Regional Income Convergence: Evidence from Panel Unit Root Tests

• 발행기관: 서울대학교 경제연구소
• 저자명: Jaewoon Koo Seungjun Lee
• 간행물 정보: 『Seoul Journal of Economics』Seoul Journal of Economics Volume 13 No.4, 459~469쪽, 전체 10쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2000.12.31

영문 초록

This paper investigates convergence of eleven regional incomes in Korea by employing a panel unit root test method proposed by Levin and Lin (1993). To test the robustness of the result, we rely on the method developed by Im, Pesaran, and Shin (1996) as well. Applying individual unit root test to income series of each region, we obtained mixed results such that only three out of eleven regional incomes converge. Panel unit root tests, however, reject the null hypothesis that all the Korean regional incomes do not converge. This empirical finding implies that, in a rapidly growing economy such as Korea, at least some regional incomes have tendency to converge to its own equilibrium level. This result is consistent with the prediction of neoclassical growth theory.

목차

Abstract

Ⅰ. Introduction

Ⅱ. The Model

Ⅲ. Empirical Analysis

Ⅳ. Concluding Remarks

References

키워드

Income convergence Panel unit root test