Convergence in Output and Its Sources Among Industrialised Countries

A Cross-Country Time-Series Perspective

  • Macarena Hernández Salmerón
  • Diego Romero-Ávila

Part of the SpringerBriefs in Economics book series (BRIEFSECONOMICS)

Table of contents

  1. Front Matter
    Pages i-ix
  2. Macarena Hernández-Salmerón, Diego Romero-Ávila
    Pages 1-7
  3. Macarena Hernández-Salmerón, Diego Romero-Ávila
    Pages 9-14
  4. Macarena Hernández-Salmerón, Diego Romero-Ávila
    Pages 15-24
  5. Macarena Hernández-Salmerón, Diego Romero-Ávila
    Pages 25-44
  6. Macarena Hernández-Salmerón, Diego Romero-Ávila
    Pages 45-51
  7. Macarena Hernández-Salmerón, Diego Romero-Ávila
    Pages 53-63
  8. Macarena Hernández-Salmerón, Diego Romero-Ávila
    Pages 65-69
  9. Back Matter
    Pages 71-74

About this book

Introduction

This book investigates the existence of stochastic and deterministic convergence of real output per worker and the sources of output (physical capital per worker, human capital per worker, total factor productivity –TFP– and average annual hours worked) in 21 OECD countries over the period 1970-2011. Towards this end, the authors apply a large battery of panel unit root and stationarity tests, all of which are robust to the presence of cross-sectional dependence. The evidence fails to provide clear-cut evidence of convergence dynamics either in real GDP per worker or in the series of the sources of output. Due to some limitations associated with second-generation panel unit root and stationarity tests, the authors further use the more flexible PANIC approach which provides evidence that real GDP per worker, real physical capital per worker, human capital and average annual hours exhibit some degree of deterministic convergence, whereas TFP series display a high degree of stochastic convergence.

Keywords

Common Factor Cross-Sectional Dependence Output Convergence PANIC Analysis TFP Convergence Time-Series Convergence

Authors and affiliations

  • Macarena Hernández Salmerón
    • 1
  • Diego Romero-Ávila
    • 2
  1. 1.Economics, Innovation, Science and Employment departmentRegional Government of AndalusiaSevillaSpain
  2. 2.Department of Economics, Quantitative Methods and Economic HistoryPablo de Olavide UniversitySevillaSpain

Bibliographic information

  • DOI https://doi.org/10.1007/978-3-319-13635-6
  • Copyright Information The Author(s) 2015
  • Publisher Name Springer, Cham
  • eBook Packages Business and Economics
  • Print ISBN 978-3-319-13634-9
  • Online ISBN 978-3-319-13635-6
  • Series Print ISSN 2191-5504
  • Series Online ISSN 2191-5512
  • About this book