On Asymmetric Business Cycle Effects on Convergence Rates: Some European Evidence
AbstractIn this paper, we provide empirical evidence for some European countries, over the period 1963-2000, on whether business cycle affects convergence process or catching-up. To do so, we first evaluate beta-convergence. We find evidence in favour of this type of convergence for six countries (Spain, Portugal, Finland, Denmark, Sweden and Germany). Spain, Portugal and Finland are countries initially "poor" with a growth rate larger than EU-15 average. On the contrary, Germany, Denmark and Sweden are countries initially "rich" growing smaller than average. We observe that convergence rates in "poor" countries has been larger during expansions than recessions while two of the "rich" countries, Denmark and Sweden, experiment the opposite effect
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Bibliographic InfoPaper provided by Society for Computational Economics in its series Computing in Economics and Finance 2004 with number 45.
Date of creation: 11 Aug 2004
Date of revision:
stochastic convergence; cyclical convergence; Markov switching models;
Find related papers by JEL classification:
- E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
- O40 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
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