Publication:
Revisiting Growth and Convergence : Is Africa Catching Up?

dc.contributor.author Tsangarides, Charalambos G.
dc.date.accessioned 2012-08-13T09:36:16Z
dc.date.available 2012-08-13T09:36:16Z
dc.date.issued 2001-05
dc.description.abstract This article summarizes the publication "Revisiting Gowth and Convergence: Is Africa Catching Up?" The neoclassical Solow framework has been the workhorse for empirical analysis of growth in industrial and developing countries. In this framework, steady state economic growth depends on exogenous technological progress and population growth. In particular, without technological progress, output per capita does not grow. An important feature of the neoclassical model that has been the central focus of empirical work is the convergence property: output levels of countries with similar technologies converge to a given level in the steady state. In the end, ceteris paribus, the lagging poor countries will tend to catch up with the rich. Using cross-sectional analysis the majority of the literature seems to have reached a consensus on the issue of convergence: the poor do catch up with the rich, at a rate of 2-3 percent per year. The obvious shortcoming of the neoclassical model is that long-run per capita growth is determined by the exogenous rate of technological progress. Work on endogenous growth theory has introduced alternative models that explain long-run growth, and provide a theory of technological progress: growth is generated by factors other than exogenous technical change. en
dc.identifier http://documents.worldbank.org/curated/en/2001/05/1643381/revisiting-growth-convergence-africa-catching-up
dc.identifier.uri http://hdl.handle.net/10986/9813
dc.language English
dc.relation.ispartofseries Africa Region Findings & Good Practice Infobriefs; No. 183
dc.rights CC BY 3.0 IGO
dc.rights.holder World Bank
dc.rights.uri http://creativecommons.org/licenses/by/3.0/igo/
dc.subject BUDGET DEFICITS
dc.subject CAPITA INCOME
dc.subject CAPITA INCOME GROWTH
dc.subject CAPITAL ACCUMULATION
dc.subject CONSTANT RATE
dc.subject COUNTRY SPECIFIC
dc.subject COUNTRY-SPECIFIC EFFECTS
dc.subject CROSS-COUNTRY INCOME
dc.subject ECONOMIC ANALYSIS
dc.subject ECONOMIC FACTORS
dc.subject ECONOMIC GROWTH
dc.subject ECONOMIC POLICIES
dc.subject EMPIRICAL ANALYSIS
dc.subject EMPIRICAL EVIDENCE
dc.subject EMPIRICAL WORK
dc.subject ENDOGENOUS GROWTH
dc.subject EXOGENOUS RATE
dc.subject FINANCIAL DEVELOPMENT
dc.subject GROWTH MODELS
dc.subject GROWTH RATES
dc.subject GROWTH THEORIES
dc.subject GROWTH THEORY
dc.subject HUMAN CAPITAL
dc.subject INCOME GROWTH
dc.subject INCOMES
dc.subject INFLATION RATE
dc.subject LONG RUN
dc.subject LONG-RUN GROWTH
dc.subject LOW INFLATION
dc.subject NEOCLASSICAL GROWTH
dc.subject NEOCLASSICAL MODEL
dc.subject PER CAPITA GROWTH
dc.subject POLARIZED SOCIETIES
dc.subject POLITICAL RIGHTS
dc.subject POPULATION GROWTH
dc.subject POPULATION GROWTH RATES
dc.subject POSITIVE EXTERNALITIES
dc.subject PUBLIC GOODS
dc.subject REAL INTEREST RATES
dc.subject SAVINGS
dc.subject SOCIAL POLICIES
dc.subject SOCIAL POLICY
dc.subject TECHNICAL CHANGE
dc.subject TECHNOLOGICAL PROGRESS
dc.subject TRADE OPENNESS GROWTH MODELS
dc.subject GROWTH POLICY
dc.subject CONVERGENCE HYPOTHESIS
dc.subject PER CAPITA INCOME
dc.subject COMPARATIVE ECONOMICS
dc.subject VARIABLE RATES
dc.subject CROSS-COUNTRY EXPERIENCE
dc.subject DEVELOPING COUNTRIES
dc.subject SAVINGS BEHAVIOR
dc.subject POPULATION ECONOMICS
dc.subject POLICY DEVELOPMENT
dc.subject LIBERALIZING ECONOMIES
dc.subject FINANCIAL DEVELOPMENT
dc.subject ECONOMIC GROWTH
dc.title Revisiting Growth and Convergence : Is Africa Catching Up? en
dc.title.alternative Retour sur la croissance et la convergence : l'Afrique comble-t-elle le fosse ? en
dspace.entity.type Publication
okr.date.disclosure 2002-01-17
okr.doctype Publications & Research :: Brief
okr.doctype Publications & Research
okr.docurl http://documents.worldbank.org/curated/en/2001/05/1643381/revisiting-growth-convergence-africa-catching-up
okr.globalpractice Macroeconomics and Fiscal Management
okr.globalpractice Poverty
okr.globalpractice Environment and Natural Resources
okr.globalpractice Governance
okr.identifier.externaldocumentum 000094946_01121204030028
okr.identifier.internaldocumentum 1643381
okr.identifier.report 22681
okr.language.supported en
okr.pdfurl http://www-wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2002/01/17/000094946_01121204030028/Rendered/PDF/multi0page.pdf en
okr.region.administrative Africa
okr.sector Macro/Non-Trade
okr.topic Macroeconomics and Economic Growth :: Economic Growth
okr.topic Poverty Reduction :: Inequality
okr.topic Poverty Reduction :: Achieving Shared Growth
okr.topic Environmental Economics and Policies
okr.topic Governance :: Governance Indicators
okr.topic Environment
okr.unit AFT: Core Operations Services (AFTOS)
okr.volume 1 of 1
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