Paradise Lost? Growth, Convergence, and Migration in the South Pacific

Paul Cashin () and Norman Loayza ()

IMF Staff Papers, 1995, vol. 42, issue 3, 608-641

Abstract: This paper examines the growth experience of nine South Pacific countries during the period 1971-93, using the analytical framework of the Solow-Swan neoclassical growth model, panel data, and Chamberlain's Î-matrix estimator. The speed of convergence of South Pacific countries to their respective steady-state levels of per capita GDP, after controlling for the important regional effects of net international migration, is estimated at a relatively fast 4 percent per year. In addition, private and official transfers emanating from regional donor countries have kept the dispersion of real per capita national disposable income constant over the period, despite a significant widening in the regional dispersion of real per capita GDP.

Date: 1995
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