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Convergence empirics across economies with (some) capital mobility

By Danny Quah

Abstract

This paper reinterprets a simple model of growth and fluctuations across many economies to allow explicitly characterizing the dynamically evolving corss-economy distribution of income. Such a framework provides a more natural, revealing study of the convergence hypothesis. The data show limited intra-distribution mobility in incomes across economies and, thus, little convergence. Our analysis uncovers some "convergence club"-like dynamics, and reveals the wide diversity in growth experiences across countries. Conditioning on physical capital investment, secondary school enrolment, and a dummy for the African continent falls to overturn these characterizations

Topics: HB Economic Theory
Publisher: Suntory and Toyota International Centres for Economics and Related Disciplines, London School of Economics and Political Science
Year: 1994
OAI identifier: oai:eprints.lse.ac.uk:2256
Provided by: LSE Research Online
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