Empirical cross-section dynamics in economic growth
AbstractTraditional empirical strategies for studying convergence - more generally, the dynamics and determinants of economic growth, can be misleading if important, underlying permanent or growth components are stochastically time-varying. This paper documents the degree to which this instability characterises the data, and then offers an alternative empirical framework. This alternative, directly modelling the dynamics of the evolving cross-section distributions, applied to cross-country income data yields some interesting insights: economies across the world seem to be converging to a distribution where many remain wealthy, and many remain poor. Those economies able to make the transition from low to high income levels are primarily small and sparsely populated; middle-income ones, by contrast, are a vanishing class.
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Bibliographic InfoPaper provided by Federal Reserve Bank of Minneapolis in its series Discussion Paper / Institute for Empirical Macroeconomics with number 75.
Date of creation: 1992
Date of revision:
Other versions of this item:
- Quah, Danny, 1993. "Empirical cross-section dynamics in economic growth," European Economic Review, Elsevier, vol. 37(2-3), pages 426-434, April.
- Danny Quah, 1992. "Empirical Cross-Section Dynamics in Economic Growth," FMG Discussion Papers dp154, Financial Markets Group.
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models
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