A Pairwise Approach to Output Convergence between Selected Asian Countries
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This paper investigates evidence of income convergence among 16 Asian countries during 1960～2011, based on the recently developed pairwise approach. This study also examines the club convergence hypothesis for which per-capita output convergence may hold only for a subgroup from whole sample. Our empirical findings indicate that the per-capita output series for whole sample countries are not in favor of convergence. In addition, the result is not supportive of the income convergence hypothesis among the selected ASEAN members because the percentage of per-capita output gaps satisfying cotrending as well as cointegration condition is very low. As a second test of club convergence, this paper considers the Asian four Tigers and Japan, and finds existence of convergence in the per-capita output series.
Abstract
This paper investigates evidence of income convergence among 16 Asian countries during 1960～2011, based on the recently developed pairwise approach. This study also examines the club convergence hypothesis for which per-capita output convergence may hold only for a subgroup from whole sample. Our empirical findings indicate that the per-capita output series for whole sample countries are not in favor of convergence. In addition, the result is not supportive of the income convergence hypothesis among the selected ASEAN members because the percentage of per-capita output gaps satisfying cotrending as well as cointegration condition is very low. As a second test of club convergence, this paper considers the Asian four Tigers and Japan, and finds existence of convergence in the per-capita output series.
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