to output series in the Penn World Tables over 1950-2000, as well as to Maddion's historical series over 1870 … might be spurious. However, significant evidence of growth convergence is found, a result which is reasonably robust to the … choice of the sample period and country groupings. Non-convergence of log per capita outputs combined with growth convergence …

documented by Monte Carlo experiments. An empirical application to modelling of real GDP growth and investment-output ratios … dominant effects are found. The results also suggest that increase in investment as a share of GDP predict higher growth rate … cross section dependence ; VAR ; global VAR ; factor models ; capital accumulation ; growth …