Long-run convergence in manufacturing and innovation-based models

Jakob Madsen; Isfaaq Timol

Long-run convergence in manufacturing and innovation-based models

Research output: Contribution to journal › Article › Research › peer-review

Abstract

Most studies of comparative productivities fail to find evidence of convergence in OECD manufacturing despite major economic growth theories predicting convergence. Using manufacturing data for nineteen OECD countries over the period from 1870 to 2006, this study finds strong evidence of unconditional Beta-convergence as well as sigma-convergence. Panel data estimates suggest that the convergence has been driven by domestic R D, international R D spillovers, and financial development as predicted by Schumpeterian growth theories.

Original language	English
Pages (from-to)	1155 - 1171
Number of pages	17
Journal	The Review of Economics and Statistics
Volume	93
Issue number	4
Publication status	Published - 2011

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Cite this

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title = "Long-run convergence in manufacturing and innovation-based models",

abstract = "Most studies of comparative productivities fail to find evidence of convergence in OECD manufacturing despite major economic growth theories predicting convergence. Using manufacturing data for nineteen OECD countries over the period from 1870 to 2006, this study finds strong evidence of unconditional Beta-convergence as well as sigma-convergence. Panel data estimates suggest that the convergence has been driven by domestic R D, international R D spillovers, and financial development as predicted by Schumpeterian growth theories.",

author = "Jakob Madsen and Isfaaq Timol",

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AU - Madsen, Jakob

AU - Timol, Isfaaq

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AB - Most studies of comparative productivities fail to find evidence of convergence in OECD manufacturing despite major economic growth theories predicting convergence. Using manufacturing data for nineteen OECD countries over the period from 1870 to 2006, this study finds strong evidence of unconditional Beta-convergence as well as sigma-convergence. Panel data estimates suggest that the convergence has been driven by domestic R D, international R D spillovers, and financial development as predicted by Schumpeterian growth theories.

M3 - Article

SN - 0034-6535

VL - 93

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EP - 1171

JO - The Review of Economics and Statistics

JF - The Review of Economics and Statistics

IS - 4

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