본문 바로가기
KERD
논문KCI 등재

Shadow Economy, Transaction Sector, and Economic Convergence: Evidence from a Global Panel of Countries

Ivan D. Trofimov|ahmed sharaan
경제연구소 (Hanyang Economic Research Institute)|2022.11|Seoul Journal of Economics|제35권 제4호|pp. 359-402|DOI 10.22904/sje.2022.35.4.002

1

조회

0

다운로드

0

인용

0

참고문헌

키워드

convergenceShadow economytransaction activities
주제분류경제학

초록

This study examines GDP per capita convergence by adjusting the official data by the size of the shadow economy and the transaction sector. The findings demonstrate the reduction of income per capita absolute distance from the relevant benchmarks and smaller income per capita dispersion in a global panel and sub-groups. The intra-distributional mobility of economies and the gamma convergence were absent. The stochastic convergence was observed in all specifications, both vis-à-vis the world average or the high-income economies. With regard to club convergence, the stability of the relative transition paths and the club composition were indicated (hence, little convergence across the clubs and more substantial convergence within the clubs).

Abstract

This study examines GDP per capita convergence by adjusting the official data by the size of the shadow economy and the transaction sector. The findings demonstrate the reduction of income per capita absolute distance from the relevant benchmarks and smaller income per capita dispersion in a global panel and sub-groups. The intra-distributional mobility of economies and the gamma convergence were absent. The stochastic convergence was observed in all specifications, both vis-à-vis the world average or the high-income economies. With regard to club convergence, the stability of the relative transition paths and the club composition were indicated (hence, little convergence across the clubs and more substantial convergence within the clubs).

참고문헌 (60)

  1. Abramovitz, M., "Catching Up, Forging Ahead, and Falling Behind", Journal of Economic History, 46(2), pp.385~406 (1986)
  2. Andres, J, "Macroeconomic Performance and Convergence in OECD Countries", European Economic Review, 40(9), pp.1683~1704 (1996)
  3. Apergis, N, "Political and Institutional Factors in the Convergence of International Equity Markets: Evidence from the Club Convergence and Clustering Procedure", Atlantic Economic Journal, 39(1), pp.7~18 (2011)
  4. Ayala, A, "Real Convergence: Empirical Evidence for Latin America", Applied Economics, 22(22), pp.3220~3229 (2013)
  5. Barrio, C, "Club Convergence in Innovation Activity across European Regions", Papers in Regional Science, 98(4), pp.1545~1565 (2019)
  6. Barro, R., "Economic Growth in a Cross-section of Countries", Quarterly Journal of Economics, 106(2), pp.407~443 (1991)
  7. Barro, R., "Convergence", Journal of Political Economy, 100(2), pp.223~251 (1992)
  8. Ben-David, D., "Equalizing Exchange: Trade Liberalization and Income Convergence", Quarterly Journal of Economics, 108(3), pp.653~679 (1993)
  9. Bernard, A, "Convergence in International Output", Journal of Applied Econometrics, 10(2), pp.97~108 (1995)
  10. Blanco, F, "Fiscal Decentralizaton Policies in the EU: A Comparative Analysis through a Club Convergence", Journal of Comparative Policy Analysis: Research and Practice, 22(3), pp.1~25 (2020)
  11. Boyle, G., "A Simple Measure of β-Convergence", Oxford Bulletin of Economics and Statistics, 59(2), pp.257~264 (1997)
  12. Boyle, G., "Simple Measures of Convergence in Per Capita GDP: A Note on Some Further International Evidence", Applied Economics Letters, 6(6), pp.343~347 (1999)
  13. Caselli, F., "The US Structural Transformation and Regional Convergence: A Reinterpretation", Journal of Political Economy, 109(3), pp.584~616 (2001)
  14. Cellini, R., "Segmented Stochastic Convergence across the G-7 Countries", Empirical Economics, 25(3), pp.463~474 (2000)
  15. The Pre-Great Recession Slowdown in Productivity, "Cette, G.", Federal Reserve Bank of San Francisco, ~, pp.Working Paper No. 2016-08 (2016)
  16. Clark, P., "An Extension of the Coefficient of Divergence for the Use with Multiple Characters", Copeia, 2(2), pp.61~64 (1952)
  17. Coase, R, "The Problem of Social Cost", Journal of Law and Economics, 3, pp.1~44 (1960)
  18. Collier, P., "Why Has Africa Grown Slowly?", Journal of Economic Perspectives, 13(3), pp.3~22 (1999)
  19. Cunado, J, "Real Convergence in Africa in the Secondhalf of the 20th Century", Journal of Economics and Business, 58(2), pp.153~167 (2006)
  20. De Siano, R., "Club Convergence in European Regions", Applied Economics Letters, 13(9), pp.569~574 (2006)
  21. Dollery, B., "Measuring the Transaction Sector in the Australia Economy, 1911-1991", Australian Economic History Review, 38(3), pp.207~231 (1998)
  22. Evans, P., "Convergence Revisited", Journal of Monetary Economics, 37(2), pp.249~265 (1996)
  23. Friedman, M., "Do Old Fallacies Ever Die?", Journal of Economic Literature, 30(4), pp.2129~2132 (1992)
  24. Does GNP Growth Overestimate Growth in ‘Actual’ Output?, "Fuess, S. M.", University of Nebraska, ~ (1991)
  25. Fuess, S., "The Impact of Transaction Activities on US Productivity Growth", Economics Letters, 38(2), pp.243~247 (1992)
  26. Fuess, S., "Does GDP Distort Mexico’s Economic Performance?", Southern Economic Journal, 64(4), pp.973~986 (1998)
  27. Glodowska, A., "On the Relationship between Economic Integration, Business Environment and Real Convergence: The Experience of the CEE Countries", Economies, 7(2), pp.1~19 (2019)
  28. Hamit-Haggar, M., "A Note on Convergence across Canadian Provinces: New Insights from the Club Clustering Algorithm", Annals of Regional Science, 50(2), pp.591~601 (2013)
  29. Hay, C., "Common Trajectories, Variable Paces, Divergent Outcomes? Models of European Capitalism under Conditions of Complex Economic Interdependence", Review of International Political Economy, 11(2), pp.231~262 (2004)
  30. Islam, N., "Growth Empirics: A Panel Data Approach", The Quarterly Journal of Economics, 110(4), pp.1127~1170 (1995)
  31. Ito, T., "Growth Convergence and the Middle-Income Trap", Asian Development Review, 34(1), pp.1~27 (2017)
  32. Johnson, P., "What Remains of Cross-Country Convergence?", Journal of Economic Literature, 58(1), pp.129~175 (2020)
  33. Konya, L., "New Panel Data Evidence of Human Development Convergence from 1975-2005", Global Business and Economics Review, 13(1), pp.57~69 (2011)
  34. Koo, J., "Regional Income Convergence: Evidence from Panel Unit Root Tests", Seoul Journal of Economics, 13(4), pp.459~469 (2000)
  35. Kravis, I., "International Comparisons of Real Product and Purchasing Power" (1978), The Johns Hopkins University Press
  36. Krause, M., "The Millennium Peak in Club Convergence: A New Look at Distributional Changes in the Wealth of Nations", Journal of Applied Econometrics, 32(3), pp.621~642 (2016)
  37. Kuznets, S., "Economic Growth and Structure" (1965), W. W. Norton
  38. McCoskey, S., "Convergence in Sub-Saharan Africa: A Nonstationary Panel Data Approach", Applied Econometrics, 34(7), pp.819~829 (2002)
  39. Shadow Economies around the World: What Did We Learn Over the Last 20 Years?, "Medina, L.", IMF, ~, pp.Working Paper No. WP (2018), 18[DOI]
  40. Mello, M., "Growth Equations: A Quantile Regression Exploration", The Quarterly Review of Economics and Finance, 43(4), pp.643~667 (2003)
  41. Mendez, C., "Lack of Global Convergence and the Formation of Multiple Welfare Clubs across Countries: An Unsupervised Machine Learning Approach", Economies, 7(74), pp.1~17 (2019)
  42. Murthy, V., "The Empirics of Economic Growth for OECD Countries: Some New Findings", Economics Letters, 55, pp.425~429 (1997)
  43. Murthy, V., "A Test of the Conditional Convergence Hypothesis: Econometric Evidence from African Countries", Economics Letters, 65, pp.249~253 (1999)
  44. Nonneman, W., "A Further Augmentation of the Solow Model and the Empirics of Economic Growth for OECD Countries", The Quarterly Journal of Economics, 111(3), pp.943~953 (1996)
  45. North, D., "Government and the Cost of Exchange in History", Journal of Economic History, 44(2), pp.255~264 (1984)
  46. North, D., "Institutions, Transaction Costs and Economic Growth", Economic Inquiry, 25(3), pp.419~428 (1987)
  47. Paitaridis, D., "The Growth of Unproductive Activities, the Rate of Profit, and the Phase-Change of the US Economy", Review of Radical Political Economics, 44(2), pp.213~233 (2012)
  48. Dimitris Paschaloudis, "Galton's Fallacy and Economic Convergence: An Alternative Approach to Regional Convergence in Greece", Seoul Journal of Economics, 19(2), pp.233~250 (2006), 경제연구소
  49. Phillips, P., "Transition Modeling and Econometric Convergence Tests", Econometrica, 75(6), pp.1771~1855 (2007)
  50. Pritchett, L., "Divergence, Big Time", Journal of Economic Literature, 11(3), pp.3~17 (1997)
  51. Quah, D., "Galton’s Fallacy and Tests of the Convergence Hypothesis", Scandinavian Journal of Economics, 95(4), pp.427~443 (1993)
  52. Quah, D., "Empirics for Economic Growth and Convergence", European Economic Review, 40(6), pp.1353~1375 (1996)
  53. Ram, R., "Comparison of Cross-country Measures of Sigma Convergence in Per-capita Income, 1960-2010", Applied Economics Letters, 25(14), pp.1010~1014 (2017)
  54. Rapacki, R., "Real Beta and Sigma Convergence in 27 Transition Countries, 1990-2005", Post-Communist Economies, 21(3), pp.307~326 (2009)
  55. Strazicich, M., "Are Incomes Converging among OECD Countries? Time Series Evidence with Two Structural Breaks", Journal of Macroeconomics, 26, pp.131~145 (2004)
  56. Tan, Y., "Some New Estimates of Shadow Economy for 80 Countries Using Pooled Mean Group Estimator", International Journal of Business and Society, 18(1), pp.133~156 (2017)
  57. Tunali, C., "Are Per Capita Incomes of MENA Countries Converging or Diverging?", Physica A: Statistical Mechanics and its Applications, 389(21), pp.4855~4862
  58. United Nations Economic Commission for Europe, "Nonobserved Economy in National Accounts: Survey of Country Practices" (2008), United Nations
  59. Wallis, Joe, "Long-term Factors in American Economic Growth" (1986), The University of Chicago Pres
  60. Wolff, Edward, "Growth, Accumulation, and Unproductive Activity: An Analysis of the Postwar US Economy" (1987), Cambridge University Press

관련 논문AI추천

Financial Development and Shadow Economy in Africa: Evidence from Panel Quantile RegressionEmmanuel Ayeni, Ifeanyi Onwuka경제연구소 · Journal of Economic Development2023 · 제48권 제2호Quantitative Tests for Income Level Convergence in Asian Countries황진영, Wilma Milo Tejero경영경제연구소 · 아태비즈니스연구2019 · 제10권 제1호Trade Policies and the Shadow Economy: The Nexus of Tariffs, Non-Tariff Barriers and Trade Freedom in N-11 CountriesAbm Absar Hamid, Md Roknuzzaman, Md. Sahadat Hosain, Muhammad Salah Uddin, Omar Faruque, Sajib Uddin Mamun, Zobayer Ahmed대외경제정책연구원 · East Asian Economic Review2025 · 제29권 제3호On the Dynamic Relationship between Inequality and Economic Growth김동헌, 문제영경제연구소 · Seoul Journal of Economics2022 · 제35권 제3호Income terms of trade and economic convergence: Evidence from Latin AmericaIvan Trofimov경제연구소 · Journal of Economic Development2021 · 제46권 제2호Current Scenario of Economic Convergence in Africa: Empirical Evidence from Disaggregated Panel DataAye Mengistu Alemu한국아프리카학회 · 한국아프리카 학회지2012 · 제36권 제1호

이 간행물의 다른 논문 (3건)

Linking Innovation Systems, International Integration, and Investment Climate to Firm Productivity in Developing CountriesMahyar Adibi, 이근pp. 317-358The crowding-out effect of public debt on private investment in developing economies and the role of institutional qualityVan Bon Nguyenpp. 403-424Revisiting the exchange rate dynamics at the US zero lower bound안지혜pp. 425-444
원문 보기