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Factor Mobility and Income Growth: Two Convergence Hypotheses

  • Razin, Assaf
  • Yuen, Chi-Wa

While technologies and policy fundamentals are presumably different internationally, inducing differences in growth rates, capital mobility can be a powerful force in equalizing output growth rates across countries. The paper provides some indirect evidence in support of this effect. In the context of regional growth, however, labor mobility can potentially equalize income levels across regions in the presence of human capital externalities. Supporting evidence is found for this effect, revealing that restrictions on labor flows tend to make per capita incomes more divergent across nations and/or regions. Copyright 1997 by Blackwell Publishing Ltd

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Article provided by Wiley Blackwell in its journal Review of Development Economics.

Volume (Year): 1 (1997)
Issue (Month): 2 (June)
Pages: 171-90

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Handle: RePEc:bla:rdevec:v:1:y:1997:i:2:p:171-90
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