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What Kind of Regional Convergence?

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de la Fuente, Angel

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Abstract

Recent estimates of convergence equations using panel data techniques tend to produce theoretically unpalatable results which run counter to the views prevailing in the literature. This paper argues that these results may be partly due to the difficulty of empirically separating short-term fluctuations around trend from long-term growth dynamics. Using data for the Spanish regions, it is found that explicitly allowing for short-term noise reduces the estimated convergence rate to values which are roughly consistent with an extended neoclassical model. On the other hand, the dispersion of estimated steady states remains high, although these estimates do not seem to be particularly reliable.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 1924.

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Date of creation: Jul 1998
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Handle: RePEc:cpr:ceprdp:1924

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Related research
Keywords: Convergence; Panel Data;

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Find related papers by JEL classification:
C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

References listed on IDEAS
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. de la Fuente, Angel, 1997. "The empirics of growth and convergence: A selective review," Journal of Economic Dynamics and Control, Elsevier, vol. 21(1), pages 23-73, January. [Downloadable!] (restricted)
    Other versions:
  2. Bernhard Herz & Werner Roeger, 1995. "Economic Growth and Convergence in Germany," Macroeconomics, Department of Economics, Economics I, Bayreuth University, vol. 131(1), pages 132-143.
  3. Robert J. Barro & Xavier Sala-i-Martin, 1990. "Economic Growth and Convergence across The United States," NBER Working Papers 3419, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Barro, Robert T. & Sala-I-Martin, Xavier, 1992. "Regional growth and migration: A Japan-United States comparison," Journal of the Japanese and International Economies, Elsevier, vol. 6(4), pages 312-346, December. [Downloadable!] (restricted)
  5. Evans, Paul & Karras, Georgios, 1996. "Do Economies Converge? Evidence from a Panel of U.S. States," The Review of Economics and Statistics, MIT Press, vol. 78(3), pages 384-88, August. [Downloadable!] (restricted)
  6. Gouyette, Claudine & Neven, Damien J, 1994. "Regional Convergence in the European Community," CEPR Discussion Papers 914, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  7. Etsuro Shioji, 1997. "Convergence in Panel Data: Evidence from the Skipping Estimation," Economics Working Papers 235, Department of Economics and Business, Universitat Pompeu Fabra. [Downloadable!]
  8. Danny Quah, 1992. "Empirical cross-section dynamics in economic growth," Discussion Paper / Institute for Empirical Macroeconomics 75, Federal Reserve Bank of Minneapolis. [Downloadable!]
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  9. Caselli, Francesco & Esquivel, Gerardo & Lefort, Fernando, 1996. " Reopening the Convergence Debate: A New Look at Cross-Country Growth Empirics," Journal of Economic Growth, Springer, vol. 1(3), pages 363-89, September.
  10. Robert J. Barro & Xavier Sala-i-Martin, 1992. "Regional Growth and Migration: A Japan-U.S. Comparison," NBER Working Papers 4038, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Sala-i-Martin, Xavier X., 1996. "Regional cohesion: Evidence and theories of regional growth and convergence," European Economic Review, Elsevier, vol. 40(6), pages 1325-1352, June. [Downloadable!] (restricted)
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  12. Cohen Daniel, 1992. "Tests of the "convergence hypothesis" : a critical note," CEPREMAP Working Papers (Couverture Orange) 9208, CEPREMAP.
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  13. Jan Fagerberg & Bart Verspagen, 1996. "Heading for Divergence? Regional Growth in Europe Reconsidered," Journal of Common Market Studies, Blackwell Publishing, vol. 34(3), pages 431-448, 09. [Downloadable!] (restricted)
  14. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 407-37, May. [Downloadable!] (restricted)
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  15. Nickell, Stephen J, 1981. "Biases in Dynamic Models with Fixed Effects," Econometrica, Econometric Society, vol. 49(6), pages 1417-26, November. [Downloadable!] (restricted)
  16. Delano Villanueva & Malcolm D. Knight & Norman Loayza, 1992. "Testing the Neoclassical Theory of Economic Growth - A Panel Data Approach," IMF Working Papers 92/106, International Monetary Fund.
  17. Barro, Robert J & Sala-i-Martin, Xavier, 1992. "Convergence," Journal of Political Economy, University of Chicago Press, vol. 100(2), pages 223-51, April. [Downloadable!] (restricted)
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  18. Griliches, Zvi & Hausman, Jerry A., 1986. "Errors in variables in panel data," Journal of Econometrics, Elsevier, vol. 31(1), pages 93-118, February. [Downloadable!] (restricted)
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  19. Canova, Fabio & Marcet, Albert, 1995. "The Poor Stay Poor: Non-Convergence Across Countries and Regions," CEPR Discussion Papers 1265, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  20. Shioji, Etsuro, 1996. "Regional Growth in Japan," CEPR Discussion Papers 1425, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
  21. Islam, Nazrul, 1995. "Growth Empirics: A Panel Data Approach," The Quarterly Journal of Economics, MIT Press, vol. 110(4), pages 1127-70, November. [Downloadable!] (restricted)
  22. Magrini, Stefano, 1999. "The evolution of income disparities among the regions of the European Union," Regional Science and Urban Economics, Elsevier, vol. 29(2), pages 257-281, March. [Downloadable!] (restricted)
Full references

Cited by:
(explanations, 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. Stephane Adjemian & Jerome Glachant & Charles Vellutini, 2000. "Regional Convergence and Aggregate Growth," Econometric Society World Congress 2000 Contributed Papers 1518, Econometric Society. [Downloadable!]
  2. Straubhaar, Thomas & Suhrcke, Marc & Urban, Dieter, 2002. "Divergence - Is it Geography?," Discussion Paper Series 26350, Hamburg Institute of International Economics. [Downloadable!]
    Other versions:
  3. Ignacio J. Carnicero, 2001. "Comercio y convergencia regional: un análisis sectorial del caso español," Investigaciones Economicas, Fundación SEPI, vol. 25(3), pages 603-624, September. [Downloadable!]
  4. Bernhard Herz, . "Real convergence and regional policy in the European Union: Evidence from 1990s," Macroeconomics, Department of Economics, Economics I, Bayreuth University. [Downloadable!]
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