Economic transition and growth

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Economic transition and growth

Author Info

Peter C. B. Phillips (Yale University, New Haven, CT, USA; University of Auckland, New Zealand; University of York, UK; and Singapore Management University, Singapore)
Donggyu Sul (Department of Economics, University of Texas at Dallas, USA)

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Abstract

Some extensions of neoclassical growth models are discussed that allow for cross-section heterogeneity among economies and evolution in rates of technological progress over time. The models offer a spectrum of transitional behavior among economies that includes convergence to a common steady-state path as well as various forms of transitional divergence and convergence. Mechanisms for modeling such transitions, measuring them econometrically, assessing group behavior and selecting subgroups are developed in the paper. Some econometric issues with the commonly used augmented Solow regressions are pointed out, including problems of endogeneity and omitted variable bias which arise under conditions of transitional heterogeneity. Alternative regression methods for analyzing economic transition are given which lead to a new test of the convergence hypothesis and a new procedure for detecting club convergence clusters. Transition curves for individual economies and subgroups of economies are estimated in a series of empirical applications of the methods to regional US data, OECD data and Penn World Table data. Copyright © 2009 John Wiley & Sons, Ltd.

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Publisher Info
Article provided by John Wiley & Sons, Ltd. in its journal Journal of Applied Econometrics.

Volume (Year): 24 (2009)
Issue (Month): 7 ()
Pages: 1153-1185
Download reference. The following formats are available: HTML (with abstract), plain text (with abstract), BibTeX, RIS (EndNote, RefMan, ProCite), ReDIF
Handle: RePEc:jae:japmet:v:24:y:2009:i:7:p:1153-1185

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Paper
- Peter C.B. Phillips & Donggyu Sul, 2005. "Economic Transition and Growth," Cowles Foundation Discussion Papers 1514, Cowles Foundation, Yale University. [Downloadable!]

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

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Other versions:
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Other versions:
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repec:att:wimass:1920418 is not listed on IDEAS
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Full references

Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

Hyeok Jeong & Yong Kim, 2006. "S-shaped Transition and Catapult Effects," IEPR Working Papers 06.53, Institute of Economic Policy Research (IEPR). [Downloadable!]
Other versions:
- Hyeok Jeong & Yong Kim, 2006. "S-Shaped Transition and Catapult Effects," 2006 Meeting Papers 250, Society for Economic Dynamics.
Ekaterini Panopoulou & Theologos Pantelidis, 2009. "Club Convergence in Carbon Dioxide Emissions," Environmental & Resource Economics, European Association of Environmental and Resource Economists, vol. 44(1), pages 47-70, September. [Downloadable!] (restricted)
Other versions:
- Ekaterini Panopoulou and Theologos Pantelidis, 2007. "Club Convergence in Carbon Dioxide Emissions," The Institute for International Integration Studies Discussion Paper Series iiisdp235, IIIS. [Downloadable!]

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