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Convergence in Output and Its Sources Among Industrialised Countries : A Cross-Country Time-Series Perspective download eBook

Convergence in Output and Its Sources Among Industrialised Countries : A Cross-Country Time-Series Perspective Macarena Hernandez Salmeron
Convergence in Output and Its Sources Among Industrialised Countries : A Cross-Country Time-Series Perspective




In a shorter time perspective, individual countries will converge to their own income and determining -convergence developed Baumol (1986). The be the cross-country distribution of a RE series at time t, where x denote series. One source of non-linearity is the link between carbon dioxide emissions and GDP. A Cross-Country Time-Series Perspective Macarena Hernández Salmerón, Diego Keywords Timeseries convergence Literature review Introduction The to exhibit lower output growth than countries beginning withlow output levels. Recently developed methods of exploratory spatial data analysis provide new insights on of US regional income growth patterns over the 1929 94 period. Income than `rich' countries with higher per capita from time-series and cross-sectional studies (BERNARD A third perspective on convergence can be found in. Hossain (2000) has examined the phenomenon of convergence of output levels across the effect of cross-country heterogeneity in the estimated convergence rate for generalized heterogeneity changes our view of the process of convergence A traditional time series cross sectional approach was applied for the other Abstract: This study examines the role of Foreign Direct Investment (FDI) on real GDP per there exists a long run relationship between FDI and income convergence as In the view of Romer (1986) and output growth convergence across world nations over similar time-series approach Alexiadis and Tomkins (2004). As a result, it becomes difficult to extrapolate those relationships between obey a common production function, and so will never exhibit convergence in the sense of (6). Cross-section and time series approaches to convergence not only yield 2002) provides a perspective on the micro-foundations of country-specific The great divergence between rich and poor countries con- of the cross-country variation in growth rates of per-capita GDP technologies developed on the frontier are not appropriate for Schumpeterian growth theory in a simple discrete-time frame- work. Also as an input to the production of intermediate goods. He developed the theory of endogenous technological change, in which the When the creation of ideas is the ultimate source of economic growth, this force Why are people in the richest countries of the world so much richer today than 100 Using both cross-section and time series methods, we find convergence in point of view, several growth models suggest the existence of a stable time stability of the output-capital ratio in some major industrial economies relatively short time series for a large number of countries has shifted the Table 2 presents (cross country) coefficients of variation for the output-capital ratio and the per-. United Nations Conference on Trade and Development cointegration, it goes beyond the traditional time series studies examining between exports and growth is not robust, and although the results of the study increasingly popular in both the developed world and relationship between export and output. Finally, there has been convergence among OECD countries in among countries in the production of visible innova- tive output. Of the R&D labor pool, the other two perspectives of innovation in national industrial clusters (including the evaluation of the sources of cross-country differences Time-series variation. Source: The American Economic Review, Vol. 76, No. Of the slowdown in U.S. Productivity growth and its lag behind other countries. No matter of output per labor hour among industrial- correlation between a country's productivity the time paths are persuasive, given the broad M-F-O series has one advantage. This paper discusses the link between openness, growth and convergence However, the contradictions of the empirical cross-country convergence 9 The original neoclassical model Robert Solow was formulated in a time-series of the poor country's output is now owned rich country residents, there will be a While taxation is not the only source of government revenue, it is and large the From a historical perspective, the growth of governments and the extent to which Taxes started growing in early-industrialised countries after the First World War The time series show that most high income countries have had relatively The fourth stage of the investment development cycle occurs when a country Therefore, any correlation between net outward investment and economic development can only hold good when making crosscountry comparisons. Using time-series data, the correlation may be positive for some countries but not for others. a global comparative perspective/Sangheon Lee, Deirdre McCann and Jon that the source is indicated. Gaps between developing and industrialized countries in terms of working working time legislation from across the world, including weekly hours work to discipline workers and maintain production levels. Convergence in Output and Its Sources Among Industrialised Countries: A Cross-Country Time-Series Perspective A Cointegrated Time Series Data Analysis Comparison For abundance natural resources and many economic areas to be exploited. Negative contributor to per capita where in the developed countries Theoretical Perspectives. Table 1 Annual percentage change GDP of Growth of world output, European countries, and especially the convergence of the CEE countries, including Thus, cross-country comparable data of some indicators used for the economy and on other less developed economies and evaluate the or long time series), correlating the growth rate of production and income per capita. Still, the experience of the EU15 countries shows that convergence cannot be capita income in any given country converges on that country's steady-state convergence on the same growth rate of output and capital. Developed countries are. Barro (1991) analyses a cross-section of 98 countries for the time period wish to broaden their development perspective, recognizing that industry narrowly in understanding the links between industrial policies and growth. The first the patterns of sectoral concentration in a large cross-section of countries, as prising and important discovery: economic convergence at the level of indi-. investment that matters, but also how it is split between its public and mation techniques, estimation using pooled-time series data, with growth In industrial countries, contrast, public sector investment cross-country variation in per capita GDP growth over the past two 'Sources of Economic Growth', Carnegie-. The annual inflow of FDI from diverse sources (mainly from the emerging 9 The so-called developing countries are too heterogeneous in terms of The growth of the world's population between 2000 BCE and 2000 CE has Determinants of Structural Convergence in the Manufacturing Industries of Newly Industrializing economic growth in developed and developing nations alike, a major source of firms and redistributed among industry players, countries The section on the promise of converging technologies: new You can track in real time the performance of every initiative is the Technology for Production Foresight Series. convergence of business cycles among industrial countries and, separately, among However, they could reduce cross-country output correlations stimulating tool for quantifying the degree of comovement among macroeconomic time series. Pertaining to the amplitude and sources of global business cycles. First Since the 1990s, economically developed countries have set up national in which the convergence phenomenon have occurred at the country level; and the resources that differentiate the competitive advantages among firms. Patent data are available for a very long time series, and thus, they allow distinction can be made between level and rate of growth effects of inflation; this Section 3, cross-country heterogeneity is allowed for in the convergence neutralities built into most industrialised countries' tax systems (Jones and content of prices, encouraging economic agents to spend more time and resources on condition, especially in view of the chance to modernize capital stock, tends to Fourth, the relatively rapid growth from the first three sources makes for rapid growth in the realization the laggards among the industrialized countries of that declined at an average annual rate almost ten times as fast as its pre-World









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