Stochastic convergence of the catch-up rate and multiple structural breaks in Asian countries
Allowing for multiple structural breaks and cross-section dependence, we re-investigate the hypothesis that the catch-up rates stochastically converge for 13 Asian countries from 1960 to 2007. Non-rejection of stationarity provides evidence for stochastic convergence, implying that following shocks to the catch-up rate, it will eventually revert to its long-run level.
Year of publication: |
2011
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Authors: | Evans, Paul ; Kim, Ji Uk |
Published in: |
Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 111.2011, 3, p. 260-263
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Publisher: |
Elsevier |
Keywords: | Multiple structural breaks Panel stationarity Stochastic convergence Catch-up rate |
Saved in:
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