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1.
This paper investigates the convergence in real gross domestic product growth focusing on the impact of financial crises (i.e. banking crises, currency crises and debt crises) and nominal exchange-rate regimes (i.e. fixed, intermediate and flexible) on convergence. To that end, we compute four convergence indicators (σ-convergence, γ-convergence, absolute β-convergence and conditional β-convergence) for 163 countries classified into four income groups during the period 1970–2011. The results suggest that (i) there is evidence in favour of σ-convergence and γ-convergence only for high-income countries; (ii) absolute and conditional β-convergence are present in each of the four income groups of the countries under study; (iii) exchange-rate regimes seem to play some role in upper-middle and lower-middle-income countries; and (iv) financial crises have a negative and significant impact on GDP growth independently of the income level of the countries.  相似文献   

2.
With the collapse of the bubble economy in the early 1990s, economic disparities among both people and regions have arisen in Japan. Although developments in spatial econometrics have provided regional convergence studies with highly effective tools to explicitly consider spatial dependence and heterogeneity, there has as yet been no significant research on Japan's economic disparity using spatial econometrics. Moreover, most conventional regional convergence studies on Japan study the post-war high economic growth period before the economic bubble.Hence, the objective of this study is to analyze regional income disparities in Japan in the period after the bubble burst. We use the Bayesian spatial Durbin model, which can consider both spatial dependence and heterogeneity. The data used in this research are annual data collected at the municipality level during 1989-2007. To the best of our knowledge, no research has been conducted to analyze Japan's regional income disparities at the municipality level, though some research has been done at the prefecture level.First, the study suggests that σ-convergence does not hold whether or not spatial dependence is considered. Second, it analyzes regional income convergence by applying the simplified Bayesian spatial Durbin model to the β -convergence approach. The results show that β-convergence holds over 1990-2007.  相似文献   

3.
This article investigates the evolution of the gap between Italian regions and Italy as a whole during the period of 1980 to 2007. We tested for the presence of the stochastic and β-convergence hypotheses using different time series approaches. The former was studied, first, for the entire sample period and then, with an exogenous instantaneous break in the series. The presence of β-convergence, instead, was estimated considering a known and an unknown trend break date model. Our results show that most of the regions do not converge in an ‘actual’ way, since they do not present a stochastic and β-convergence simultaneously.  相似文献   

4.

This paper evaluates whether the relative concentration of funding for small, research-oriented firms in a small number of high-technology industries is related to differences across industries in the appropriability level facing small firms. We exploit a novel test based on the relationship between industry-level private venture financing and the performance of government-subsidized R&D projects. If industries differ in their appropriability level, then private funding and subsidized project performance should be positively correlated. Our principal finding is that subsidized project performance is higher in industrial segments with higher rates of private venture capital investment. Industrial sectors therefore seem to differ in the degree of appropriability and this variation helps explain why venture capital is concentrated. * The latest version of this paper is available at http://www.mbs.edu/home//jgans/research.htm  相似文献   

5.
ABSTRACT

The aim of this article is to test national and sectorial technological and innovation capability factors, as well as social capability indicators, which could explain a possible conditional convergence across countries in nanotechnology within the context of a model of innovative technological knowledge β convergence. Based on growth convergence models, our proposal also takes into account the Schumpeterian theory, the National System Innovation –NSI– approach, and particularly the sectorial system of innovation and the technological catch-up hypothesis, as well as theoretical and empirical literature on conditional convergence. The findings allow us to confirm that new nanotechnology knowledge convergence is conditioned by a higher growth rate of technological capabilities in nanotechnology: growth from the initial level of patents granted, cumulative knowledge, and links to technological and scientific activities. Finally, as regards social capabilities, only the institutional weakness variable (corruption index) associates negatively with β convergence. As an emergent paradigm, we realize that convergence and catch-up are starting processes, which could allow less technologically developed countries to benefit from higher growth of some of the factors identified.  相似文献   

6.
This paper examines whether convergence is occurring at the industry level in 11 EU countries from 1960 to 1993. Both time series and non-parametric (σ-convergence) methods are applied. Using time series analysis we test whether there is within sector convergence towards a common steady state. Although we adopt a very flexible definition of steady state, allowing for two stochastic trends, given by the sector-specific technology and by the country-specific characteristics, as well as a time trend, we find very little evidence for convergence. Results indicate that the deviation of the national trends from the European average trend are persistent, and that EU countries do not respond to the same long run driving processes, but only to the same short run shocks. From σ-convergence analysis we find that convergence in aggregate productivity does not hold uniformly at the industry level: some sectors, such as communications, distribution and non-market services, present strong evidence of convergence, and some others, mainly manufactures, show substantial divergence. However, interestingly, we find that productivity was strongly converging within all sectors in 1960–73, whereas it shows a general tendency to diverge after 1985. We interpret the switch from convergence to divergence as the effect of a process of radical change, driven by information technologies, affecting all industries in the last two decades. We arrive at the general conclusion that convergence is not an inevitable process, but rather a cyclical phenomenon alternating with divergence.  相似文献   

7.
This article aims to test the conjecture advanced in a recent work by Bianchi and Menegatti (Appl Econ Lett 14:963–967, 2007) that usual β-convergence panel regressions may produce biased evidence, due to their inability to distinguish between actual catching-up across countries and decreasing growth rates over time within countries. The test considers different sub-groups in a dataset of 72 countries for the period 1970–2000 and introduces both human capital and proxies for technological differences into the analysis. The results confirm the conjecture that traditional evidence about β-convergence may be misleading; they also show that catching-up across countries is weaker than usually claimed and that this process occurred only in some sub-groups of countries.  相似文献   

8.
The stochastic convergence amongst Mexican Federal entities is analyzed in panel data framework. The joint consideration of cross-section dependence and multiple structural breaks is required to ensure that the statistical inference is based on statistics with good statistical properties. Once these features are accounted for, evidence in favour of stochastic convergence is found. Since stochastic convergence is a necessary, but not sufficient, condition for convergence as predicted by economic growth models, the paper also investigates whether β-convergence process has taken place. We found that the Mexican states have followed either heterogeneous convergence patterns or divergence process throughout the analyzed period.  相似文献   

9.
X. Chapsa 《Applied economics》2013,45(33):4025-4040
This article analyses the stochastic income convergence within the EU-15. The empirical analysis uses per capita GDP, in PPP and in constant prices of 2005 for the period 1950 to 2010. Apart from the traditional DF type tests we also account for possible structural changes. In this direction, we employ the Zivot-Andrews (1992) and the Lee-Strazicich (1999, 2003) testing procedures, for one and two breaks, endogenously determined. Furthermore, we apply the Carlino and Mills (1993) methodology proposed for the detection of β-convergence. The overall evidence supports the existence of two discrete clubs, the first by the ‘cohesion countries’ (Portugal, Ireland, Greece and Spain) and the second by the remaining members. In particular, there is a clear evidence of convergence within each club, whereas between clubs there is a luck of catching-up effects. Furthermore, investigation of correlation between relative per capita GDP of each country and several factors that are often identified as growth stimulants, namely Total Factor Productivity, FDI, investment and openness confirm, with the exception of Greece, a strong association between these factors and the convergence process. However, progress in the convergence has not been uniform across countries and over time, reflecting the specific interactions between domestic and international factors and their impact on the convergence process of individual countries.  相似文献   

10.
Assessing regional growth and convergence across Europe is a matter of primary relevance. Empirical models that do not account for structural heterogeneities and spatial effects may face serious misspecification problems. In this work, a mixture regression approach is applied to the β-convergence model, in order to produce an endogenous selection of regional growth patterns. A priori choices, such as North–South or centre-periphery divisions, are avoided. In addition to this, we deal with the spatial dependence existing in the data, applying a local filter to the data. The results indicate that spatial effects matter, and either absolute, conditional, or club convergence, if extended to the whole sample, might be restrictive assumptions. Excluding a small number of regions that behave as outliers, only a few regions show an appreciable rate of convergence. The majority of data show slow convergence, or no convergence at all. Furthermore, a dualistic phenomenon seems to be present inside some States, reinforcing the “diverging-convergence” paradox. An erratum to this article can be found at  相似文献   

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