Loayza, Norman V.; DEC - Economics Research, World Bank Group - 1994
The author, using a neoclassical Solow model, estimates an economy's rate of convergence to its own steady state. Using … education, the author estimates the rate of convergence to be 0.0494, which implies a half-life of about 14 years. This … estimated rate of convergence is about two and a half times higher than those obtained by Barro and Salai-Martin (1992) and …