Cross-country output convergence and growth: Evidence from varying coefficient nonparametric method |
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Institution: | 1. City University of Hong Kong, Hong Kong;2. Lingnan College, Sun Yat-Sen University, China;1. Department of Industrial Engineering and Management, Chaoyang University of Technology, Taichung 413, Taiwan;2. Department of Finance, Chaoyang University of Technology, Taichung 413, Taiwan |
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Abstract: | This article uses a nonparametric varying coefficient panel data model to study the convergence of real GDP per capita among 120 world economies for the sample period of 1980–2010. The estimates show that the indirect contribution of initial income via the control variables is important. The mediating effect of control variables to affect growth is positive. The conditional speed of convergence is larger than the absolute counterpart at all levels of initial income. The convergence hypothesis does not hold for economies with extremely low level of development. The conclusion is robust for regional subsamples of Europe, Asia, Latin America and Africa. |
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