resulting volatility can induce risk-averse transactors who face transaction costs to desert these markets altogether. Thus … thinness and the consequent price volatility may become joint self-perpetuating features of an equity market, whatever the … volatility of asset fundamentals. If, however, appropriate incentive schemes are adopted to encourage entry of additional …

We construct a model that combines elements of endogenous growth with the convergence implications of the neoclassical … costs to increase reduces followers' growth rates and thereby generates a pattern of conditional convergence. We discuss how …

I argue in this paper that the `speed of convergence' estimated in recent works on `convergence' does not capture … `actual' convergence towards a steady state, but rather conditional dynamics towards a moving target. Although this … conditional convergence can be taken to imply that there are decreasing returns to such storable assets as physical and human …

manufacturing suggest that convergence of GDP per worker must have occurred through trends in other sectors and through …

This paper assesses convergence in output per head across regions in the European Community (EC), for the period 1975 …<196>90. We use three alternative methodologies to measure convergence, which yield consistent results. We observe that there are … strong differences in the pattern of convergence across sub-periods and across subsets of regions. If Southern Europe seemed …

. Non-convergence traps are more likely when policies and institutions are endogenized, enabling beneficiaries of existing …

examines what is the best way for candidate countries to fuel real convergence. The experience from earlier EU enlargements and … should be terminated as soon as possible. Second, labour and capital mobility are good for growth and economic convergence …

This paper focuses on one possible explanation for the empirical evidence of: (a) income convergence among the world … outcomes that are consistent with the convergence-divergence empirical evidence. While subsistence consumption can lead to …