Testing for Convergence. A Panel of 25 Major Economies, 1960-88

Guido Travaglini

Economia Internazionale / International Economics, 1998, vol. 51, issue 1, 115-142

Abstract: Income convergence is here tested for the 25 nonoil Heston-Summers countries for which physical capital data are available. ß-convergence is tested via a dynamic Cobb-Douglas growth equation both in panel and in single-country form. õ-convergence is tested for the stationarity of unconditional and conditional time series of single~country income deviations from the sample mean. Although the two methods are (weakly) related to each other, conflicting results emerge: while conditional ß -convergencc cannot be significantly rejected (accepted) at the panel (single-country) level, both unconditional and conditional õ -convergence cannot be significantly accepted at the single-country level. In essence, while the two forms of convergence are empirically inconsistent with one another, the country-specific growth story holds very well, insofar as its standard determinants widely differ among nations.

JEL-codes: C23 O40 (search for similar items in EconPapers)
Date: 1998
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