Asymptotically perfect and relative convergence of productivity

Bart Hobijn · Philip Hans Franses

186 citations0/0 files storedJournal of Applied Econometrics

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Economic Growth and Productivity Monetary Policy and Economic Impact Economic Theory and Policy

Abstract

In this paper we examine the extent to which countries are converging in per capita productivity levels. We propose to use cluster analysis in order to allow for the endogenous selection of converging countries. We formally define convergence in a time series analytical context, derive the necessary and sufficient conditions for convergence, and introduce a cluster analytical procedure that distinguishes several convergence clubs by testing for these conditions using a multivariate test for stationarity. We find a large number of relatively small convergence clubs, which suggests that convergence might not be such a widespread phenomenon. Copyright © 2000 John Wiley & Sons, Ltd.

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1992A Contribution to the Empirics of Economic Growth 1992Testing the null hypothesis of stationarity against the alternative of a unit root 1991Estimation and Hypothesis Testing of Cointegration Vectors in Gaussian Vector Autoregressive Models 1992Convergence 1995Growth Empirics: A Panel Data Approach 1991The Penn World Table (Mark 5): An Expanded Set of International Comparisons, 1950-1988 2003Productivity Growth, Convergence, and Welfare: What the Long-Run Data Show

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