This paper analyzes the issue of convergence in OECD countries and tries to assess the effect of financial crisis on … the process of convergence. In other words it will consider whether the global financial crisis pulled the economies of … the convergence process as the Great Depression had 80 years ago. It will analyze the most important macroeconomic data …

model featuring endogenous productivity à la Romer and a financial friction à la Kiyotaki–Moore. Adverse financial …