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Convergence empirics across economies with (some) capital mobility
Authors:Danny T. Quah
Affiliation:(1) Economics Department, London School of Economics, WC2A 2AE London, United Kingdom
Abstract:This paper uses a model of growth and imperfect capital mobility across multiple economies to characterize the dynamics of (cross-country) income distributions. This allows convenient study of the convergence hypothesis, and reveals, where appropriate, polarization and clumping within subgroups. The data show little cross-country convergence; instead, the important features are persistence, immobility, and polarization, exemplified by ldquoconvergence clubrdquo or ldquotwin peaksrdquo dynamics.
Keywords:convergence club  distribution dynamics  polarization  stochastic kernel  twin peaks
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