Shibamoto, Masahiko; Tsutsui, Yoshiro - In: Applied Economics Letters 21 (2014) 8, pp. 533-535
Studies using dynamic panel regression approach have found a high speed of income convergence among the world and the regional economies. For example, Lee <italic>et al.</italic> (1997, 1998) report 30% per annum. This note argues that their estimates of the convergence speed can be seriously overstated. Using a...