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dc.contributor.authorHolmes, Mark J.en
dc.date.accessioned2008-09-03-
dc.date.accessioned2012-11-21T13:16:36Z-
dc.date.available2012-11-21T13:16:36Z-
dc.date.issued2006-
dc.identifier.citation|aEstudios de Economía|c0718-5286|v33|h1|nUniversidad de Chile, Departamento de Economía|lSantiago de Chile|y2006|p65-81en
dc.identifier.urihttp://hdl.handle.net/10419/66671-
dc.description.abstractThis paper tests for long-run output convergence between a sample of eight Latin American countries and over the study period 1900-2003. The key contribution of this paper is in terms of the econometric methodology where non-stationarity of log real per capita income differentials is tested within a Markov regime-switching framework. In contrast to existing studies, this paper defines two new concepts of output convergence where one allows for the possibility that output differentials behaviour either switches between stationary and non-stationary regimes (partial convergence), or switches between stationary regimes characterised by differing degrees of persistence (varied convergence). Whereas standard univariate and panel data unit root testing clearly suggest that output differentials are non-stationary, employment of the regime-switching methodology indicates that most of the sample is characterised by the existence of two distinct stationary regimes. Furthermore, it is argued that the often-cited convergence rate of two per cent per annum is likely to be an underestimate.en
dc.language.isoengen
dc.publisher|aUniversidad de Chile, Departamento de Economía |cSantiago de Chileen
dc.subject.jelF0en
dc.subject.jelF3en
dc.subject.jelC2en
dc.subject.ddc330en
dc.subject.keywordoutput convergenceen
dc.subject.keywordregime-switchingen
dc.subject.keywordstationarityen
dc.subject.keywordunit root testsen
dc.titleRegime-dependent output convergence in Latin America-
dc.typeArticleen
dc.identifier.ppn576827770en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen
econstor.citation.journaltitleEstudios de Economíaen
econstor.citation.issn0718-5286en
econstor.citation.volume33en
econstor.citation.issue1en
econstor.citation.publisherUniversidad de Chile, Departamento de Economíaen
econstor.citation.publisherplaceSantiago de Chileen
econstor.citation.year2006en
econstor.citation.startpage65en
econstor.citation.endpage81en

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