Economic growth and convergence : global analysis through econometric and hidden Markov models / Michal Bernardelli, Mariusz Prochniak and Bartosz Witkowski.

Format:

Book

Author/Creator:

Bernardelli, Michał, author.

Próchniak, Mariusz, author.

Witkowski, Bartosz, author.

Series:

Routledge studies in the modern world economy.

Routledge Studies in the Modern World Economy

Language:

English

Subjects (All):

Economic development--Econometric models.

Economic development.

Econometrics.

Markov processes.

Physical Description:

1 online resource (197 pages).

Edition:

1st ed.

Place of Publication:

Abingdon, Oxon ; New York, New York : Routledge, [2021]

Summary:

"There are many different types of convergence within economics, as well as several methods to analyse each of them. This book addresses the concept of real economic convergence or the gradual levelling off of GDP per capita rates across economies. In addition to a detailed, holistic overview of the history and theory, the authors include a description of two modern methods of assessing the occurrence and rate of convergence, BMA-based and HMM-based, as well as the results of the empirical analysis. Readers will have access not only to the conventional econometric approach of beta convergence but also to an alternative one, allowing for the convergence issue to be expressed in the context of automatic pattern recognition. This approach is universal as it can be adapted to a variety of input data. The lowest aggregation level study investigates regional convergence through the case of Polish voivodships, where convergence toward the leader is tested. On a higher level of aggregation, the authors examine the existence of GDP convergence in such groups as the EU28, North Africa and the Middle East, Sub-Saharan Africa, South America, Caribbean, South-East Asia, Australia and Oceania or post-socialist countries. For each group, the real beta convergence is tested with the use of the two above-mentioned approaches. The results are widely discussed, broadly illustrated, interpreted, and compared. The analysis allows readers to draw interesting conclusions about the causes of convergence or the drivers behind divergence. The book will stimulate further research in the field but conducted from the point of view of individual countries"-- Provided by publisher.

Contents:

Cover

Half Title

Series Page

Title Page

Copyright Page

Table of Contents

List of figures

List of maps

List of tables

Preface

1 Real income-level convergence: the theoretical background

1.1 The neoclassical growth theory

1.1.1 The Solow model

1.1.2 The Ramsey model

1.2 Endogenous models of economic growth

1.2.1 The Romer learning-by-doing model

1.2.2 The Lucas model

2 Hidden Markov models as an example of an alternative approach to convergence

2.1 Applicability of hidden Markov models

2.2 HMM - definitions and theory

2.3 HMM convergence

3 Different approaches to the regional convergence

3.1 Introduction

3.2 The review of the literature

3.3 Methods of the analysis and data used

3.3.1 The ß convergence

3.3.2 Stochastic convergence

3.3.3 HMM convergence

3.4 Empirical evidence

3.4.1 Polish voivodships

3.4.2 US states

3.4.3 Chinese provinces

3.5 Regional convergence: main conclusions from the analysis

4 Conventional convergence in the worldwide perspective

4.1 Introduction

4.2. Methodology of testing ß convergence

4.3 Empirical evidence for different country groups: dynamic panel data approach

4.4 Empirical evidence for different country groups: Bayesian model averaging

5 Application of the hidden Markov models in convergence studies: a worldwide perspective

5.1 Introduction

5.2 Empirical results of the HMM-based study

5.2.1 European Union

5.2.3 Sub-Saharan Africa

5.2.4 South America

5.2.5 The Caribbean

5.2.6 South-East Asia

5.2.7 Australia and Oceania

5.2.8 Post-socialist countries

5.2.9 OECD countries

5.3 HMM-based approach versus classical ß convergence analysis - a summary

Index.

Notes:

Description based on print version record.

ISBN:

1-00-317164-8

1-003-17164-8

1-000-40719-5

9781003171645

OCLC:

1238132263