کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5097500 | 1376592 | 2007 | 44 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
A pair-wise approach to testing for output and growth convergence
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
آمار و احتمال
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: A pair-wise approach to testing for output and growth convergence A pair-wise approach to testing for output and growth convergence](/preview/png/5097500.png)
چکیده انگلیسی
This paper proposes a pair-wise approach to testing for output convergence that considers all N(N-1)/2 possible pairs of log per-capita output gaps across N economies. A general probabilistic definition of output convergence is also proposed, which suggests that all such output gap pairs must be stationary with a constant mean. The approach is compatible with individual output series having unit roots, or other non-stationary common components and does not involve the choice of a reference country in computation of output gaps. It is also applicable when N is large relative to T (the time dimension of the panel). After providing some encouraging Monte Carlo evidence on the small sample properties of the pair-wise test, the test is applied to output series in the Penn World Tables over 1950-2000. Overall, the results do not support output convergence, and suggest that the findings of convergence clubs in the literature might be spurious. However, significant evidence of growth convergence is found, a result which is reasonably robust to the choice of the sample period and country groupings. Non-convergence of log per-capita outputs combined with growth convergence suggests that while common technological progress seems to have been diffusing reasonably widely across economies, there are nevertheless important country-specific factors that render output gaps highly persistent, such that we cannot be sure that the probability for the output gaps to lie within a fixed range will be non-zero.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Econometrics - Volume 138, Issue 1, May 2007, Pages 312-355
Journal: Journal of Econometrics - Volume 138, Issue 1, May 2007, Pages 312-355
نویسندگان
M. Hashem Pesaran,