We evaluate the empirical evidence regarding stochastic convergence in income across a group of 29 countries. Our results are based on a new unit root test developed by Popp (2008) that estimates the break-date more accurately and does not suffer from size distortions in the presence of a break. Our results reveal considerably less evidence of stochastic convergence compared with previous studies.
|Titolo:||New Evidence on the Convergence of International Income from a Group of 29 Countries|
|Data di pubblicazione:||2012|
|Appare nelle tipologie:||1.1 Articolo in rivista|