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Long-Run Convergence in Manufacturing and Innovation-Based Models

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  • Jakob B. Madsen

    (Monash University)

  • Isfaaq Timol

    (Monash University)

Abstract

Most studies of comparative productivities fail to find evidence of convergence in OECD manufacturing despite major economic growth theories predicting convergence. Using manufacturing data for nineteen OECD countries over the period from 1870 to 2006, this study finds strong evidence of unconditional β-convergence as well as σ-convergence. Panel data estimates suggest that the convergence has been driven by domestic R&D, international R&D spillovers, and financial development as predicted by Schumpeterian growth theories. © 2011 The President and Fellows of Harvard College and the Massachusetts Institute of Technology.

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Bibliographic Info

Article provided by MIT Press in its journal Review of Economics and Statistics.

Volume (Year): 93 (2011)
Issue (Month): 4 (November)
Pages: 1155-1171

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Handle: RePEc:tpr:restat:v:93:y:2011:i:4:p:1155-1171

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  1. Adriana Di Liberto & Roberto Mura & Francesco Pigliaru, 2005. "How to Measure the Unobservable: A Panel Technique for the Analysis of TFP Convergence," Working Papers 2005.16, Fondazione Eni Enrico Mattei.
  2. Jakob Madsen, 2008. "Semi-endogenous versus Schumpeterian growth models: testing the knowledge production function using international data," Journal of Economic Growth, Springer, vol. 13(1), pages 1-26, March.
  3. Peretto, Pietro F., 1999. "Industrial development, technological change, and long-run growth," Journal of Development Economics, Elsevier, vol. 59(2), pages 389-417, August.
  4. Jakob B. Madsen, 2009. "Trade Barriers, Openness, and Economic Growth," Southern Economic Journal, Southern Economic Association, vol. 76(2), pages 397-418, October.
  5. Scott L. Baier & Gerald P. Dwyer & Robert Tamura, 2006. "How Important are Capital and Total Factor Productivity for Economic Growth?," Economic Inquiry, Western Economic Association International, vol. 44(1), pages 23-49, January.
  6. Ben-David, Dan, 1993. "Equalizing Exchange: Trade Liberalization and Income Convergence," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 653-79, August.
  7. "Jakob B." "Madsen", 2008. "Economic Growth, TFP Convergence and the World Export of Ideas: A Century of Evidence," Scandinavian Journal of Economics, Wiley Blackwell, vol. 110(1), pages 145-167, 03.
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Cited by:
  1. Nujin Suphaphiphat & Pietro F. Peretto & Simone Valente, 2013. "Endogenous Growth and Property Rights over Renewable Resources," Working Papers 13-11, Duke University, Department of Economics.

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