Reviewing the evidence against absolute convergence

Few subjects in applied economic research have been studied as extensively as the convergence hypothesis advanced by Solow (1956) and documented by Baumol (1986). In simple terms, the hypothesis states that poor countries or regions tend to grow faster than rich ones. In its strongest version (know...

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Autor principal:	Chumacero, Rómulo
Formato:	Artículo
Lenguaje:	eng
Publicado:	Banco Central de Chile 2019
Materias:	CONVERGENCIA (ECONOMÍA) DESARROLLO ECONÓMICO
Acceso en línea:	https://hdl.handle.net/20.500.12580/3682
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spelling	oai-20.500.12580-36822021-04-24T10:33:27Z Reviewing the evidence against absolute convergence Chumacero, Rómulo CONVERGENCIA (ECONOMÍA) DESARROLLO ECONÓMICO Few subjects in applied economic research have been studied as extensively as the convergence hypothesis advanced by Solow (1956) and documented by Baumol (1986). In simple terms, the hypothesis states that poor countries or regions tend to grow faster than rich ones. In its strongest version (known as absolute convergence), the hypothesis implies that in the long run, countries or regions should not only grow at the same rate, but also reach the same per capita income. This hypothesis has been tested using different methodologies and datasets, and it appears to be strongly rejected by the data. In view of these results, several modifications of the absolute convergence hypothesis have been advanced and tested, although they usually lack both theoretical foundations and econometric rigor and discipline. 2019-11-01T00:01:11Z 2019-11-01T00:01:11Z 2002 Artículo 956-7421-137 https://hdl.handle.net/20.500.12580/3682 eng Series on Central Banking, Analysis, and Economic Policies, no. 6 Attribution-NonCommercial-NoDerivs 3.0 Chile http://creativecommons.org/licenses/by-nc-nd/3.0/cl/ .pdf Sección o Parte de un Documento p. 115-133 application/pdf Banco Central de Chile
institution	Banco Central
collection	Banco Central
language	eng
topic	CONVERGENCIA (ECONOMÍA) DESARROLLO ECONÓMICO
spellingShingle	CONVERGENCIA (ECONOMÍA) DESARROLLO ECONÓMICO Chumacero, Rómulo Reviewing the evidence against absolute convergence
description	Few subjects in applied economic research have been studied as extensively as the convergence hypothesis advanced by Solow (1956) and documented by Baumol (1986). In simple terms, the hypothesis states that poor countries or regions tend to grow faster than rich ones. In its strongest version (known as absolute convergence), the hypothesis implies that in the long run, countries or regions should not only grow at the same rate, but also reach the same per capita income. This hypothesis has been tested using different methodologies and datasets, and it appears to be strongly rejected by the data. In view of these results, several modifications of the absolute convergence hypothesis have been advanced and tested, although they usually lack both theoretical foundations and econometric rigor and discipline.
format	Artículo
author	Chumacero, Rómulo
author_facet	Chumacero, Rómulo
author_sort	Chumacero, Rómulo
title	Reviewing the evidence against absolute convergence
title_short	Reviewing the evidence against absolute convergence
title_full	Reviewing the evidence against absolute convergence
title_fullStr	Reviewing the evidence against absolute convergence
title_full_unstemmed	Reviewing the evidence against absolute convergence
title_sort	reviewing the evidence against absolute convergence
publisher	Banco Central de Chile
publishDate	2019
url	https://hdl.handle.net/20.500.12580/3682
work_keys_str_mv	AT chumaceroromulo reviewingtheevidenceagainstabsoluteconvergence
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Reviewing the evidence against absolute convergence

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