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Tests of the `Convergence Hypothesis': A Critical Note

Author

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  • Cohen, Daniel
Abstract
I argue in this paper that the `speed of convergence' estimated in recent works on `convergence' does not capture `actual' convergence towards a steady state, but rather conditional dynamics towards a moving target. Although this conditional convergence can be taken to imply that there are decreasing returns to such storable assets as physical and human capital, they cannot be taken to rule out unbounded growth (since human capital could well be indefinitely growing). I offer a test of the `convergence hypothesis' based on the analysis of a two-dimensional system and find that it cannot be accepted.

Suggested Citation

  • Cohen, Daniel, 1992. "Tests of the `Convergence Hypothesis': A Critical Note," CEPR Discussion Papers 691, C.E.P.R. Discussion Papers.
    • Handle: RePEc:cpr:ceprdp:691
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    Citations

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    Cited by:

    1. Antoine d'Autume, 1994. "Choix éducatifs, équilibre général et croissance économique," Économie et Prévision, Programme National Persée, vol. 116(5), pages 35-48.
    2. ?gel de la Fuente, "undated". "Convergence Across Countries And Regions: Theory And Empirics," UFAE and IAE Working Papers 447.00, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
    3. Catherine Fuss, 1999. "Mesures et tests de convergence : une revue de la littérature," Revue de l'OFCE, Programme National Persée, vol. 69(1), pages 221-249.
    4. Philippe Michel & Antoine d'Autume, 1993. "Hystérésis et piège du sous-développement dans un modèle de croissance endogène," Revue Économique, Programme National Persée, vol. 44(2), pages 431-450.
    5. Inyong Shin, 2016. "Change and prediction of income and fertility rates across countries," Cogent Economics & Finance, Taylor & Francis Journals, vol. 4(1), pages 1119367-111, December.
    6. Angel de la Fuente, "undated". "What kind of regional convergence?," Studies on the Spanish Economy 07, FEDEA.
    7. de la Fuente, Angel, 1997. "The empirics of growth and convergence: A selective review," Journal of Economic Dynamics and Control, Elsevier, vol. 21(1), pages 23-73, January.
    8. Knowles, Stephen & Owen, P. Dorian, 1995. "Health capital and cross-country variation in income per capita in the Mankiw-Romer-Weil model," Economics Letters, Elsevier, vol. 48(1), pages 99-106, April.
    9. Dirk Frantzen, 2004. "Technological Diffusion and Productivity Convergence: A Study for Manufacturing in the OECD," Southern Economic Journal, John Wiley & Sons, vol. 71(2), pages 352-376, October.
    10. Jonathan Temple, 1995. "Testing the augmented Solow Model," Economics Papers 18 & 106., Economics Group, Nuffield College, University of Oxford.

    More about this item

    Keywords

    Convergence; Growth;

    JEL classification:

    • E22 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Investment; Capital; Intangible Capital; Capacity
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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