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Long-Run Convergence in Manufacturing and Innovation-Based Models

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  • Jakob B. Madsen
  • Isfaaq Timol

Abstract

Most studies of comparative productivities fail to find evidence of convergence in OECD manufacturing despite major economic growth theories predicting convergence. Using manufacturing data for 19 OECD countries over the period from 1870 to 2006 this study finds strong evidence of unconditional B-convergence as well as o-convergence. Panel data estimates suggest that the convergence has been driven by domestic R&D, international R&D spillovers and financial development as predicted by Schumpeterian growth theories

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File URL: http://www.buseco.monash.edu.au/eco/research/papers/2010/0910convergencemadsentimol.pdf
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Bibliographic Info

Paper provided by Monash University, Department of Economics in its series Monash Economics Working Papers with number 09-10.

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Length: 34 pages
Date of creation: May 2010
Date of revision:
Handle: RePEc:mos:moswps:2010-09

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Postal: Department of Economics, Monash University, Victoria 3800, Australia
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Keywords: Convergence; second-generation endogenous growth models;

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References

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  1. Ben-David, Dan, 1993. "Equalizing Exchange: Trade Liberalization and Income Convergence," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 653-79, August.
  2. Jakob B. Madsen, 2009. "Trade Barriers, Openness, and Economic Growth," Southern Economic Journal, Southern Economic Association, vol. 76(2), pages 397-418, October.
  3. Scott L. Baier & Gerald P. Dwyer & Robert Tamura, 2006. "How Important are Capital and Total Factor Productivity for Economic Growth?," Economic Inquiry, Western Economic Association International, vol. 44(1), pages 23-49, January.
  4. Jakob Madsen, 2008. "Semi-endogenous versus Schumpeterian growth models: testing the knowledge production function using international data," Journal of Economic Growth, Springer, vol. 13(1), pages 1-26, March.
  5. Adriana Di Liberto & Francesco Pigliaru & Roberto Mura, 2008. "How to measure the unobservable: a panel technique for the analysis of TFP convergence," Oxford Economic Papers, Oxford University Press, vol. 60(2), pages 343-368, April.
  6. Peretto, Pietro F., 1997. "Industrial Development, Technological Change, and Long-RunGrowth," Working Papers 97-10, Duke University, Department of Economics.
  7. "Jakob B." "Madsen", 2008. "Economic Growth, TFP Convergence and the World Export of Ideas: A Century of Evidence," Scandinavian Journal of Economics, Wiley Blackwell, vol. 110(1), pages 145-167, 03.
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Cited by:
  1. Simone Valente & Nujin Suphaphiphat & Pietro F. Peretto, 2013. "Endogenous Growth and Property Rights Over Renewable Resources," Working Paper Series 14413, Department of Economics, Norwegian University of Science and Technology.

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