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Keunkwan Ryu and Yong Yoon
''Convergence or confusion? A study of world economic growth''
( 2020, Vol. 40 No.4 )
This paper takes a closer look at the typical growth convergence regression of Barro (1991), Mankiw, Romer and Weil (1992), Sala-i-Martin (1996), and others. By interpreting the two components of the regression coefficient separately, i.e. the correlation coefficient and the ratio of standard deviations, we distinguish between "time-series" convergence and "cross-section" convergence, and consequently the relationship between β− and σ−convergence. And, using data from the latest Penn World Table database (version 9.1), we investigate the convergence or the lack-of-convergence in samples of countries representing the “World”, OECD and Sub-Saharan Africa. The implications of this study for the neoclassical growth model are also discussed.
Keywords: Economic growth, convergence
JEL: O4 - Economic Growth and Aggregate Productivity: General
Manuscript Received : Aug 11 2019 Manuscript Accepted : Oct 12 2020

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