Travaglini, Guido () (Istituto di Economia e Finanza (Institute of Economics and Finance) Facoltà di Giurisprudenza (Faculty of Law) Università degli Studi di Roma)
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Income convergence is here tested for the 25 nonoil Heston-Summers countries for which physical capital data are available. ß-convergence is tested via a dynamic Cobb-Douglas growth equation both in panel and in single-country form. õ-convergence is tested for the stationarity of unconditional and conditional time series of single~country income deviations from the sample mean. Although the two methods are (weakly) related to each other, conflicting results emerge: while conditional ß -convergencc cannot be significantly rejected (accepted) at the panel (single-country) level, both unconditional and conditional õ -convergence cannot be significantly accepted at the single-country level. In essence, while the two forms of convergence are empirically inconsistent with one another, the country-specific growth story holds very well, insofar as its standard determinants widely differ among nations.
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Find related papers by JEL classification: C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General