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Investigating Asian regional income convergence using Fourier Unit Root test with Break

Olaoluwa Yaya (), Fumitaka Furuoka (), Kiew Ling Pui, Ray Jacob () and Chinyere M. Ezeoke

International Economics, 2020, vol. 161, issue C, 120-129

Abstract: Income convergence among countries has become an important topic in international economics. This paper uses a new unit root test, namely the Fourier Unit Root test with Break, to examine income convergence in nine Asian countries. It has grouped the countries into three regions in Northeast Asia, Southeast Asia, and South Asia and has chosen three major economies in each of the three areas for empirical analysis. The empirical findings indicate that there is relatively greater income convergence in the South Asia and that there is a mixed trend of income convergence and income divergence in Northeast Asia and Southeast Asia.

Keywords: Income convergence; Economic integration; Asia; Fourier approximation and unit root (search for similar items in EconPapers)
JEL-codes: C19 C22 N17 (search for similar items in EconPapers)
Date: 2020
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DOI: 10.1016/j.inteco.2019.11.008

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