Convergence Empirics across Economies with (Some) Capital Mobility

Danny Quah

CEP Discussion Papers from Centre for Economic Performance, LSE

Abstract: The paper uses a model of growth and imperfect capital mobility across multiple economies to characterize the dynamics of (cross-country) income distributions. This allows convenient study of the convergence hypothesis, ad reveals, where appropriate, polarization and clumping within subgroups. The data show little cross-country convergence; instead, the important features are persistence, immobility, and polarization, exemplified by "convergence club" or "twin peaks" dynamics.

Date: 1995-08
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