Convergence Empirics across Economies with (Some) Capital Mobility
AbstractThe 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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Bibliographic InfoPaper provided by Centre for Economic Performance, LSE in its series CEP Discussion Papers with number dp0257.
Date of creation: Aug 1995
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Web page: http://cep.lse.ac.uk/_new/publications/series.asp?prog=CEP
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