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Real convergence in some emerging countries: a fractionally integrated approach

Published online by Cambridge University Press:  17 August 2016

J. Cunado ,
L.A. Gil-Alana  and
F. Pérez de Gracia
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Summary

This article examines the real convergence hypothesis in eleven emerging countries by means of fractionally integrated techniques. For this purpose, we examine the order of integration of the real GDP per capita series in Argentina, Brazil, Chile, Colombia, Mexico, Peru, Venezuela, India, Indonesia, Taiwan and South Korea as well as their differences with respect to the US and Japan. We find evidence of smaller degrees of integration in the differenced series only for some of the Latin American countries with respect to the US, and for all the Asian countries with respect to both the US and Japan. However, we only find evidence of real convergence for the cases of Argentina and Chile with respect to the US, and Taiwan with respect to Japan, suggesting thus the possibility of different convergence clubs among both Latin American and Asian countries.

Résumé

Résumé

Cet article examine l'hypothèse d'une convergence réelle de onze économies émergentes, en utilisant des techniques fractionnelles intégrées. Pour ce faire, nous examinons l'ordre d'intégration des séries du PIB réel par tête de l'Argentine, du Brésil, du Chili, de la Colombie, du Mexique, du Pérou, du Vénézuela, de l'Inde, de l'Indonésie, de Taïwan et de la Corée du Sud, ainsi que leurs différences par rapport aux États-Unis et au Japon. Nous trouvons des preuves d'un faible degré d'intégration des séries différenciées pour seulement quelques pays d'Amérique latine par rapport aux Etats-Unis, et de tous les pays d'Asie par rapport aux États-Unis et au Japon.

Cependant, nous ne trouvons d'évidence d'une convergence réelle que pour l'Argentine et le Chili par rapport aux États-Unis, et pour Taïwan par rapport au Japon. Ceci suggère la possibilité de groupes de convergences différents parmi les pays d'Amérique latine et d'Asie.

Keywords

Real convergenceFractional integrationLong memoryC32O41convergence réelleintégration fractionnellemémoire longueC32O41
Type
Research Article
Information
Recherches Économiques de Louvain/ Louvain Economic Review , Volume 73 , Issue 3 , 2007 , pp. 293 - 310
Copyright
Copyright © Université catholique de Louvain, Institut de recherches économiques et sociales 2007 

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Footnotes

*

Universidad de Navarra

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