Concluding Remarks

Macarena Hernández-Salmerón () and Diego Romero-Ávila ()
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Macarena Hernández-Salmerón: Regional Government of Andalusia
Diego Romero-Ávila: Pablo de Olavide University

Chapter Chapter 7 in Convergence in Output and Its Sources Among Industrialised Countries, 2015, pp 65-69 from Springer

Abstract: Abstract This chapter provides a summary of the findings and concludes by arguing that real GDP per worker, real physical capital per worker, human capital and average annual hours worked exhibit some degree of deterministic convergence, whereas TFP series display a high degree of stochastic convergence (as given by the presence of pairwise cointegration). This means that countries’ TFP series are engaged in an ongoing process of narrowing of the technological gap (known as catching-up) among economies that have not yet converged. This in turn may imply that the cross-boundary adoption and convergence of technological advances is not automatic, as the view that technology is a public good would predict. In addition, most of the individual series forming the panels of real GDP per worker, real physical capital per worker, human capital and average annual hours are characterized by the attainment of long-run convergence, in which countries achieve full convergence to their respective steady-state equilibrium value.

Keywords: Time-series convergence; Summary; Conclusions (search for similar items in EconPapers)
Date: 2015
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DOI: 10.1007/978-3-319-13635-6_7

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