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Multiple Growth Regimes-Insights from Unified Growth Theory

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Unified Growth Theory uncovers the forces that contributed to the existence of multiple growth regimes and the emergence of convergence clubs. It suggests that differential timing of take-offs from stagnation to growth segmented economies into three fundamental regimes: slow growing economies in a Malthusian regime, fast growing countries in a sustained growth regime, and economies in the transition between these regimes. In contrast to existing research that links regime switching thresholds to critical levels of income or human capital, UGT associates them with critical changes in the rates of technological progress, population growth, and human capital formation.

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Paper provided by Brown University, Department of Economics in its series Working Papers with number 2007-8.

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Date of creation: 2007
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Handle: RePEc:bro:econwp:2007-8

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Postal: Department of Economics, Brown University, Providence, RI 02912

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  1. repec:att:wimass:9419 is not listed on IDEAS
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Cited by:
  1. Stéphane Auray & Aurélien Eyquem & Fréderic Jouneau-Sion, 2012. "Modelling Tails of Aggregated Economic Processes in a Stochastic Growth Model," Working Papers, Centre de Recherche en Economie et Statistique 2012-29, Centre de Recherche en Economie et Statistique.
  2. Postiglione, Paolo & Benedetti, Roberto & Lafratta, Giovanni, 2010. "A regression tree algorithm for the identification of convergence clubs," Computational Statistics & Data Analysis, Elsevier, Elsevier, vol. 54(11), pages 2776-2785, November.
  3. Herrmann, Sabine & Winkler, Adalbert, 2008. "Financial markets and the current account: emerging Europe versus emerging Asia," Discussion Paper Series 1: Economic Studies, Deutsche Bundesbank, Research Centre 2008,05, Deutsche Bundesbank, Research Centre.
  4. Stéphane Auray & Aurélien Eyquem & Frédéric Jouneau-Sion, 2009. "Extremal behavior of aggregated economic processes in a structural growth model," Cahiers de recherche, Departement d'Economique de la Faculte d'administration à l'Universite de Sherbrooke 09-17, Departement d'Economique de la Faculte d'administration à l'Universite de Sherbrooke, revised 10 Mar 2010.
  5. Sabine Herrmann & Adalbert Winkler, 2009. "Real convergence, financial markets, and the current account - Emerging Europe versus emerging Asia," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 362, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
  6. Paolo Postiglione & M. Andreano & Roberto Benedetti, 2013. "Using Constrained Optimization for the Identification of Convergence Clubs," Computational Economics, Society for Computational Economics, Society for Computational Economics, vol. 42(2), pages 151-174, August.

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