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Empirics for Economic Growth and Convergence

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Author Info
Danny Quah
Abstract

The convergence hypotehsis has genreated a huge empriical literature: this paper critically reviews some of the earlier key findings, clarifies their implications, and relates thme to more recent results. Particular attention is devoted to interpreting convergence empirics. The mian finding s are: (1) The much-heralded uniform 2% rate of convergence could arise for reasons unrelated to the dynamics of economic growth (2) Usual empirical analyses- cross section (conditional) convergence regressions, time series modelling, panel data analysis - can be misleading for understanding convergence; a model polarization in economic growth clarifies these difficulties. (3) The data, more revealingly modelled, show persistence and immobility across countries: some evidence supprots Baumol's ideal of "convergence clubs"; some evidence shows the poor getting poorer, and the rich richer, with the middle class vanishing. (4) Convergence, unambiguous up to sampling error, is observed across US states.

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Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0253.

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Date of creation: Jul 1995
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Handle: RePEc:cep:cepdps:dp0253

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  1. Galor, Oded & Zeira, Joseph, 1993. "Income Distribution and Macroeconomics," Review of Economic Studies, Blackwell Publishing, vol. 60(1), pages 35-52, January. [Downloadable!] (restricted)
  2. Esteban, Joan & Ray, Debraj, 1994. "On the Measurement of Polarization," Econometrica, Econometric Society, vol. 62(4), pages 819-51, July. [Downloadable!] (restricted)
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  3. Quah, Danny T, 1996. " Convergence Empirics across Economies with (Some) Capital Mobility," Journal of Economic Growth, Springer, vol. 1(1), pages 95-124, March.
  4. Quah, Danny, 1994. "One Business Cycle and One Trend from (Many) Many Disaggregates," CEPR Discussion Papers 873, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  5. Krugman, Paul, 1979. "A Model of Innovation, Technology Transfer, and the World Distribution of Income," Journal of Political Economy, University of Chicago Press, vol. 87(2), pages 253-66, April. [Downloadable!] (restricted)
  6. Helpman, Elhanan, 1993. "Innovation, Imitation, and Intellectual Property Rights," Econometrica, Econometric Society, vol. 61(6), pages 1247-80, November. [Downloadable!] (restricted)
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  7. Friedman, Milton, 1992. "Do Old Fallacies Ever Die?," Journal of Economic Literature, American Economic Association, vol. 30(4), pages 2129-32, December. [Downloadable!] (restricted)
  8. Quah, Danny, 1994. "Exploiting cross-section variation for unit root inference in dynamic data," Economics Letters, Elsevier, vol. 44(1-2), pages 9-19. [Downloadable!] (restricted)
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  9. Quah, Danny, 1993. "Empirical cross-section dynamics in economic growth," European Economic Review, Elsevier, vol. 37(2-3), pages 426-434, April. [Downloadable!] (restricted)
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  10. Romer, Paul M, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter. [Downloadable!] (restricted)
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  1. Pritchett, Lant, 1997. "Divergence, Big Time," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 3-17, Summer. [Downloadable!] (restricted)
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