Stochastic convergence implies that the convergence hypothesis will be rejected if the income differential is not stationary. However, this definition is valid only if the convergence process <np pagenum="006"/>between the two countries is already over. If we take into account the possibility of a catching-up then...

Long run convergence implies that the convergence hypothesis will be rejected if the income differential is not stationary. However, this definition is valid only if the catching-up process between the two countries is already over. If we take into account catching-up dynamics, then poorest...