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Convergence Empirics across Economies with (Some) Capital Mobility

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  • Danny Quah
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    Abstract

    The paper uses a model of growth and imperfect capital mobility across multiple economies to characterize the dynamics of (cross-country) income distributions. This allows convenient study of the convergence hypothesis, ad reveals, where appropriate, polarization and clumping within subgroups. The data show little cross-country convergence; instead, the important features are persistence, immobility, and polarization, exemplified by "convergence club" or "twin peaks" dynamics.

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    File URL: http://cep.lse.ac.uk/pubs/download/DP0257.pdf
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    Bibliographic Info

    Paper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0257.

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    Date of creation: Aug 1995
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    Handle: RePEc:cep:cepdps:dp0257

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    Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP

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    1. Danny Quah, 1992. "Empirical Cross-Section Dynamics in Economic Growth," FMG Discussion Papers dp154, Financial Markets Group.
    2. Sims, Christopher A, 1972. "Money, Income, and Causality," American Economic Review, American Economic Association, vol. 62(4), pages 540-52, September.
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    Cited by:
    1. REY, Serge, 2005. "Convergence réelle et convergence nominale dans les Pays de la région MENA
      [Real and nominal convergence amongst MENA countries]
      ," MPRA Paper 30206, University Library of Munich, Germany.
    2. de la Fuente, Angel, 1996. "On the Sources of Convergence: A Close Look at the Spanish Regions," CEPR Discussion Papers 1543, C.E.P.R. Discussion Papers.
    3. Warwick J. McKibbin & David Pearce & Alison Stagman, 2004. "Long Run Projections for Climate Change Scenarios," Economics and Environment Network Working Papers 0405, Australian National University, Economics and Environment Network.
    4. Slavov, Slavi T., 2009. "Do common currencies facilitate the net flow of capital among countries?," The North American Journal of Economics and Finance, Elsevier, vol. 20(2), pages 124-144, August.
    5. Alejandro Diaz Bautista & Mauro Diaz Dominguez, 2004. "Capital Humano y Crecimiento Económico en México (1970-2000). Human Capital and Economic Growth in Mexico," Urban/Regional 0405008, EconWPA.

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