An examination of convergence hypothesis for EU-15 countries
Yükleniyor...
Tarih
2016
Yazarlar
Dergi Başlığı
Dergi ISSN
Cilt Başlığı
Yayıncı
Elsevier Science Bv
Erişim Hakkı
info:eu-repo/semantics/closedAccess
Özet
In this paper we investigate whether EU-15 countries experience convergence in per capita GDP levels with respect to the EU-15 average over the period 1950-2015. Nonlinear and nonlinear-asymmetric unit root tests as well as structural break Lagrange Multiplier (LM) unit root tests are employed. When nonlinear and nonlinear-asymmetric unit root tests are employed, five countries exhibit long-run or deterministic convergence with the EU-15 average. However, when endogenous structural break LM unit root tests are employed, nine countries exhibit stochastic convergence. Test results indicate that real per capita income levels of 11 EU countries converge towards the EU-15 average. (C) 2016 Elsevier Inc. All rights reserved.
Açıklama
Anahtar Kelimeler
Nonlinear Unit Root Test, LM Unit Root Test, Stochastic Convergence, Beta-Convergence, Structural Breaks
Kaynak
İnternational Review Of Economics & Finance
WoS Q Değeri
N/A
Scopus Q Değeri
Q1
Cilt
45
