Time series test of nonlinear convergence and transitional dynamics |
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| Authors: | Terence Tai-Leung Chong Melvin J. Hinich Venus Khim-Sen Liew Kian-Ping Lim |
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| Affiliation: | aDepartment of Economics, The Chinese University of Hong Kong, Hong Kong;bSignal and Information Sciences Laboratory, Applied Research Laboratories, University of Texas at Austin, United States;cLabuan School of International Business and Finance, Universiti Malaysia Sabah, Malaysia |
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| Abstract: | This paper revisits the income convergence hypothesis by using the nonlinear unit root test of Kapetanios et al. [Kapetanios, G., Shin, Y. and A. Snell, 2003. Testing for a unit root in the nonlinear STAR framework. Journal of Econometrics 112, 359–379.]. Out of the 12 OECD income gaps in which nonlinearity has been detected, two cases of long-run converging and four cases of catching up are found. |
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| Keywords: | OECD Long-run convergence Catching up Nonlinear unit root test |
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