Old Wine in a New Bottle: Growth Convergence Dynamics in the EU
Nicholas Apergis (),
Ekaterini Panopoulou () and
Chris Tsoumas ()
Atlantic Economic Journal, 2010, vol. 38, issue 2, 169-181
In this paper, we explore convergence of real per capita output across the European Union (EU) countries, as well as the transitional behavior of possible underlying factors that are responsible for any convergence or divergence pattern. The new panel convergence methodology developed by Phillips and Sul ( 2007 ) is employed in a production function growth accounting approach and data from the Total Economy Database and the Total Economy Growth Accounting Database. The empirical findings suggest that the EU countries form two distinct convergent clubs, exhibiting considerable heterogeneity in the underlying growth factors. These findings should help policy makers in designing appropriate growth-oriented programs as well as in setting priorities in their implementation. Copyright International Atlantic Economic Society 2010
Keywords: Growth convergence; Growth factors; Transition paths; EU countries; Logt test; O40; O47; C32; C33 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:kap:atlecj:v:38:y:2010:i:2:p:169-181
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