全球智库信息集成服务系统(G2TT): Local Versus Global Convergence Across National Economies

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w3996
来源ID	Working Paper 3996
	Local Versus Global Convergence Across National Economies
	Steven N. Durlauf; Paul A. Johnson
发表日期	1992-02-01
出版年	1992
语种	英语
摘要	This paper reexamines the ability of the Solow-type growth models to explain the pattern of cross-country growth rates. Recent authors, most notably Mankiw, Romer and Weil [1990], have argued that differences in national growth rates are compatible with the view that each country has access to a common, neoclassical aggregate production function. Such models imply that, conditional on population growth and savings rates, disparate economies are converging over time to the same level of per capita output. We argue that cross-country growth is better explained by a model of local versus global convergence. Countries converge locally in the sense that economies with similar initial conditions tend to converge to one another. However, we find little evidence of convergence across economies with substantially different initial conditions as measured by per capita output or literacy rates. Further, the impact of capital formation on aggregate output increases with the level of economic development. These results are consistent with models of multiple equilibria in long run behavior. Our results suggest that the Solow growth model should be supplemented with a theory of aggregate production function differences in order to fully explain international growth patterns.
主题	Development and Growth ; Growth and Productivity
URL	https://www.nber.org/papers/w3996
来源智库	National Bureau of Economic Research (United States)
引用统计
资源类型	智库出版物
条目标识符	http://119.78.100.153/handle/2XGU8XDN/561338
推荐引用方式 GB/T 7714	Steven N. Durlauf,Paul A. Johnson. Local Versus Global Convergence Across National Economies. 1992.

条目包含的文件
文件名称/大小	资源类型	版本类型	开放类型	使用许可
w3996.pdf（326KB）	智库出版物		限制开放	CC BY-NC-SA	浏览