Old Wine in a New Bottle: Growth Convergence Dynamics in the EU |
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Authors: | Nicholas Apergis Ekaterini Panopoulou Chris Tsoumas |
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Institution: | (1) Department of Banking and Financial Management, University of Piraeus, 80 Karaoli & Dimitriou Street, Piraeus, 18534, Greece;(2) Department of Statistics and Insurance Science, University of Piraeus, 80 Karaoli & Dimitriou Street, Piraeus, 18534, Greece |
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Abstract: | In this paper, we explore convergence of real per capita output across the European Union (EU) countries, as well as the transitional
behavior of possible underlying factors that are responsible for any convergence or divergence pattern. The new panel convergence
methodology developed by Phillips and Sul (2007) is employed in a production function growth accounting approach and data from the Total Economy Database and the Total Economy Growth Accounting Database. The empirical findings suggest that the EU countries form two distinct convergent clubs, exhibiting considerable heterogeneity
in the underlying growth factors. These findings should help policy makers in designing appropriate growth-oriented programs
as well as in setting priorities in their implementation. |
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