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Did Globalization Drive Convergence? Identifying Cross-Country Growth Regimes in the Long Run

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Author

Summary, in English

This paper is the first to apply a finite mixture model to a sample of 64 nations to endogenously analyze the cross-country growth behavior over the period 1870-2003. Results show that growth patterns were segmented in two worldwide regimes, the one characterized by convergence in per capita income, and the other by divergence. Interestingly, when three historical epochs are distinctly analyzed, in order to investigate the empirical link between globalization and convergence, the dynamics which dominated over the whole period seem to have emerged only during the post-1950 years. In contrast, the First Global Wave was marked by persistent heterogeneities.

Publishing year

2011

Language

English

Pages

832-844

Publication/Series

European Economic Review

Volume

55

Issue

6

Document type

Journal article

Publisher

Elsevier

Topic

  • Economic History

Keywords

  • Globalization
  • Economic growth
  • Income convergence
  • Mixture models
  • Multiple regimes

Status

Published

ISBN/ISSN/Other

  • ISSN: 1873-572X