz. 1990-2018). This low level income trap is more pronounced in African and Asia-Pacific regions that pose a serious threat towards attaining inclusive growth globally.
Keywords: Global Convergence; Inequality; Generalized Entropy; Distribution Dynamics; Markov Process (search for similar items in EconPapers)
JEL-codes: C8 D3 (search for similar items in EconPapers)
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:ebl:ecbull:eb-20-00629
Access Statistics for this article
More articles in Economics Bulletin from AccessEcon
Bibliographic data for series maintained by John P. Conley ().