Convergence Clubs and Endogenous Growth

Monojit Chatterji

Oxford Review of Economic Policy, 1992, vol. 8, issue 4, 57-69

Abstract: Recent data indicate a wide disparity in the growth performance of different nations. Such disparities have usually been taken to imply that there is to much catching up or convergence taking place. Using a modified version of the endogenous growth approach, we show that convergence is occurring but in a non-equalizing manner. The world appears to be segmented into two mutually exclusive "convergence clubs" with the members of the richer club enjoying a real income per capita which is significantly higher than that enjoyed by those belonging to the poorer club. Copyright 1992 by Oxford University Press.

Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:oup:oxford:v:8:y:1992:i:4:p:57-69

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