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An Alternative View of the Convergence Issue of Growth Empirics.
- Source :
-
Growth & Change . Sep2011, Vol. 42 Issue 3, p320-350. 31p. - Publication Year :
- 2011
-
Abstract
- ABSTRACT In this paper, we study the dynamics of economic growth for 140 countries during the period 1951-2003. The variables representing economic performance are levels and growth rates of per capita gross domestic product. Using the concept of economic regime, we introduce a notion of distance between the dynamical paths of different countries. Then, a minimal spanning tree and a hierarchical tree are constructed from time series to help detect the existence of groups of countries sharing similar economic performance. The two main clusters that are identified over the whole-time interval can be interpreted as two groups of countries with high and low performance, respectively. The evolution of such clusters shows three main stylised facts: Certain countries move across clusters; the high-performance cluster tends to span, while the low-performance one tends to be (more) compact; and the distance between the two groups increases in time. [ABSTRACT FROM AUTHOR]
Details
- Language :
- English
- ISSN :
- 00174815
- Volume :
- 42
- Issue :
- 3
- Database :
- Academic Search Index
- Journal :
- Growth & Change
- Publication Type :
- Academic Journal
- Accession number :
- 64870248
- Full Text :
- https://doi.org/10.1111/j.1468-2257.2011.00555.x