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Erschienen in:
Introduction Kapitel lesen Erstes Kapitel lesen

2011 | OriginalPaper | Buchkapitel

4. Convergence: Theory and Evidence

verfasst von : Asst. Prof. Sascha Sardadvar

Erschienen in: Economic Growth in the Regions of Europe

Verlag: Physica-Verlag HD

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Abstract

Considerations on growth theory inevitably raise the question of whether different economies converge to each other in terms of output, income, or related measures. Interest in cross-country disparities of wealth and their causes is omnipresent in international politics. In fact, the issue has become so important that it is now officially a major objective of the European Union, as discussed in the Introduction. Although there exist various definitions of what constitutes convergence, this study will refer to just one definition of convergence, which combines two concepts:

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Vorheriges Kapitel Growth Models with Spatial Externalities
Nächstes Kapitel Remarks on Regional Growth
Fußnoten
1
There is an inconsistency found in these two quotes, as the first refers to output, while the second refers to wealth. These concepts are obviously different from each other despite their frequent treatment as identical concepts. In the context of this chapter, convergence refers to any process where income – either produced or earned – converges to the same level. The next chapter will then take up the topic of why output and income within one economy are in fact two different things, and why they should be distinguished, especially in a regional context.
 
2
Available from: http://​unstats.​un.​org/​unsd/​default.​htm, queried on 05-July-2007.
 
3
Austria, Belgium, Denmark, Finland, France, Germany, Greece, Republic of Ireland, Italy, Luxembourg, the Netherlands, Portugal, Spain, Sweden, United Kingdom; note that both German republics are included for the data from 1970 to 1990.
 
4
Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, Uzbekistan.
 
5
Argentina, Bolivia, Brazil, Chile, Colombia, Ecuador, Paraguay, Peru, Uruguay, Venezuela.
 
6
It is interesting to note that what nowadays seems to be a common and easily understood term in economics and politics referred to a different thing 20 years ago, as can be seen from contemporary encyclopaedias. For instance, Leipold (1987, p. 1068) describes convergence as a theory that forecasts similar solutions for comparable challenges with which differently organised industrial societies will be confronted (“… in der Konvergenztheorie [wird] die Auffassung vertreten, daß unterschiedlich organisierte Industriegesellschaften mit vergleichbaren Herausforderungen konfrontiert sind und dementsprechend auch ähnliche Lösungen anwenden müssen.”).
 
7
Despite these considerations on similarities of regions, Barro and Sala-i-Martin (1990) included three regional dummy variables (south, midwest and west), which made their analysis actually a test on conditional convergence.
 
8
Gross regional product is called gross state product (GSP) in the USA.
 
9
The variables considered in the study are measures for primary and secondary school enrolment rates, government consumption, “political stability” and “market distortions.”
 
10
This idea of a 2% rule has been questioned by Quah (1996), who compares such interpretations of regression results to Galton’s fallacy; a regression towards the mean, it is argued, is uninformative for a distribution’s dynamics.
 
11
The results that follow considered “male upper-level schooling,” life expectancy, fertility rate, government consumption, “rule of law,” “democracy,” changes in terms of trade, investments ratio, and inflation.
 
12
The regressor, \(\beta \), tends to \(\tilde \beta \) as t tends to 0, and tends to 0 as t approaches infinity, which is why it may also be interpreted on its own.
 
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Metadaten
Titel
Convergence: Theory and Evidence
verfasst von
Asst. Prof. Sascha Sardadvar
Copyright-Jahr
2011
Verlag
Physica-Verlag HD
Buch
Economic Growth in the Regions of Europe

Print ISBN: 978-3-7908-2636-4

Electronic ISBN: 978-3-7908-2637-1

Copyright-Jahr: 2011

DOI
https://doi.org/10.1007/978-3-7908-2637-1_4