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On Asymmetric Business Cycle Effects on Convergence Rates: Some European Evidence

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  • Ramón María-Dolores
  • Israel Sancho

Abstract

In 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 Info

Paper provided by Society for Computational Economics in its series Computing in Economics and Finance 2004 with number 45.

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Date of creation: 11 Aug 2004
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Handle: RePEc:sce:scecf4:45

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Keywords: stochastic convergence; cyclical convergence; Markov switching models;

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