Economic transition and growth
Some extensions of neoclassical growth models are discussed that allow for cross-section heterogeneity among economies and evolution in rates of technological progress over time. The models offer a spectrum of transitional behavior among economies that includes convergence to a common steady-state p...
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sg-smu-ink.soe_research-31162023-12-14T08:58:43Z Economic transition and growth PHILLIPS, Peter C. B. Sul, Donggyu Some extensions of neoclassical growth models are discussed that allow for cross-section heterogeneity among economies and evolution in rates of technological progress over time. The models offer a spectrum of transitional behavior among economies that includes convergence to a common steady-state path as well as various forms of transitional divergence and convergence. Mechanisms for modeling such transitions, measuring them econometrically, assessing group behavior and selecting subgroups are developed in the paper. Some econometric issues with the commonly used augmented Solow regressions are pointed out, including problems of endogeneity and omitted variable bias which arise under conditions of transitional heterogeneity. Alternative regression methods for analyzing economic transition are given which lead to a new test of the convergence hypothesis and a new procedure for detecting club convergence clusters. Transition curves for individual economies and subgroups of economies are estimated in a series of empirical applications of the methods to regional US data, OECD data and Penn World Table data. Copyright (C) 2009 John Wiley & Sons, Ltd. 2009-11-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/soe_research/2116 info:doi/10.1002/jae.1080 https://ink.library.smu.edu.sg/context/soe_research/article/3116/viewcontent/J_of_Applied_Econometrics___2009___Phillips___Economic_transition_and_growth__1_.pdf http://creativecommons.org/licenses/by-nc-nd/4.0/ Research Collection School Of Economics eng Institutional Knowledge at Singapore Management University Panel-data approach Convergence hypothesis Productivity growth Tests Empirics Income Regression Poverty Welfare Clubs Econometrics |
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Panel-data approach Convergence hypothesis Productivity growth Tests Empirics Income Regression Poverty Welfare Clubs Econometrics PHILLIPS, Peter C. B. Sul, Donggyu Economic transition and growth |
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Some extensions of neoclassical growth models are discussed that allow for cross-section heterogeneity among economies and evolution in rates of technological progress over time. The models offer a spectrum of transitional behavior among economies that includes convergence to a common steady-state path as well as various forms of transitional divergence and convergence. Mechanisms for modeling such transitions, measuring them econometrically, assessing group behavior and selecting subgroups are developed in the paper. Some econometric issues with the commonly used augmented Solow regressions are pointed out, including problems of endogeneity and omitted variable bias which arise under conditions of transitional heterogeneity. Alternative regression methods for analyzing economic transition are given which lead to a new test of the convergence hypothesis and a new procedure for detecting club convergence clusters. Transition curves for individual economies and subgroups of economies are estimated in a series of empirical applications of the methods to regional US data, OECD data and Penn World Table data. Copyright (C) 2009 John Wiley & Sons, Ltd. |
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text |
author |
PHILLIPS, Peter C. B. Sul, Donggyu |
author_facet |
PHILLIPS, Peter C. B. Sul, Donggyu |
author_sort |
PHILLIPS, Peter C. B. |
title |
Economic transition and growth |
title_short |
Economic transition and growth |
title_full |
Economic transition and growth |
title_fullStr |
Economic transition and growth |
title_full_unstemmed |
Economic transition and growth |
title_sort |
economic transition and growth |
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Institutional Knowledge at Singapore Management University |
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2009 |
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https://ink.library.smu.edu.sg/soe_research/2116 https://ink.library.smu.edu.sg/context/soe_research/article/3116/viewcontent/J_of_Applied_Econometrics___2009___Phillips___Economic_transition_and_growth__1_.pdf |
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