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Economic Convergence and Economic Policies

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Author Info
Jeffrey D. Sachs
Andrew M. Warner

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Abstract

Many of the crucial debates in development economics are encapsulated in the question of economic convergence. Is there a tendency for the poorer countries to grow more rapidly than the richer countries, and thereby to converge in living standards? Some recent research on endogenous growth has emphasized increasing returns as a possible reason not to expect convergence. Other research has suggested that convergence may be achieved only after poor countries attain a threshold level of income or human capital. This paper presents evidence that a sufficient condition for higher-than-average growth of poorer countries, and therefore convergence, is that poorer countries follow reasonably efficient economic policies, mainly open trade and protection of private property rights.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 5039.

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Date of creation: Sep 1995
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Publication status: published as Brookings Papers on Economic Activity, ed. William Brainard and George Perry, 1:1995, 1-95, 108-118.
Handle: RePEc:nbr:nberwo:5039

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  2. Williamson, J.G., 1993. "Economic Convergence: Placing Post-Famine Ireland in Comparative Perspective," Harvard Institute of Economic Research Working Papers 1654, Harvard - Institute of Economic Research.
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  8. De Long, J Bradford, 1988. "Productivity Growth, Convergence, and Welfare: Comment," American Economic Review, American Economic Association, vol. 78(5), pages 1138-54, December. [Downloadable!] (restricted)
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  1. Mwangi S. Kimenyi, 2006. "Economic Reforms and Pro-Poor Growth: Lessons for Africa and other Developing Regions and Economies in Transition," Working papers 2006-02, University of Connecticut, Department of Economics. [Downloadable!]
  2. Jahangir Aziz & Robert Wescott, 1999. "Policy Complementarities and the Washington Consensus," Development and Comp Systems 9902002, EconWPA. [Downloadable!]
  3. Stan du Plessis & Sonja Keller, 2002. "Bias correction in a dynamic panel data model of economic growth: The African dummy re-examined," Working Papers 04/2002, Stellenbosch University, Department of Economics. [Downloadable!]
  4. Geert Bekaert & Campbell R. Harvey & Christian Lundblad, 2001. "Does Financial Liberalization Spur Growth?," NBER Working Papers 8245, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  5. Sanjay G. Reddy & Camelia Minoiu, 2006. "Development Aid and Economic Growth: A Positive Long-Run Relation," Working Papers 29, United Nations, Department of Economics and Social Affairs. [Downloadable!]
  6. Karin Olofsdotter, 1998. "Foreign direct investment, country capabilities and economic growth," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 127(3), pages 534-547, September. [Downloadable!] (restricted)
  7. Ricardo Hausmann & Lant Pritchett & Dani Rodrik, 2004. "Growth Accelerations," NBER Working Papers 10566, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  8. Hallward-Driemeier, Mary & Wallsten, Scott & Lixin Colin Xu, 2003. "The investment climate and the firm : firm-level evidence from China," Policy Research Working Paper Series 3003, The World Bank. [Downloadable!]
  9. repec:chb:bcchwp:09 is not listed on IDEAS
  10. Pritchett, Lant, 1997. "Divergence, Big Time," Journal of Economic Perspectives, American Economic Association, vol. 11(3), pages 3-17, Summer. [Downloadable!] (restricted)
    Other versions:
  11. Pritchett, Lant, 1998. "Patterns of economic growth : hills, plateaus, mountains, and plains," Policy Research Working Paper Series 1947, The World Bank. [Downloadable!]
  12. M. Menegatti, 2002. "Crescita e istituzioni: alcune schede riassuntive," Economics Department Working Papers 2002-EP01, Department of Economics, Parma University (Italy). [Downloadable!]
  13. Ravallion, Martin, 2004. "Looking beyond averages in the trade and poverty debate," Policy Research Working Paper Series 3461, The World Bank. [Downloadable!]
    Other versions:
  14. Palle Andersen & David Gruen, 1995. "Macroeconomic Policies and Growth," RBA Research Discussion Papers rdp9507, Reserve Bank of Australia. [Downloadable!]
  15. Ghosh, S. & Yamarik, S., 2006. "Do Regional Trading Arrangements Harm the Environment?. An Analysis of 162 Countries in 1990," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 6(2). [Downloadable!] (restricted)
  16. Christa N. Brunnschweiler, 2006. "Cursing the blessings? Natural resource abundance, institutions, and economic growth," Economics working paper series 06/51, CER-ETH - Center of Economic Research (CER-ETH) at ETH Zurich. [Downloadable!]
    Other versions:
  17. José Luiz Rossi Júnior & Pedro Cavalcanti Gomes Ferreira, 1999. "Trade Barriers and Productivity Growth: Cross-Industry Evidence," Economics Working Papers (Ensaios Economicos da EPGE) 343, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
  18. Rolf Maier, 2005. "Trade Policy and Pro-Poor Growth," International Trade 0504007, EconWPA. [Downloadable!]
  19. Carone, Giuseppe & Denis, Cécile & Mc Morrow, Kieran & Mourre, Gilles & Röger, Werner, 2006. "Long-term labour productivity and GDP projections for the EU25 Member States : a production function framework," MPRA Paper 744, University Library of Munich, Germany. [Downloadable!]
  20. Jeffrey D. Sachs & Andrew M. Warner, 1995. "Natural Resource Abundance and Economic Growth," NBER Working Papers 5398, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  21. Farhad Rassekh, 1998. "The Convergence Hypothesis: History, Theory, and Evidence," Open Economies Review, Springer, vol. 9(1), pages 85-105, January. [Downloadable!] (restricted)
  22. Pedro Cavalcanti Gomes Ferreira & ALBERTO TREJOS, 2001. "On the Long Run Effects of Barriers to Trade," Economics Working Papers (Ensaios Economicos da EPGE) 436, Graduate School of Economics, Getulio Vargas Foundation (Brazil). [Downloadable!]
  23. Alan M. Taylor, 1995. "Growth and Convergence in the Asia-Pacific Region: On the Role of Openness, Trade and Migration," NBER Working Papers 5276, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  24. Isabelle Bensidoun & Guillaume Gaulier & Deniz Unal-Kesenci, 2001. "The Nature of Specialization Matters for Growth: an Empirical Investigation," Working Papers 2001-13, CEPII research center. [Downloadable!]
  25. Peter Nunnenkamp, 2002. "Why Economic Growth Trends Differ So Much Across Developing Countries. The Globalization Debate and Its Relevance to Pakistan," Kiel Working Papers 1091, Kiel Institute for the World Economy. [Downloadable!]
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