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The Convergence Hypothesis: History, Theory, and Evidence

  • Farhad Rassekh

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    The hypothesis that per capita output converges across economies over time represents one of the oldest controversies in economics. This essay surveys the history and development of the hypothesis, focusing particularly on its vast literature since the mid-1980s. A summary of empirical analyses, econometric issues, and various tests of the convergence hypothesis are also presented. Moreover, the essay analyzes the implications of the hypothesis for economic growth, especially as it relates to underdeveloped economies. Copyright Kluwer Academic Publishers 1998

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    File URL: http://hdl.handle.net/10.1023/A:1008279323832
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    Article provided by Springer in its journal Open Economies Review.

    Volume (Year): 9 (1998)
    Issue (Month): 1 (January)
    Pages: 85-105

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    Handle: RePEc:kap:openec:v:9:y:1998:i:1:p:85-105
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    19. Ricardo J. Caballero & Adam B. Jaffe, 1993. "How High are the Giants' Shoulders: An Empirical Assessment of Knowledge Spillovers and Creative Destruction in a Model of Economic Growth," NBER Working Papers 4370, National Bureau of Economic Research, Inc.
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