The aim of this paper is to test the stochastic convergence in real per capita GDP for 15 European countries using non-stationary panel data approaches over the period 1950-2003. Cross-sectional dependence is assumed due to the existence of strong linkages among European economies. However, tests derived under the assumption of cross-sectional independence are also carried out for completeness and comparison. We also split the whole sample into two sub-periods (1950-1976, 1977-2003) in order to take into account the effects of the first oil crisis (1973-1974) and to evaluate the robustness of the statistical analysis. Our results offer little support to the stochastic convergence hypothesis for the whole period, while suggest the presence of convergence in the first sub-period.
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Article provided by Economics Bulletin in its journal Economics Bulletin.
Volume (Year): 3 (2005) Issue (Month): 38 () Pages: 1-17 Download reference. The following formats are available: HTML,
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Handle: RePEc:ebl:ecbull:v:3:y:2005:i:38:p:1-17
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Find related papers by JEL classification: C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables O0 - Economic Development, Technological Change, and Growth - - General
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Barro, Robert J & Sala-i-Martin, Xavier, 1992.
"Convergence,"
Journal of Political Economy,
University of Chicago Press, vol. 100(2), pages 223-51, April.
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Rob Eisinga & Philip Hans Franses, 2001.
"Introduction,"
Statistica Neerlandica,
Netherlands Society for Statistics and Operations Research, vol. 55(2), pages 109-110.
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