Ordóñez, Javier; Sala, Hector; Silva, José I. - Institute for the Study of Labor (IZA) - 2014
asymmetries in the convergence process of the RULCs and its components – real wages, capital intensity, and technology – are …, technological progress was weak; it was through capital intensification that periphery economies gained efficiency and … achieving real convergence and, by extension, nominal convergence. We conclude by outlining technology as the key convergence …