Convergence empirics across economies with (some) capital mobility

Danny Quah

LSE Research Online Documents on Economics from London School of Economics and Political Science, LSE Library

Abstract: This paper reinterprets a simple model of growth and fluctuations across many economies to allow explicitly characterizing the dynamically evolving corss-economy distribution of income. Such a framework provides a more natural, revealing study of the convergence hypothesis. The data show limited intra-distribution mobility in incomes across economies and, thus, little convergence. Our analysis uncovers some "convergence club"-like dynamics, and reveals the wide diversity in growth experiences across countries. Conditioning on physical capital investment, secondary school enrolment, and a dummy for the African continent falls to overturn these characterizations.

Keywords: Growth and fluctuations; cross-country distribution of income; convergence hypothesis; intra-distribution mobility; capital investment (search for similar items in EconPapers)
JEL-codes: C32 C33 E32 (search for similar items in EconPapers)
Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:ehl:lserod:2256

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