Convergence empirics across economies with (some) capital mobility |
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Authors: | Danny T. Quah |
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Affiliation: | (1) Economics Department, London School of Economics, WC2A 2AE London, United Kingdom |
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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 convergence club or twin peaks dynamics. |
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Keywords: | convergence club distribution dynamics polarization stochastic kernel twin peaks |
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