DOES TOTAL FACTOR PRODUCTIVITY CONVERGE AMONG ASEAN COUNTRIES?

Badri Rath

Bulletin of Monetary Economics and Banking, 2019, vol. 21, issue 12th BMEB Call for Papers Special Issue, 477-494

Abstract: This paper examines the productivity convergence of the five original Association of Southeast Asian Nations (ASEAN) countries, namely Indonesia, Malaysia, Philippines, Singapore, and Thailand (ASEAN-5), using annual data spanning the period 1968to 2014. Results from two-break Lagrange multiplier and residual augmented least squares Lagrange multiplier unit root tests reveal strong evidence of productivity convergence in case of ASEAN-5. Further, the results based on Phillips–Sul panel club convergence also reveal productivity convergence. To check the robustness of our finding, we use an alternative measure of total factor productivity and still find evidence of convergence. We infer that such productivity improvements may help ASEAN countries to achieve a higher pace of economic growth.

Keywords: Total Factor Productivity; Convergence; Lagrange Multiplier; ASEAN (search for similar items in EconPapers)
JEL-codes: C22 C23 O47 (search for similar items in EconPapers)
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:idn:journl:v:1:y:2019:i:sp3:p:477-494

DOI: 10.21098/bemp.v0i0.962

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