This paper investigates income convergence in 20 developing countries, including Algeria, Benin, Burkina Faso, Cameroon, Chad, Cote d'Ivoire, Gabon, Gambia, Indonesia, Malaysia, Mali, Morocco, Mozambique, Niger, Nigeria, Pakistan, Senegal, Togo, Turkey, and Uganda. This paper applies a battery...

Recurring and massive current account deficits are troublesome especially for developing African countries that rely on foreign capital. The conventional wisdom holds that persistent deficits impose taxes on future generations and lead to high interest rates. Given their policy implications,...