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Globalization and Consumption Patterns among the OECD Countries

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  • Istvan Konya

    ()
    (Boston College)

  • Hiroshi Ohashi

    (University of Tokyo)

Abstract

The paper examines the evolution of consumption patterns in Organization for Economic Co-operation and Development (OECD) countries from 1985 to 1999. Estimation of demand function parameters uncovered consistent evidence that differences in consumption patterns have recently diminished between the countries. The paper further uncovers an empirical relationship that indicates that increased bilateral trade and foreign direct investment (FDI) has contributed to the convergence of consumption patterns. The result is robust to the consideration of endogeneity in the trade and FDI variables.

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Bibliographic Info

Paper provided by Boston College Department of Economics in its series Boston College Working Papers in Economics with number 596.

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Length: 29 pages
Date of creation: 22 Jun 2004
Date of revision:
Handle: RePEc:boc:bocoec:596

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Web page: http://fmwww.bc.edu/EC/
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Keywords: globalization; almost ideal demand system; endogeneity; convergence;

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  1. Taylor, Alan M, 2001. "Potential Pitfalls for the Purchasing-Power-Parity Puzzle? Sampling and Specification Biases in Mean-Reversion Tests of the Law of One Price," Econometrica, Econometric Society, vol. 69(2), pages 473-98, March.
  2. Dean R. Hyslop, 2001. "Rising U.S. Earnings Inequality and Family Labor Supply: The Covariance Structure of Intrafamily Earnings," American Economic Review, American Economic Association, vol. 91(4), pages 755-777, September.
  3. Ben-David, D., 1995. "Trade and Convergence Among Countries," Papers 35-95, Tel Aviv.
  4. Deaton, Angus S & Muellbauer, John, 1980. "An Almost Ideal Demand System," American Economic Review, American Economic Association, vol. 70(3), pages 312-26, June.
  5. Yusuf, Shahid, 2001. "Globalization and the challenge for developing countries," Policy Research Working Paper Series 2618, The World Bank.
  6. Altonji, Joseph G & Segal, Lewis M, 1996. "Small-Sample Bias in GMM Estimation of Covariance Structures," Journal of Business & Economic Statistics, American Statistical Association, vol. 14(3), pages 353-66, July.
  7. Keller, Wolfgang, 2002. "International Technology Diffusion," CEPR Discussion Papers 3133, C.E.P.R. Discussion Papers.
  8. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
  9. Jeffrey G. Williamson, 1995. "Globalization, Convergence and History," NBER Working Papers 5259, National Bureau of Economic Research, Inc.
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