Income Convergence in the Asia-Pacific Region

• 영문명: Income Convergence in the Asia-Pacific Region
• 발행기관: 세종대학교 경제통합연구소
• 저자명: Leo Michelis Simon Neaime
• 간행물 정보: 『Journal of Economic Integration』제19권 제3호, 470~498쪽, 전체 29쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 2004.09.30

영문 초록

This paper uses the concepts of σ-convergence and β-convergence to evaluate empirically the hypothesis of income convergence in the Asia-Pacific region, and its subsets of East Asia and ASEAN during the period 1960-1999. Because of the East Asian financial crisis in the late 1990s, the analysis is carried out sequentially, first for the period 1960-1990 and then for the period 1960-1999. For the former period, we find evidence of conditional β-convergence in a group of 17 APEC countries and in 10 EASTASIA countries. No evidence of income convergence is found for the ASEAN group of countries. For the latter period, there is weak evidence of conditional β- convergence in a group of 16 APEC countries, and much weaker evidence of income convergence in EASTASIA. We attribute this finding to the damaging effects of the financial crisis in the second half of the 1990s. Also, the empirical evidence shows that openness to international trade is statistically the most important variable for sustaining economic growth in the Asia-Pacific region. Of the other variables macroeconomic stability has a positive impact on growth, while government spending and population growth have a negative effect in general.

목차

Ⅰ. Introduction

Ⅱ. Reasons for the East Asian Growth

Ⅲ. Measuring Convergence

Ⅳ. Data Sources and the Empirical Model

Ⅴ. Empirical Results

Ⅵ. Conclusion

키워드

APEC economic growth economic integration regional convergence