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Tests of the `Convergence Hypothesis': A Critical Note

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Cohen, Daniel

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Abstract

I argue in this paper that the `speed of convergence' estimated in recent works on `convergence' does not capture `actual' convergence towards a steady state, but rather conditional dynamics towards a moving target. Although this conditional convergence can be taken to imply that there are decreasing returns to such storable assets as physical and human capital, they cannot be taken to rule out unbounded growth (since human capital could well be indefinitely growing). I offer a test of the `convergence hypothesis' based on the analysis of a two-dimensional system and find that it cannot be accepted.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 691.

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Date of creation: Aug 1992
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Handle: RePEc:cpr:ceprdp:691

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Related research
Keywords: Convergence; Growth;

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Find related papers by JEL classification:
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

Cited by:
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  1. de la Fuente, Angel, 2000. "Convergence Across Countries And Regions: Theory And Empirics," CEPR Discussion Papers 2465, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
    Other versions:
  2. Boyer, Robert, 1994. "Convergence hypothesis revisited (the) : globalization but still the century of nations ?," CEPREMAP Working Papers (Couverture Orange) 9403, CEPREMAP. [Downloadable!]
  3. Jonathan Temple, 1995. "Testing the augmented Solow Model," Economics Papers 18 & 106., Economics Group, Nuffield College, University of Oxford. [Downloadable!]
    Other versions:
  4. Angel de la Fuente, . "What kind of regional convergence?," Studies on the Spanish Economy 07, FEDEA. [Downloadable!]
    Other versions:
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