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Balanced Growth and Output Convergence in Europe


  • Clifford L.F. Attfield



Using OECD quarterly data on consumption, output and investment from 1980, the balanced growth hypothesis is tested country by country for seven European economies, Belgium, Finland, France, Holland, Italy, Spain and the UK. Output series for each of the countries is then modelled as an output system and the hypothesis of convergence in trend output growth tested. Finally, the hypothesis of balanced growth and convergence, is tested in a system framework.

Suggested Citation

  • Clifford L.F. Attfield, 2003. "Balanced Growth and Output Convergence in Europe," Bristol Economics Discussion Papers 03/547, Department of Economics, University of Bristol, UK.
  • Handle: RePEc:bri:uobdis:03/547

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    References listed on IDEAS

    1. King, Robert G. & Plosser, Charles I. & Stock, James H. & Watson, Mark W., 1991. "Stochastic Trends and Economic Fluctuations," American Economic Review, American Economic Association, vol. 81(4), pages 819-840, September.
    2. Karim M. Abadir & Kaddour Hadri & Elias Tzavalis, 1999. "The Influence of VAR Dimensions on Estimator Biases," Econometrica, Econometric Society, vol. 67(1), pages 163-182, January.
    3. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501.
    4. Li, Qing & Papell, David, 1999. "Convergence of international output Time series evidence for 16 OECD countries," International Review of Economics & Finance, Elsevier, vol. 8(3), pages 267-280, September.
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    More about this item


    Convergence; Balanced Growth; Stochastic Trends;

    JEL classification:

    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation

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