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Abstract: Financial risk management has focused on banking, accounting, and finance, and applied all kinds types of models to avoid those specific forms of risk. Risk management may be dealt with using the model of multi-agent systems. In this paper, we consider single-integrator kinematics and double-order-integrator dynamics consensus protocols. These consensus protocols with memory are presented by introducing the last state information (such as position, velocity) of the multi-agent. The numerical results show that these protocols have higher convergence speed. [Copyright &y& Elsevier]

Computable general equilibrium (CGE) models and 'convergence models' differ in their assessment of the extent to which demography influences economic growth. Here, I show that CGE models produce results similar to those of convergence models when more detailed demographic information is used. To do so, I implement a CGE model to explain Taiwan's economic miracle during the period 1965-2005. I find that Taiwan's demographic transition accounts for 22 % of per capita output growth and 17.7 % of investment rate for the period 1965-2005. Moreover, this paper confirms most of the literature written on the role of demography on per capita output growth and saving rates since the seminar article by Coale and Hoover (). [ABSTRACT FROM AUTHOR]

The huge regional disparity in government health expenditures (GHE) is a major policy concern in China. This paper addresses whether provincial GHE converges in China from 1997 to 2009 using the economic convergence framework based on neoclassical economic growth theory. Our empirical investigation provides compelling evidence of long-term convergence in provincial GHE within China, but not in short-term. Policy implications of these empirical results are discussed. [ABSTRACT FROM AUTHOR]

Abstract: We consider the incidental parameters problem in this paper, i.e. the estimation for a small number of parameters of interest in the presence of a large number of nuisance parameters. By assuming that the observations are taken from a multiple strictly stationary process, the two estimation methods, namely the maximum composite quasi-likelihood estimation (MCQLE) and the maximum plug-in quasi-likelihood estimation (MPQLE) are considered. For the MCQLE, we profile out nuisance parameters based on lower-dimensional marginal likelihoods, while the MPQLE is based on some initial estimators for nuisance parameters. The asymptotic normality for both the MCQLE and the MPQLE is established under the assumption that the number of nuisance parameters and the number of observations go to infinity together, and both the estimators for the parameters of interest enjoy the standard root- convergence rate. Simulation with a spatial–temporal model illustrates the finite sample properties of the two estimation methods. [Copyright &y& Elsevier]

The economic convergence and the effects of the economic crisis is a very popular research question. In this paper I propose to examine the convergence process in Central and Eastern Europe by testing the Williamson hypothesis form a multiscalar perspective: at national and at different regional levels as well. By using time series for the GDP per capita, I will try to answer three basic issues: firstly, the trends in convergence/divergence in Central and Eastern Europe, secondly, which convergence clubs have evolved in the analysed space, and, finally, the effects of the financial and economic crisis on the convergence process. [ABSTRACT FROM AUTHOR]

George and Pareth( 2012), presented a quartically convergent Two Step Newton type method for approximately solving an ill-posed operator equation in the finite dimensional setting of Hilbert spaces. In this paper we use the analogous Two Step Newton type method to approximate a solution of ill-posed Hammerstein type operator equation. [ABSTRACT FROM AUTHOR]

The aim of the article. Article focuses on the integration of different views on the structure of personality. There are a lot of minds about the individual structure that are not integrated because of the method lack for evaluating the effectiveness of each of them. Some doctrines that involve a certain personality structure are selected. Their viability was estimated by convergence of (degree of identity) responses to the same questions from people with the same certain psyhotypes. It is obvious that the convergence of responses is significantly increased, if we assume that it is necessary to include the type of person and the type of character in the structure of personality. It was significantly higher than in responses of people that have the same type of character or only just the type of personality. The purpose of the article is to offer the variant of integrating the various psychological doctrines. This variant must have higher convergence of expected and actual behavior of selected groups than any of the local concepts. The results of the analysis. On the results of this articlewe defined that personality structure is a complex concept. It is important to combine different views on the structure of the individual, to include various aspects. From the analysis of the other authorsworks we found that there are three areas in the structure of personality: interest direction, character and intelligence. Known personality types, character types and types of intelligence are recommended to put in each of these areas. Every doctrine identifies certain groups of people who are considered to be homogeneous. Comparing identical responses of different people from these «homogeneous» groups we can judge the degree of psychological closeness of them and as a consequence - the consistency of doctrine. If we measured the priorities of one person in the group than we are able to say the same about others. Conclusions and directions of further researches. So, the convergence of the answers to the same questions in integral doctrine should be higher than the same convergence in particular aspects. In the paper it was shown that the convergence model for people with similar types of personality and character is much higher than convergence in model which takes into account only the type of personality or just the type of character. Integration of different concepts on the same basis gives us a lot of dividends: - we can predict person`s choice with estimation of its probability; - we can build a hierarchy of its priorities for the years ahead; - becomes possible to find extra character types; - we explained the identity of Z. Frejd`s ideas; - we can explain contradiction in behavior of people caused by the type of personality and character type; - we have removed the «excess». Temperament has become part of the model. [ABSTRACT FROM AUTHOR]

Abstract: Congestion management is one of critical tasks in electric power markets. Although congestion management using a centralized optimal power flow may give an efficient solution, it lacks enough transparency in a competitive power market for its participants about congestion related costs. On the other hand, clearing the market and mitigating congestion separately may not result in an efficient solution from cost viewpoint. In this paper, a two-stage method using a modified Benders decomposition technique is proposed for congestion management in hybrid electricity markets including pool and bilateral transactions. An innovative convergence criterion and a new type of the sub-problem are proposed in using Benders decomposition in congestion management. The proposed method not only gives the efficient solution, but also provides enough transparency about congestion cost. Results of testing the method on the New-England test system are presented and discussed in detail. The results confirm the efficiency of the proposed congestion management method. [Copyright &y& Elsevier]

We examine whether a single (dynamic) housing market exists across 16 cities within Australia and New Zealand. The two countries are closely integrated but cities are up to 5,000 kilometres apart. A single housing market exhibits a common set of forces determining the long run real house price path in all cities. A strong (weak) form occurs when an innovation affects house prices across all cities to an equal (unequal) degree. The 16 cities comprise a weak form single housing market with significant spatial and dynamic complexities. Three city groups emerge with a natural interpretation in terms of economic and spatial characteristics. [ABSTRACT FROM AUTHOR]

Abstract: Consistency and consensus measures are two important procedures employed in group decision making with multiplicative preference relations (MPRs). In this paper, we first establish the concept of individual consistency deviation degree between the original MPR and its optimal estimation. Then we develop a group consensus deviation degree optimization model (GCO Model) by minimizing the weighted arithmetic average of individual consistency deviation degrees. Our established theorems enlist the conditions for the existence of the optimal solution, the satisfactory solution, and non-inferior solution to the GCO Model. These results also provide an existence condition of redundant MPR in group decision making. Additionally, we show that the optimal value function of the GCO Model converges to 0, which implies that the consensus degree of DMs converges as the number of the decision makers increases indefinitely. [Copyright &y& Elsevier]

Interest in consensus in strategic operations needs to be matched by the ability to measure it accurately. This paper identifies a weakness in current measures of consensus, and designs a new instrument, measuring both before and after, that formulates a strategic plan. Convergence of participants' opinions as an indicator of consensus is proposed and applied, then determined and analysed. The instrument is applied in twelve companies, represented by 27 participating individuals, using a standard manufacturing strategy-setting methodology. Results indicate that convergence (consensus) rather than divergence predominates. Divergence, the opposite of convergence, also becomes important, further expanding the perspective of consensus. [ABSTRACT FROM AUTHOR]

Abstract: In this paper, per capita CO2 convergence among the EU-25 countries between 1920 and 2007 is analysed using the distribution dynamics approach. Furthermore, the analysis is complemented by investigating the asymptotic half-life of convergence, mobility indices and the continuous version of the ergodic distributions. The novel aspect of this work consists in the fact that it examines whether patterns could differ if weighted by either the population of each country or their economic sizes. The unweighted analysis indicates that the convergence patterns differ strongly before and after World War II, with more convergence being displayed after the seventies. Results of weighting both by population and by economic size show that convergence is much faster when these features are introduced into the model. Conclusions from this analysis are important for the environment policy adopted across the EU-25 countries. [Copyright &y& Elsevier]

In this paper we estimate a co-integrated panel for 102 countries in a time span of 1970-2004 for constructing a real exchange rate misalignment index. The question in line is if the currency regime of a country is an important factor explaining misalignment; furthermore, the question is if it's possible to distinguish what is the role played by different currency regimes in real exchange rate determination. The several specifications and test with different datasets seem to converge in several interesting aspects. In pegged regimes, we show a robust and positive correlation with over-valuations. Hence, currency regime matters and one thinks about real exchange rate misalignment. As to the floating regimes, almost all specifications shows that the relationship is negative between exchange rate over-valuations. [ABSTRACT FROM AUTHOR]

It is widely recognized that inflation as a monetary phenomenon is determined by money supply changes. In the short run, however, several factors may lead to inflation rate differentials among different regions in the same country or among different countries in a monetary union. This paper examines the mean reversion attitude of food price inflation rates in the Euro zone, borrowing the concepts and developments from the recent growth literature and using panel unit root tests. Additionally, in order to capture sufficiently the evolving distributional dynamics, nonparametric econometric methods are also implemented. Finally, the comovement of the inflation rates among different food subgroups is also explored. The data consist of monthly observations of the EU harmonized consumer price indices of food and three different food subgroups (meat, bread and cereals, and vegetables) for the 12 older member states of the Euro zone, covering the period from 1997 to 2010. The results do not fully support the hypothesis of the food price inflation rates convergence for the whole period under investigation. Mean reversion shows up in different time periods and in different food categories. Moreover, the analysis of distribution dynamics sheds light to different aspects of convergence and highlights processes like club formation and polarization. [ABSTRACT FROM AUTHOR]

The Amazon ranching sector is expanding due to powerful political economic forces, which has led diverse social groups to adopt cattle. This paper draws on multi-temporal household survey data of smallholder agriculturalists and forest extractivists and presents a dynamic comparative analysis of their cattle ranching practices. The first part of the analysis confirms expanding pasture and herds. The second part of the analysis compares aspects of ranching practices, and shows differences in capitalization and sales. The factors promoting ranching affect different locations and groups differently, and bear implications for the future of ranching in the Amazon. [ABSTRACT FROM AUTHOR]

Slack labor market conditions for women relative to men increase the marriage rate in the USA. This paper examines the long-term consequences of such marriages. Despite the significant effect on marriage timing, labor market conditions experienced in youth do not affect the probability that a woman will marry by the age of 30. Further, labor market conditions at the time of marriage are uncorrelated with the probability of divorce, spouses' characteristics, or the number of children. These findings suggest that labor market fluctuations induce only intertemporal adjustments for marriage timing without affecting reservation match quality or total fertility. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to study the almost sure T-stability and convergence of Ishikawa-type and Mann-type random iterative algorithms for some kind of ϕ-weakly contractive type random operators in a separable Banach space. Under suitable conditions, the Bochner integrability of random fixed points for this kind of random operators and the almost sure T-stability and convergence for these two kinds of random iterative algorithms are proved. [ABSTRACT FROM AUTHOR]

This paper aims at presenting and discussing some of behavioral models developed by Economic Psychology which is considered an irrelevant field of research for many economists yet. On highlighting the multidisciplinary convergence notably from economists' interests by psychology, it is done emphasis to the discussion of the role played by methodological individualism in the psychological reduction of the homo economicus. Such a reduction has, on the one hand, made harder the conciliation between the individual and the collective level of analysis. On the other hand, it made closer economists and psychologists in the common interest of developing methods capable of understanding the economic behavior under a perspective which allows the integration of the complexity of collective dimension in which the individual makes part. [ABSTRACT FROM AUTHOR]

Purpose – The purpose of this paper is to explore the competitiveness and convergence of the G7 and big emerging markets (BEM) nations using various economic, demographic, trade, investment, and freedom and governance criteria. Design/methodology/approach – The two groups of nations, G7 and BEM, are compared on the basis of various longitudinal and cross-sectional variables. The longitudinal variables are GDP and real GDP growth, per capita GDP, international trade, foreign direct investment, index of ageing, and life expectancy at birth. Cross-sectional competitive indices are Global competitiveness index, index of economic freedom, Democracy index, Human development index, Gini index, Government effectiveness, and Corruption perception index. Findings – The findings show that BEM is growing faster than G7 in most economic indicators including GDP, trade, and investment. The growth results in some form of convergence. The freedom and governance infrastructure of the BEM is relatively weak to support their economic growth. The primary challenge of the BEM is coming from the economic interdependence they create in a globalized economy. Overall, the growth presents a new political reality that the world must recognize. Research limitations/implications – National competitiveness is a long-term issue. A 30-year longitudinal analysis may not be long enough to accurately reflect a nation's performance. Evidently, wealth creation in the emerging markets has profound influence in noneconomic areas. Political polarization and military confrontation are not unlikely. Practical implications – Governments and businesses in G7, BEM, or the Association of Southeast Asian Nations (ASEAN) nations and institutions involved in global governance (e.g. World Bank, IMF, and WEF) may use the findings of the study to determine their policies. We should pay special attention to the global economic interdependence and guard against the negative effects of emerging markets' growth. Originality/value – The comparative analysis between the G7 and BEM in terms of competitiveness and convergence is an original contribution. Also, the author's insight beyond economics is a unique section to follow. The author is not aware of any other study that has used the two concepts competitiveness and convergence together to understand the emerging markets. [ABSTRACT FROM AUTHOR]

Globalization is characterized by many accomplishments of the world economy: from regional trade agreements proliferation to the acceptance of international standards. One way of integrating Africa into globalization trends is through regional integrations. However, Africa's dependence upon its colonial leaders has not reflected well on the process of regional integration. Regionalism in Africa was led by public sector organizations and it was done without the public support and the support of private sector. Information-communication technology represents another limiting factor to Africa's integration into the globalization and regionalization processes. This paper analyses Africa's position in the global economy and the level of involvement in regionalization trends. Special focus is given to the analyses of the role of information-communication technology in a successful development of Africa and its inclusion into the global trends. [ABSTRACT FROM AUTHOR]

With the relatively low per capita electric power consumption in Africa, several electric power pools have been emerging recently. The South African Power Pool (SAPP), the first of those power pools, started operating in 1995 under the aegis of the Southern African Development Community (SADC). This paper attempts to assess the convergence pattern of relative per capita electric power consumption within the SAPP over the period 1995-2005. A comparative study across regions is first conducted. Evidence in support of neoclassical convergence hypotheses such as the β-convergence and s-convergence is obtained. Stochastic convergence is investigated by applying panel unit roots tests. In contrast, stochastic divergence of electric power consumption is found. Additionally, stochastic kernel analysis provides some evidence of club-formation. [ABSTRACT FROM AUTHOR]

This paper presents the economic development of Guyana, from several novel analytic technical perspectives. The development spans three dominant regimes in Guyana, starting just before its independence from Great Britain in 1966. The country has moved from a colonial type of development strategy to a modified socialist system and returned to a capitalist approach over the last 40 years. New paradigms such as information theory, game theory, convergence theory, and cross-border analysis have improved our insights into economic development through improvement of classical and neoclassical equilibrium models. However, rather than using the traditional equilibrium model, we will, through a rivalry hypothesis, examine patterns of behavior among Guyana's sectors and its external trading partners for the different regimes. We will also point out anomaly in the behavior of the service sector, unjustified inverted leader-follower relationship among trading partners, unheeded signaling of information from cross-border financial ratios and overlooked implications of non-convergence. We believe that the results of this case study will enhance our understanding of the development process. [ABSTRACT FROM AUTHOR]

Has economic unification succeeded? Assessments differ, depending on the criteria selected, and the benchmark used. In many areas, from productivity to infrastructure and housing, dramatic economic improvements are readily apparent. Yet daunting challenges remain: the speed of productivity convergence has slowed, unemployment remains high and net emigration continues. Looking forward, demographic and fiscal trends pose serious challenges. This paper begins with a brief look back at the experience since 1989 before turning to a discussion of current and future challenges. [ABSTRACT FROM AUTHOR]

This paper examines the extent to which the emerging world trading regime leaves nations the "policy space" to deploy effective policy for long-run diversification and development and the extent to which there is a convergence of such policy space under global and regional trade regimes. We examine the economic theory of trade and long-run growth and underscore the fact that traditional theories lose luster in the presence of the need for long-run dynamic comparative advantages and when market failures are rife. We then review a "toolbox" of policies that have been deployed by developed and developing countries past and present to kick-start diversity and development with the hope of achieving long-run growth. Next, we examine the extent to which rules under the World Trade Organization (WTO), trade agreements between the European Union (EU) and developing countries, trade agreements between the United States (US) and developing countries, and those among developing countries (South-South, or S-S. agreements) allow for the use of such policies. We demonstrate that there is a great divergence among trade regimes over this question. While S-S agreements provide ample policy space for industrial development, the WTO and EU agreements largely represent the middle of the spectrum in terms of constraining policy space choices. On the far end, opposite S-S agreements, US agreements place considerably more constraints by binding parties both broadly and deeply in their trade commitments. [ABSTRACT FROM AUTHOR]

This paper evaluates the convergence of energy intensities for a group of 97 countries in the period 1971–2003. Convergence is tested using a recent method proposed by Pesaran (2007) [Pesaran, M.H., 2007. A pair-wise approach to testing for output and growth convergence. Journal of Econometrics 138, 312–355] based on the stochastic convergence criterion. An advantage of this method is that results do not depend on a benchmark against which convergence is assessed. It gives more robust results. Applications of several unit-root tests as well as a stationarity test uniformly reject the global convergence hypothesis. Locally, for Middle East, OECD and Europe sub-groups, non-convergence is less strongly rejected. The introduction of possible structural breaks in the analysis only marginally provides more support to the convergence hypothesis. [Copyright &y& Elsevier]

This paper studies the Generalized Neyman–Pearson (GNP) optimality of empirical likelihood-based tests for parameter hypotheses. The GNP optimality focuses on the large deviation errors of tests, i.e., the convergence rates of the type I and II error probabilities under fixed alternatives. We derive (i) the GNP optimality of the empirical likelihood criterion (ELC) test against all alternatives, and (ii) a necessary and a sufficient condition for the GNP optimality of the empirical likelihood ratio (ELR) test against each alternative. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to use socioeconomic indicators for analyzing convergence within Greece at regional (NUTS II) and prefecture levels (NUTS III) since 1960. We use two alternative approaches. The first one is based on the coefficient of variation and the second one on quality of life rankings. We confirm the decline of regional inequalities in Greece, with the exclusion of the 1980s. Regions with increased tourist and trade activity are also regions with high quality of life. Border regions are usually the laggards of social and economic development. [ABSTRACT FROM AUTHOR]

This paper attempts to investigate the main factors behind Argentina's relative economic decline by comparing its evolution with that of Australia and Canada. For this purpose a ' reduced index of economic freedom' has been constructed in order to capture and summarise the principal macroeconomic trends in Argentina compared with the other regions of recent settlement during the period between 1875 and 2000. The results, obtained using cointegration and causality techniques, show how the macroeconomic policies that were implemented are able to explain the relative evolution of Argentina's economy, in terms of GDP per capita, over the long term. The results revise some of the interpretations prevalent in Argentine historiography. [ABSTRACT FROM AUTHOR]

The main objective of this paper is to provide empirical evidence regarding per capita income convergence of the states of the Mexican Republic towards the income of Distrito Federal, which is assumed to be the leading economy (Barro and Sala-i-Martin, 1991, 1992). We test such hypothesis by using two different panel unit root tests (Im, Pesaran and Shin, 1997; and Levin-Lin, 1993) and eight panel cointegration tests (Pedroni, 2001; Larsson, 2001). These econometric tools let us overcome the "small sample distortions" often faced by studies based on time series techniques. Our unit root tests do not show evidence of absolute convergence towards the leading economy from 1970 to 2004 and for two shorter samples. However, cointegration tests show evidence in favor of conditional convergence for the same period. Long run estimates of the speed of convergence (Mark and Sul, 2003) show that rich regions converge faster than poor ones. [ABSTRACT FROM AUTHOR]

This paper responds to two issues raised in this special issue on the American school of international political economy (IPE). I react first to the assumed convergence towards an open economy politics (OEP) framework. While OEP clearly has merits, I find that its narrow conception of actors and interests neglects other approaches' insights into preference formation and institutions that would enable it to offer better explanations of political economy. Second, I respond to the perceived monoculture in American IPE, which many (wrongly) attribute to professional power over journals and (rightly) tie to graduate training in the United States. More to the point of deconstructing the perceived intellectual hegemony driving IPE's monoculture, I challenge Randall Germain's indictment of the Harvard school of IPE. I show that the early Harvard Mafia indeed played a critical role in shaping the field, but it did not determine the myopic paradigmatic and methodological trends we currently see in the discipline. Finally, I reflect on why we have, and indeed need, this transatlantic debate and make a plea for more pragmatism, pluralism and problem-driven research in IPE today. [ABSTRACT FROM AUTHOR]

The paper intends to evaluate the behavior of states before the rules negotiated in WTO in the GATT, GATS and TRIPS agendas. Using the concepts proposed by Botcheva and Martin (2001) of convergence and divergence as well as success and non success of the rules negotiated, we analyze a sample of 30 states. [ABSTRACT FROM AUTHOR]

This paper aims to identify the existence of convergence, absolute as much as conditional, in municipalities that make up the state of Sonora. Based on the methodological work of Mankiw, Romer and Weill (1992), who consider the first model of Solow (1956) and extend it to include human capital, evidence shows that there is no tendency for poor municipalities to grow more quickly than rich municipalities, which means that there is no process of convergence —either absolute or conditional— in the municipalities of Sonora, regardless of the level of development by which these municipalities are classified: municipalities with high, average or low development. [ABSTRACT FROM AUTHOR]

Abstract: The issue of convergence or divergence in the European Union (EU) is usually viewed from a macroeconomic perspective, using indicators such as the income per head, the unemployment rate and the inflation rate. Little attention has been paid to the possibility of an associated convergence in ‘well-being’ across countries. Since recent literature has shown that subjective well-being (life satisfaction, ‘happiness’) is significantly affected by macroeconomic variables, it is natural to ask not only whether or not subjective well-being converges, but also, whether, how and to what extent this process is linked to macroeconomic convergence. In this paper we use self-rated life satisfaction elicited in large scale surveys to address these questions. We find evidence of convergence of life satisfaction across the member states of the EU, which can be attributed to a considerable extent to the convergence in macroeconomic conditions. Among the various macroeconomic indicators, the convergence in inflation rates has played a major role for the convergence in life satisfaction. [Copyright &y& Elsevier]

Abstract  This paper reports the static analysis of point-supported super-elliptical plates of uniform thickness subjected to a uniformly distributed lateral load. The plate perimeter was defined by a super-elliptic function with a power, corresponding to shapes ranging from an ellipse to a rectangle. The analysis was based on the Kirchhoff–Love plate theory and the computations were carried out by the Ritz method. Lagrange multipliers were used to satisfy the boundary conditions. Isotropic and homogeneous plates with 20 different shapes were examined for two distinct aspect ratios. Convergence studies were performed for the central deflection and the central bending moments. The results were checked against those of a corner-supported square plate and good agreement was obtained. [ABSTRACT FROM AUTHOR]

International organisations advocate global convergence in intellectual property as a prerequisite for successful innovation strategies. The difficulties of achieving such harmonisation are, however, evident from the attempts of several nations to develop divergent intellectual property systems. This paper explores the causes of institutional divergence and uses intellectual property for seed markets in India as a case study. The Indian seed market case demonstrates that convergence and divergence may go hand in hand. The ‘domestication’ of global protection models for seed and biotechnology may require divergence in order to be accepted by domestic stakeholders. [ABSTRACT FROM AUTHOR]

Globalization is widely held to circumscribe the parameters of political and economic choice in contemporary Europe, just as it has come to circumscribe the parameters of debate on the future of European models of capitalism. Yet opinions on the question of convergence nonetheless vary markedly, with proponents of the hyperglobalization thesis pointing to a simple and inexorable process of neoliberal convergence while an increasingly influential school of neo-institutionalists point to a rather more complex process of 'dual' or 'co-convergence', reinforcing the distinctiveness of liberal and coordinated market economies. In both accounts, the exhibited pattern of convergence (dual or otherwise) is seen to be driven by globalization. In this paper I provide a theoretical and empirical critique of this important literature, challenging the contextualization of the question of convergence with respect to globalization which both perspectives share. I advance a distinctive variant of the new institutionalism which emphasizes: (i) the contingency of any process of convergence observed; (ii) the frequently political as opposed to economic nature of convergent tendencies; (iii) the counter-tendencies which might be mobilized to such tendencies; and (iv) the invariably far greater significance, in the establishment of common trajectories, of regional rather than genuinely global processes of integration. Though common trajectories are discernible within contemporary Europe, associated in particular with the institutional architecture of EMU and an accelerating process of European economic integration, they have been embraced more or less enthusiastically and at variable paces, leading not to convergent but to divergent outcomes. [ABSTRACT FROM AUTHOR]

The aim of this paper is to discuss the process of regional convergence within the framework of an overlapping generations model in which the engine of growth is the accumulation of human capital. In particular, we consider different education funding systems and compare their performance in terms of growth rates and pace of convergence between two heterogeneous regions. The analysis suggests that the choice of a particular education system incorporates a possible trade-off between long run growth rate and short run convergence. In such choice, the initial capital stock and the extent of regional human capital discrepancy appear as central variables. [ABSTRACT FROM AUTHOR]

Abstract: This study presents novel evidence regarding the role of regional internet infrastructure in reducing regional per capita income disparities. We base our study on the assumptions that (1) the diffusion of information homogenizes regional economies through reducing the dissimilarities in institutions and culture, and (2) the telecommunication capacity, represented by the internet infrastructure of a region, facilitates this flow of information. Using the data from the 26 statistical NUTS‐2 regions of Turkey for the period 1999–2011, we find evidence that internet infrastructure increases the speed of regional convergence. [ABSTRACT FROM AUTHOR]

In this paper we propose a network equilibration algorithm for the solution of a class of constrained matrix problems with transportation-type constraints. The algorithm decomposes the problem into two series of supply and demand network equilibrium problems with special structure which can then be solved exactly and in parallel. The theoretical results obtained include the proof of convergence, the rate of convergence, and computational complexity analysis, and are obtained by interpreting the algorithm as a dual method. Computational results on datasets illustrate the theory and the efficiency of this approach. [ABSTRACT FROM AUTHOR]

In this paper we propose an efficient Newton-SOR algorithm for solving the separable spatial price equilibrium problem. Although an active set strategy is implemented for solving for blocks of variables associated with origin nodes, global convergence of the iterates is not dependent on nondegeneracy or convexity assumptions. Numerical experiments indicate the excellent performance of the method on both degenerate and nondegenerate problems. [ABSTRACT FROM AUTHOR]

This paper attempts to show that convergence or divergence in the European Union (EU) will be influenced by developments in the periphery of Europe to a considerable extent, although the core situation cannot be ignored. In essence, therefore, it is the relationship between core and periphery that will determine the future of the EU. The main thesis of this study is that the EU economic position is such that divergence is more likely to occur than convergence. The focus of the analysis is what has come to be known as ‘Peripheral Fordism’, which enables us lo suggest that periphery prospects for economic development are predicated upon substantial expansion of their industrial sectors based on indigenous forces. It is therefore the existing institutional structure within the EU that poses obstacles to convergence. [ABSTRACT FROM AUTHOR]

Migration has been seen as an important issue in regional development worldwide. This study analyses the impact of internal migration on provincial growth in Indonesia. Applying a growth model, this study found evidence that migration played no role on regional convergence during the 1975-2005 period. However, different policies affected the signs and sizes of the estimates across sub-periods. Moreover, inter-provincial migration, especially in-migration in poorer provinces, had a positive impact on economic growth in Indonesia. [ABSTRACT FROM AUTHOR]

This study suggests a two-step approach to identifying and interpreting regional convergence clubs in Europe. The first step calculates Bayesian probabilities for various assignments of regions to two clubs using a general stochastic space-time dynamic panel relationship between growth rates and initial levels of income as well as endowments of physical, knowledge and human capital. The second step uses the club assignments in a dynamic space-time panel data model to assess long-run dynamic direct and spillover responses of regional income levels to changes in initial period endowments for clubs that were identified. We find different dynamic partial derivative responses to endowments by regions in the two clubs that appear consistent with low- and high-income regions as clubs. [ABSTRACT FROM AUTHOR]

Within Europe, processes of economic convergence and divergence operate at various geographical scales, resulting in a very uneven geographical landscape. As mentioned in the international literature, the European economic space is characterized by a core-periphery structure. From this point of view, tourism has important significance since it is a noteworthy activity in the European Union and contributes to employment, income generation, overall development and economic rejuvenation of rural, peripheral or underdeveloped areas. There has been a shift in the nature of tourism demand driven by changes in consumption patterns, namely an increasing emphasis on more personalized or on specialized forms of tourist packages. This aspect required smaller and more flexible provision that created niche markets capable of providing peripheral areas the opportunity to capitalize on their comparative advantages associated with their natural environments, cultural heritage, and the role of local food in reinforcing personal identity and authenticity. The purpose of this study is to analyze EU's Eastern periphery (Bulgaria, Hungary, Poland, Romania and Slovakia) niche tourism markets potential and identify a few guiding principles that may lead to sustainable economic development. [ABSTRACT FROM AUTHOR]

In the context of EU enlargement there is no universal model which should offer a unique solution for diminishing the disparities in the development of a country. An approach only from the point of view of economic growth is not enough, so we extend the analysis towards the social development. Considering the level of GDP per capita and of HDI registered by EU states during 1995-2012, we test the hypothesis of real σ and β-convergence in terms of economic and social development. The estimated results indicate a tendency in reducing the divergence in both economic and social degree of development. A relatively strong process of real σ-convergence became evident while real β-convergence testing supports the hypothesis among EU countries, but the results indicate a slower process for HDI convergence compared with GDP per capita. [ABSTRACT FROM AUTHOR]

Development and growth are complex and tumultuous processes. Modern economic growth theories identify some key determinants of economic growth. However, the relative importance of the determinants remains unknown, and additional variables may help clarify the directions and dimensions of the interactions. The novel stream of literature on economic complexity goes beyond aggregate measures of productive inputs and considers instead a more granular and structural view of the productive possibilities of countries, i.e., their capabilities. Different endowments of capabilities are crucial ingredients in explaining differences in economic performances. In this paper we employ economic fitness, a measure of productive capabilities obtained through complex network techniques. Focusing on the combined roles of fitness and some more traditional drivers of growth—GDP per capita, capital intensity, employment ratio, life expectancy, human capital and total factor productivity—we build a bridge between economic growth theories and the economic complexity literature. Our findings show that fitness plays a crucial role in fostering economic growth and, when it is included in the analysis, can be either complementary to traditional drivers of growth or can completely overshadow them. Notably, for the most complex countries, which have the most diversified export baskets and the largest endowments of capabilities, fitness is complementary to the chosen growth determinants in enhancing economic growth. The empirical findings are in agreement with neoclassical and endogenous growth theories. By contrast, for countries with intermediate and low capability levels, fitness emerges as the key growth driver. This suggests that economic models should account for capabilities; in fact, describing the technological possibilities of countries solely in terms of their production functions may lead to a misinterpretation of the roles of factors. [ABSTRACT FROM AUTHOR]

In this paper, based on the pressure project method, we consider an adaptive stabilized finite volume method for the Oseen equations with the lowest equal order finite element pair. Firstly, we develop the discrete forms in both finite element and finite volume methods, and establish the existence and uniqueness of numerical solutions by establishing the equivalence of linear terms in finite element and finite volume methods. Secondly, a residual type a posteriori error estimator is designed, and the computable global upper and local lower bounds between the exact solutions and the finite volume solutions are established. Thirdly, a discrete local lower bound between two successive finite volume solutions is obtained, convergence analysis of the adaptive stabilized finite volume method is also performed. Finally, some numerical results are presented to verify the performances of the developed error estimators and confirm the established theoretical findings. [ABSTRACT FROM AUTHOR]

The main objective of this study is to make a comparative analysis of inflation convergence in Central-Eastern European countries (CEE countries) during the economic crisis over 2008-2013. For Bulgaria, Czech Republic, Hungary, Poland, Romania and Slovakia the inflation convergence has decreased in the analyzed period, the coefficient of variation (64.22%) showing strong divergence compared to the slow divergence indirectly predicted by the European Commission. The negative catch-up rates for Bulgaria, Poland and Slovakia explain the large negative consequences of the actual economic crisis for these countries. The Fisher-type test for panel data indicated no convergence for real and predicted inflation convergence. The analysis based on random effects models indicated an inflation convergence rate of 15.47% in CEE economies compared to a predicted convergence rate of 2.04%. [ABSTRACT FROM AUTHOR]

Regulatory convergence and cooperation among the authorities in the field of medical products (medicines and medical devices) are essential to deliver safe and efficacious products quickly to patients. APEC established the Regulatory Harmonization Steering Committee (RHSC) to advance this cause among member economies. This paper identifies four areas of appropriate regulatory practice in which APEC economies could converge, and explores the feasible processes of how APEC economies could cooperate in order to bring about realization of a maximum level of regulatory convergence by 2020. [ABSTRACT FROM AUTHOR]