The Solow model of economic growth (Solow, 1956, Swan, 1956) concludes that poorer countries will tend to grow faster than richer ones-provided that countries share the same production function, savings rate and population growth, and labor-augmenting technology grows at the same rate in all countries. The existence of income convergence has thus been usually taken to be a test of exogenous growth model versus endogenous growth models-that do not necessarily conclude on the existence of convergence in income per capita among economies. Here this note describe different concepts of convergence used in the empirical literature on economic growth and summarize the results of this literature.
Detalhes
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Autor
Cuaresma, Jesus Crespo;
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Data do documento
2008/01/01
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TIpo de documento
Informativo
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No. do relatório
46268
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Nº do volume
1
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Total Volume(s)
1
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País
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Região
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Data de divulgação
2010/07/01
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Disclosure Status
Disclosed
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Nome do documento
Growth and income convergence
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Palavras-chave
steady state level;stock of capital;marginal productivity of capital;income convergence;standard deviation;saving rate s;estimates of income;constant rate;production function;concept of convergence;global income inequality;exogenous growth model;department of economics;cross-country growth regression;endogenous growth model;purchasing power parity;world level;capital stock;Population Growth;income growth;equilibrium level;labour input;positive growth;total output;investment need;falling poverty;investment rate;empirical relevance;world distribution;parameter estimate;world income;richer countries;convergence regression;empirical literature;depreciation rate;capital accumulation;multiple equilibria;poverty trap;regression equation;empirical evidence;theoretical model;convergence analysis;Political Economy;convergence hypothesis;
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