Le verifiche empiriche dell'ipotesi di convergenza
This paper is a selective review of the literature on the conditional convergence prediction implied by the neoclassical Ramsey-Cass Koopmans version of the growth model. The new stylized facts of increasing disparity and variations of income per capita and growth rates across countries and across time seem to support the theoretical predictions of the competing endogenous growth models. In the ongoing debate the correspondence of the theoretical predictions of both theories to basic facts of growth is left to the empirical analysis. After reviewing the most significant econometric studies which found convergence by running cross section growth regressions, we conclude that the criticism to which these estimates have been subjected are methodologically founded. Progress on this central issue can be made through new empirical estimates bases on the time series approach.
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Volume (Year): 58 (1999)
Issue (Month): 3-4 (December)
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