An examination of convergence hypothesis for EU-15 countries

被引：15

作者：

Ceylan, Resat ^{[1
]}

Abiyev, Vasif ^{[2
]}

机构：

[1] Pamukkale Univ, Fac Econ & Adm Sci, Dept Econ, TR-20000 Denizli, Turkey

[2] Aksaray Univ, Fac Econ & Adm Sci, Dept Econ, E-90 Karayolu, TR-68000 Aksaray, Turkey

来源：

INTERNATIONAL REVIEW OF ECONOMICS & FINANCE | 2016年 / 45卷

关键词：

Nonlinear unit root test; LM unit root test; Stochastic convergence; beta-convergence; Structural breaks; 2 STRUCTURAL BREAKS; UNIT-ROOT HYPOTHESIS; REAL EXCHANGE-RATES; TIME; TESTS; TRENDS;

D O I：

10.1016/j.iref.2016.05.007

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

In this paper we investigate whether EU-15 countries experience convergence in per capita GDP levels with respect to the EU-15 average over the period 1950-2015. Nonlinear and nonlinear-asymmetric unit root tests as well as structural break Lagrange Multiplier (LM) unit root tests are employed. When nonlinear and nonlinear-asymmetric unit root tests are employed, five countries exhibit long-run or deterministic convergence with the EU-15 average. However, when endogenous structural break LM unit root tests are employed, nine countries exhibit stochastic convergence. Test results indicate that real per capita income levels of 11 EU countries converge towards the EU-15 average. (C) 2016 Elsevier Inc. All rights reserved.

引用

页码：96 / 105

页数：10

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