Convergence Empirics Across Economies with ( Some ) Capital Mobility
نویسنده
چکیده
This paper uses a model of growth and imperfect capital mobility across multiple economies to characterize the dynamics of (cross-country) income distributions. This allows convenient study of the convergence hypothesis, and reveals, where appropriate, polarization and clumping within subgroups. The data show little cross-country convergence; instead, the important features are persistence, immobility, and polarization, exempli ed by \convergence club" or \twin peaks" dynamics.
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