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Convergence and the Caribbean

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  • Fiona Atkins
  • Derick Boyd

Abstract

This paper examines the convergence experience of selected Caribbean countries. It examines evidence of reduced dispersion in real per capita income—Sigma convergence—and 'catch up' growth across the group—Beta convergence. Estimation of the Solow—Swan cross-section model for the Caribbean shows weak evidence of β and σ convergence. However, structural instability and evidence of divergence over the sample period, suggest this convergence to be spurious. Further tests on individual country data showed an absense of steady state convergence for any country over time. Institutional structures and adjustments to economic shocks appear to have been important for the determination of per capita income in the long run.

Suggested Citation

  • Fiona Atkins & Derick Boyd, 1998. "Convergence and the Caribbean," International Review of Applied Economics, Taylor & Francis Journals, vol. 12(3), pages 381-396.
  • Handle: RePEc:taf:irapec:v:12:y:1998:i:3:p:381-396
    DOI: 10.1080/02692179800000014
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    References listed on IDEAS

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    1. Brock, W.A. & Durlauf, S.N., 1995. "Discrete Choice with Social Interactions I: Theory," Working papers 9521, Wisconsin Madison - Social Systems.
    2. Cornia, Giovanni Andrea & Jolly, Richard & Stewart, Frances (ed.), 1988. "Adjustment with a Human Face: Volume 2, Ten Country Case Studies," OUP Catalogue, Oxford University Press, number 9780198286110.
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    1. repec:bla:worlde:v:40:y:2017:i:5:p:949-962 is not listed on IDEAS
    2. Emiliano Giudici & André Mollick, 2008. "Convergence in the Eastern Caribbean States," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 42(4), pages 893-909, December.
    3. Gordon, Leo-Rey, 2009. "The Role of Financial Development for Economic Growth in Caribbean Islands," MPRA Paper 49566, University Library of Munich, Germany.
    4. Craigwell, Roland & Maurin, Alain, 2011. "Are Caribbean countries diverging or converging? evidence from spatial econometrics," MPRA Paper 33433, University Library of Munich, Germany.
    5. Butkiewicz, James L. & Gordon, Leo-Rey C., 2013. "The Economic Growth Effect of Offshore Banking in Host Territories: Evidence from the Caribbean," World Development, Elsevier, vol. 44(C), pages 165-179.
    6. Yorucu, Vedat & Katircioğlu, Salih Turan, 2014. "Radioactive convergence of nuclear leakage in Fukushima: Economic impact analysis of triple tragic events," Renewable and Sustainable Energy Reviews, Elsevier, vol. 35(C), pages 400-409.
    7. Khaled Elmawazini & Sonny Nwankwo, 2013. "Globalisation and Income Gap between Rich and Poor Nations," Economic Issues Journal Articles, Economic Issues, vol. 18(2), pages 19-40, September.
    8. Vedat Yorucu, 2013. "Income Convergence of Central Asian Turkic Republics: A Panel Study for Beta and Sigma Convergences for Six Asian Economies," Economic Papers, The Economic Society of Australia, vol. 32(2), pages 258-264, June.

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