Convergence among five industrial countries (1870–1994): Results from a time varying cointegration approach

Yannick Le Pen ()

Empirical Economics, 2005, vol. 30, issue 1, 23-35

Abstract: In this paper, we check the hypothesis of a time varying cointegration relation between four industrial countries’ per capita GDPs and US per capita GDP on the period from 1870 to 1994. Park and Hahn (1999) give the methodology. Results confirm the hypothesis of time evolving cointegration in all cases. Tests on the parameters of these cointegration relations show that, from the 1980’s onwards, we can accept the hypothesis of stochastic convergence between France, Germany and Japan, on one hand, and the United States on the other. Copyright Springer-Verlag 2005

Keywords: Cointegration; convergence; O40; C22 (search for similar items in EconPapers)
Date: 2005
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DOI: 10.1007/s00181-004-0213-9

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