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Economic transition and growth

Journal of applied econometrics (Chichester, England), 2009-11, Vol.24 (7), p.1153-1185 [Peer Reviewed Journal]

Copyright 2009 John Wiley & Sons, Ltd. ;Copyright © 2009 John Wiley & Sons, Ltd. ;Copyright Wiley Periodicals Inc. Nov/Dec 2009 ;ISSN: 0883-7252 ;EISSN: 1099-1255 ;DOI: 10.1002/jae.1080 ;CODEN: JAECET

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  • Title:
    Economic transition and growth
  • Author: Phillips, Peter C. B. ; Sul, Donggyu
  • Subjects: Econometrics ; Economic development ; Economic growth ; Economic growth models ; Economic growth rate ; Economic transitions ; Economics ; Empirical evidence ; Growth models ; International ; Long run economic growth ; Neoclassical economics ; Regression analysis ; Steady state economies ; Studies ; Transition economies ; Transitional economies
  • Is Part Of: Journal of applied econometrics (Chichester, England), 2009-11, Vol.24 (7), p.1153-1185
  • Description: 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.
  • Publisher: Chichester, UK: John Wiley & Sons, Ltd
  • Language: English
  • Identifier: ISSN: 0883-7252
    EISSN: 1099-1255
    DOI: 10.1002/jae.1080
    CODEN: JAECET
  • Source: Alma/SFX Local Collection
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