Citation

Discussion Paper Details

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Title: Convergence Empirics Across Economies with (Some) Capital Mobility

Author(s): Danny Quah

Publication Date: May 1994

Keyword(s): Convergence, Education, Evolving Distribution, First Passage Time, Growth, Investment, Polarization and Stochastic Kernel

Programme Area(s): International Macroeconomics

Abstract: This paper reinterprets a simple model of growth and fluctuations across many economies to allow for the explicit characterization of the dynamically-evolving cross-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. The 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 fails to overturn these characterizations.

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Bibliographic Reference

Quah, D. 1994. 'Convergence Empirics Across Economies with (Some) Capital Mobility'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=954