Convergence Clubs and Endogenous Growth
AbstractRecent data indicate a wide disparity in the growth performance of different nations. Such disparities have usually been taken to imply that there is to much catching up or convergence taking place. Using a modified version of the endogenous growth approach, we show that convergence is occurring but in a non-equalizing manner. The world appears to be segmented into two mutually exclusive "convergence clubs" with the members of the richer club enjoying a real income per capita which is significantly higher than that enjoyed by those belonging to the poorer club. Copyright 1992 by Oxford University Press.
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Bibliographic InfoArticle provided by Oxford University Press in its journal Oxford Review of Economic Policy.
Volume (Year): 8 (1992)
Issue (Month): 4 (Winter)
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Web page: http://oxrep.oupjournals.org/
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