Segmented stochastic convergence across the G-7 countries |
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| Authors: | Roberto Cellini Antonello E Scorcu |
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| Institution: | (1) University of Catania, Faculty of Economics, Corso Italia 55, 95129 Catania, Italy, IT;(2) University of Bologna, Faculty of Economics, Dipartimento di Scienze Economiche, Strada Maggiore, 45, 40125 Bologna, Italy. (Email: scorcu@spbo.unibo.it), IT |
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| Abstract: | This paper analyzes the stochastic convergence in per capita income levels among the current G-7 over the period 1900–89.
We show that, in the presence of possible structural breaks, the strong condition of stationary pair-wise differences between
per capita GDP holds in more cases than previously supposed. However, convergence occurs more frequently in the first part
of the time sample than in the second one.
First version received: June 1999 / Final version accepted: Feb. 2000 |
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| Keywords: | : Cointegration structural break stochastic convergence |
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