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Stochastic convergence of the catch-up rate and multiple structural breaks in Asian countries
- Authors
- Evans, Paul; Kim, Ji Uk
- Issue Date
- Jun-2011
- Publisher
- ELSEVIER SCIENCE SA
- Keywords
- Multiple structural breaks; Panel stationarity; Stochastic convergence; Catch-up rate
- Citation
- ECONOMICS LETTERS, v.111, no.3, pp 260 - 263
- Pages
- 4
- Journal Title
- ECONOMICS LETTERS
- Volume
- 111
- Number
- 3
- Start Page
- 260
- End Page
- 263
- ISSN
- 0165-1765
- Abstract
- Allowing for multiple structural breaks and cross-section dependence, we re-investigate the hypothesis that the catch-up rates stochastically converge for 13 Asian countries from 1960 to 2007. Non-rejection of stationarity provides evidence for stochastic convergence, implying that following shocks to the catch-up rate, it will eventually revert to its long-run level. (C) 2011 Elsevier B.V. All rights reserved.
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