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Testing for country heterogeneity in growth models using a finite mixture approach

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Author Info
Marco Alfo (Dipartimento di Statistica, Probabilità e Statistiche Applicate, 'Sapienza' Università di Roma, Rome, Italy)
Giovanni Trovato (Dipartimento di Economia e Istituzioni, Università di Roma 'Tor Vergata', Rome Italy)
Robert J. Waldmann (Dipartimento di Economia e Istituzioni, Università di Roma 'Tor Vergata', Rome Italy)

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Abstract

We define a bivariate mixture model to test whether economic growth can be considered exogenous in the Solovian sense. For this purpose, the multivariate mixture approach proposed by Alfò and Trovato is applied to the Bernanke and Gürkaynak extension of the Solow model. We find that the explanatory power of the Solow growth model is enhanced, since growth rates are not statistically significantly associated with investment rates, when cross-country heterogeneity is considered. Moreover, no sign of convergence to a single equilibrium is found. Copyright © 2008 John Wiley & Sons, Ltd.

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File URL: http://hdl.handle.net/10.1002/jae.1008
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Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 23 (2008)
Issue (Month): 4 ()
Pages: 487-514
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Handle: RePEc:jae:japmet:v:23:y:2008:i:4:p:487-514

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  2. Durlauf, Steven N., 2001. "Manifesto for a growth econometrics," Journal of Econometrics, Elsevier, vol. 100(1), pages 65-69, January. [Downloadable!] (restricted)
  3. Gregory Mankiw, 1995. "The Growth of Nations," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1995-1), pages 275-326. [Downloadable!]
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  4. Paapaa, Richard & van Dijk, Herman K., 1998. "Distribution and mobility of wealth of nations," European Economic Review, Elsevier, vol. 42(7), pages 1269-1293, July. [Downloadable!] (restricted)
  5. Winford H. Masanjala & Chris Papageorgiou, 2004. "The Solow model with CES technology: nonlinearities and parameter heterogeneity," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 19(2), pages 171-201. [Downloadable!]
  6. Bond, Stephen Roy & Hoeffler, Anke & Temple, Jonathan, 2001. "GMM Estimation of Empirical Growth Models," CEPR Discussion Papers 3048, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  7. Jonathan Temple, 1999. "The New Growth Evidence," Journal of Economic Literature, American Economic Association, vol. 37(1), pages 112-156, March. [Downloadable!] (restricted)
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  11. Fabio Canova, 2004. "Testing for Convergence Clubs in Income Per Capita: A Predictive Density Approach," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 45(1), pages 49-77, 02. [Downloadable!] (restricted)
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  12. Quah, Danny, 1996. "Twin Peaks: Growth and Convergence in Models of Distribution Dynamics," CEPR Discussion Papers 1355, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  13. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
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  14. Kalaitzidakis, Pantelis, et al, 2001. " Measures of Human Capital and Nonlinearities in Economic Growth," Journal of Economic Growth, Springer, vol. 6(3), pages 229-54, September. [Downloadable!] (restricted)
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  15. BLUM, Ulrich & DUDLEY, Leonard, 2001. "Religion and Economic Growth: Was Weber Right?," Cahiers de recherche 2001-05, Universite de Montreal, Departement de sciences economiques. [Downloadable!]
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  16. Bloom, David E & Canning, David & Sevilla, Jaypee, 2003. " Geography and Poverty Traps," Journal of Economic Growth, Springer, vol. 8(4), pages 355-78, December. [Downloadable!] (restricted)
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Cited by:
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  1. Gianfranco Di Vaio & Kerstin Enflo, 2009. "Did Globalization Lead to Segmentation? Identifying Cross-Country Growth Regimes in the Long-Run," Discussion Papers 09-08, University of Copenhagen. Department of Economics. [Downloadable!]
  2. Davis, Lewis & Owen, Ann L. & Videras, Julio, 2007. "Do all countries follow the same growth process?," MPRA Paper 11589, University Library of Munich, Germany, revised Sep 2008. [Downloadable!]
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