Convergence in recent growth theories: a survey

Capolupo, Rosa

doi:10.1108/01443589810233874

Cited by 16 publications

(9 citation statements)

References 75 publications

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“…3. For further information about the derivations of these regressions, see Mankiw et al (1992), Capolupo (1998), Barro and Sala-i Martin (2004) and Acemoglu (2009).…”

Section: Notesmentioning

confidence: 99%

Income and factor substitution: an investigation on the Solow growth model under the constant elasticity of substitution

Alataş

2021

JES

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PurposeThe purpose of this study is to examine whether the elasticity of substitution (ES) varies between developed and developing countries.Design/methodology/approachThe author derives the growth regressions from the Solow model under the constant elasticity of substitution production function by using the first-order Taylor series expansion and estimate them for each country group classified based on time-varying behavior of income per worker using the data-driven algorithm.FindingsThe ES is not unitary and varies among country groups. Developed countries generally have a higher ES than developing countries.Originality/valueFor the first time, the author uses the first-order Taylor series expansion to linearize the steady-state value of income per worker, as the author considers this approach to be relatively more straight-forward and tractable. Furthermore, the author estimates the equations using both cross-section and panel data techniques and employs the data-driven algorithm proposed by Phillips and Sul (2007) to classify countries.

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“…3. For further information about the derivations of these regressions, see Mankiw et al (1992), Capolupo (1998), Barro and Sala-i Martin (2004) and Acemoglu (2009).…”

Section: Notesmentioning

confidence: 99%

Income and factor substitution: an investigation on the Solow growth model under the constant elasticity of substitution

Alataş

2021

JES

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“…In empirical terms, a number studies have examined convergence employing successfully such a method (see for example, Bernard and Durlauf, 1995;Evans and Karras, 1996). Time series tests are generally more severe and usually reject unconditional convergence even among homogenous countries (Capolupo, 1998).…”

Section: Introductionmentioning

confidence: 99%

Convergence patterns in the world economy: exploring the nonlinearity hypothesis

Artelaris

Arvanitidis

Petrakos

2011

Journal of Economic Studies

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Purpose -The purpose of this paper is to investigate convergence or divergence trends at global scale. Design/methodology/approach -The paper questions the methodology and findings of the conventional convergence literature using linear OLS models. It introduces polynomial (quadratic) weighted least square (WLS) regression analysis to explore whether a number of economic performance indicators follow a non-linear pattern of change.Findings -The results indicate the formation of two groups in the world: a convergence one, including countries with low to medium-high development levels, and a divergence one including countries with medium-high to very high development levels.Research limitations/implications -Data availability after 1990 (for the composite indicators). Practical implications -The findings shed light on important issues, such as the decrease of economic disparities between countries, the prospects for global economic convergence, and the development of a more equal world. Apart from obvious policy implication such findings are also of theoretical significance, providing a basis to check (indirectly) the validity of alternative growth theories. Originality/value -This is the first paper (to the authors' knowledge) that explores world convergence/divergence employing quadratic WLS regression analysis with a number of economic indicators. WLS regressions enable the removal of the impact of country size on results, whereas non-linear modelling allows the possibility of multiple equilibria and different development trajectories to be taken into account. Finally, the employment of various economic-performance indicators (simple and composite) works as a cross-check of validity for the results provided.

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“…Economic growth has received enormous attention in academic literature (Barro and Sala-i-Martin, 2003;Capolupo, 1998). Authors have focused on the sources of growth, the role of government, political integration, investments, workers' unions and many other factors influencing growth (e.g.…”

Section: Introductionmentioning

confidence: 99%

Decomposition of economic growth in Bulgaria by industry

Иванов

Webster

2010

Journal of Economic Studies

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Purpose -The aim of this paper is to present a methodology for the decomposition of economic growth by industry which allows interindustry comparisons. Design/methodology/approach -The paper uses the growth decomposition methodology developed by Ivanov and Ivanov and Webster for tourism and generalizes it for all industries in the national economy. Findings -The methodology is exemplified with analysis of the contribution of specific industries to economic growth in Bulgaria for the period 2000-2005. However, the model presents an approach that is general and can be applied to other countries and industries.Research limitations/implications -The methodology identifies the direct impacts of specific industries on the per capita growth of real gross domestic product/gross value added. Future research might integrate indirect and induced effects in the analysis. The methodology could be further refined by decomposing the gross domestic product/gross value added to their constituent elements. Practical implications -The paper identifies the industries in the Bulgarian economy that generate economic growth. Originality/value -The paper introduces a new methodology for measuring the contribution of specific industries to economic growth. It might be of value to both academics and macroeconomic policy makers.

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Convergence in recent growth theories: a survey

Cited by 16 publications

References 75 publications

Income and factor substitution: an investigation on the Solow growth model under the constant elasticity of substitution

Income and factor substitution: an investigation on the Solow growth model under the constant elasticity of substitution

Convergence patterns in the world economy: exploring the nonlinearity hypothesis

Decomposition of economic growth in Bulgaria by industry

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