Long-Run Convergence in Manufacturing and Innovation-Based Models
Jakob Madsen and
Isfaaq Timol
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Isfaaq Timol: Monash University
The Review of Economics and Statistics, 2011, vol. 93, issue 4, 1155-1171
Abstract:
Most studies of comparative productivities fail to find evidence of convergence in OECD manufacturing despite major economic growth theories predicting convergence. Using manufacturing data for nineteen OECD countries over the period from 1870 to 2006, this study finds strong evidence of unconditional β-convergence as well as σ-convergence. Panel data estimates suggest that the convergence has been driven by domestic R&D, international R&D spillovers, and financial development as predicted by Schumpeterian growth theories. © 2011 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.
Date: 2011
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Working Paper: Long-Run Convergence in Manufacturing and Innovation-Based Models (2010) 
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