This paper presents empirical evidence on convergence of per capita output for regions within six large middle … country converged at very low rates over the past three decades. It also finds evidence of regional "convergence clubs" within … Brazil and Peru- the estimated speeds of convergence for these countries more than double after controlling for different …

leads to an increase in average income, economic theory is ambiguous about the possible effects on the long-run growth rate …

This paper studies the changes in world business cycles during 1960-2003. We employ a Bayesian dynamic latent factor … globalization period (1986-2003). The results indicate that the common (G-7) factor explains a larger fraction of output …, consumption, and investment volatility in the globalization period than in the BW period. These findings suggest that the degree …

globalization (1985-2005), there has been some convergence of business cycle fluctuations among the group of industrial economies … importance of the global factor. In other words, there is evidence of business cycle convergence within each of these two groups …