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Convergence patterns in the world economy: Exploring the nonlinearity hypothesis
dc.creator | Artelaris, P. | en |
dc.creator | Arvanitidis, P. A. | en |
dc.creator | Petrakos, G. | en |
dc.date.accessioned | 2015-11-23T10:22:53Z | |
dc.date.available | 2015-11-23T10:22:53Z | |
dc.date.issued | 2011 | |
dc.identifier | 10.1108/01443581111152373 | |
dc.identifier.issn | 1443585 | |
dc.identifier.uri | http://hdl.handle.net/11615/25820 | |
dc.description.abstract | Purpose: The purpose of this paper is to investigate convergence or divergence trends at global scale. Design/methodology/approach: The paper questions the methodology and findings of the conventional convergence literature using linear OLS models. It introduces polynomial (quadratic) weighted least square (WLS) regression analysis to explore whether a number of economic performance indicators follow a non-linear pattern of change. Findings: The results indicate the formation of two groups in the world: a convergence one, including countries with low to medium-high development levels, and a divergence one including countries with medium-high to very high development levels. Research limitations/implications: Data availability after 1990 (for the composite indicators). Practical implications: The findings shed light on important issues, such as the decrease of economic disparities between countries, the prospects for global economic convergence, and the development of a more equal world. Apart from obvious policy implication such findings are also of theoretical significance, providing a basis to check (indirectly) the validity of alternative growth theories. Originality/value: This is the first paper (to the authors' knowledge) that explores world convergence/divergence employing quadratic WLS regression analysis with a number of economic indicators. WLS regressions enable the removal of the impact of country size on results, whereas non-linear modelling allows the possibility of multiple equilibria and different development trajectories to be taken into account. Finally, the employment of various economic-performance indicators (simple and composite) works as a cross-check of validity for the results provided. © Emerald Group Publishing Limited. | en |
dc.source | Journal of Economic Studies | en |
dc.source.uri | http://www.scopus.com/inward/record.url?eid=2-s2.0-80052932671&partnerID=40&md5=0c1ff45c502eef5209c63e935bb69ef1 | |
dc.subject | Convergence | en |
dc.subject | Divergence | en |
dc.subject | Economic convergence | en |
dc.subject | Nonlinearity | en |
dc.subject | WLS regression | en |
dc.subject | World economy | en |
dc.title | Convergence patterns in the world economy: Exploring the nonlinearity hypothesis | en |
dc.type | journalArticle | en |
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