The literature on global growth convergence and divergence is vast and deep. And it is still evolving. Some have argued that global growth is actually diverging across countries. Pritchett (1977) called this “divergence, big time”, whereby the living standards of a few countries pulled away from the rest in the aftermath of the industrial revolution.
Growth escalators and growth convergence
Ejaz Ghani, 17 August 2014
A new look at global growth convergence and divergence
Michele Battisti, Gianfranco di Vaio, Joseph Zeira, 9 January 2014
The phenomenon of modern economic growth is fairly new. It started less than two centuries ago, but it changed our lives significantly. One of the main changes is that income gaps between countries have greatly increased.
Manufacturing is special
Dani Rodrik, 9 November 2011
Poor countries have access to world markets, off-the-shelf technologies developed by others, and rich countries’ savings. So in principle, they should develop rapidly – more rapidly than advanced economies, which are already at the technological frontier. Yet the historical record belies this expectation.
Dani Rodrik, 31 October 2011
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EMU has led to increased stability and convergence of financial markets in euro area
Michael Ehrmann, Marcel Fratzscher, Refet S. Gürkaynak, Eric T Swanson , 17 September 2007
One desired outcome at the time when EMU was conceived was having countries with less well-anchored expectations benefit from a more credible monetary policy-making framework.
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