Gligoric, Mirjana - In: Economic Annals 59 (2014) 201, pp. 123-156
pair-wise approach (Pesaran, 2007), identifying four cases: long-run convergence, catching-up, lagging-behind, and … convergence at the whole sample level. Still, three convergence clubs appear that consist of countries recording long-run … divergence. The results suggest that catching-up prevails, while no significant evidence was found for the existence of long-run …