Quah, Danny (1995) Convergence empirics across economies with (some) capital mobility. Econometrics; EM/1994/275, 257. Centre for Economic Performance, London School of Economics and Political Science, London, UK.
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This paper uses a model of growth and imperfect capital mobility across multiple economies to characterize the dynamics of (cross-country) in- come distributions. This allows convenient study of the convergence hypothesis, and reveals, where appropriate, polarization and clumping within subgroups. The data show little cross-country convergence; in- stead, the important features are persistence, immobility, and polariza- tion, exemplied by \convergence club" or \twin peaks" dynamics
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