On Asymmetric Business Cycle Effects on Convergence Rates: Some European Evidence
In this paper, we provide empirical evidence for some European countries, over the period 1963-2000, on whether business cycle affects convergence process or catching-up. To do so, we first evaluate beta-convergence. We find evidence in favour of this type of convergence for six countries (Spain, Portugal, Finland, Denmark, Sweden and Germany). Spain, Portugal and Finland are countries initially "poor" with a growth rate larger than EU-15 average. On the contrary, Germany, Denmark and Sweden are countries initially "rich" growing smaller than average. We observe that convergence rates in "poor" countries has been larger during expansions than recessions while two of the "rich" countries, Denmark and Sweden, experiment the opposite effect
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