slightly, and the lowered stock-market prices. A panel analysis for a broad group of economies shows that a combined currency …

slightly, and the lowered stock-market prices. A panel analysis for a broad group of economies shows that a combined currency …

In an 80-country panel since the 1960s, the convergence rate for per capita GDP is around 1.7% per year. This "beta … "iron-law" rate of 2%. In the post-1960s panel, estimation without country fixed effects supports the modernization … long-term panel with country fixed effects also supports modernization, in the sense of positive effects of per capita GDP …