Search results

1 – 10 of over 30000
To view the access options for this content please click here
Book part
Publication date: 29 January 2021

Michael K. Fung and Arnold C. S. Cheng

If the only difference between cities lies in their initial housing prices, the initially lower-price cities should eventually catch up with the initially higher-price…

Abstract

If the only difference between cities lies in their initial housing prices, the initially lower-price cities should eventually catch up with the initially higher-price ones, i.e., “absolute convergence.” Alternatively, if the major determinants of housing prices are city-specific, cities will converge to parallel growth paths of housing prices, i.e., “conditional convergence.” This study tests for the existence of absolute and conditional convergence in house prices among cities in China. The strong evidence for conditional convergence suggests that each city possesses its own steady-state housing price to which it is converging, which depends on the city's own socio-economic characteristics. In other words, differences in these socio-economic characteristics among cities can create permanent differences in housing price among them. The differences in steady-states house price across cities reflect differences in the level of socio-economic development among them. The findings inform the kinds of interventions and resources that are most likely to be effective in reducing income disparity.

Details

Modeling Economic Growth in Contemporary Hong Kong
Type: Book
ISBN: 978-1-83909-937-3

Keywords

To view the access options for this content please click here
Article
Publication date: 8 October 2021

Lokman Gunduz and Mustafa Kemal Yilmaz

This paper aims to examine the convergence pattern of residential house prices in a panel of 55 major cities in Turkey over the period between 2010 and 2018 and to…

Abstract

Purpose

This paper aims to examine the convergence pattern of residential house prices in a panel of 55 major cities in Turkey over the period between 2010 and 2018 and to investigate the determinants of convergence club formations.

Design/methodology/approach

The authors applied the log t-test to identify the convergence clubs and estimated ordered logit model to determine the key drivers.

Findings

The results suggest that there are five convergence clubs and confirm the heterogeneity of the Turkish housing market. Istanbul, the commercial capital, and Mugla, an attractive tourist destination, are at the top of the housing market and followed by the cities located in the western part, particularly along the Aegean and Mediterranean coasts of Turkey. Moreover, the ordered logit model results point out that the differences in employment rate, climate, population density and having a metropolitan municipality play a significant role in determining convergence club membership.

Practical implications

Large-scale policy measures aiming to increase employment opportunities in rural cities of central and eastern provinces and providing lower land prices and property taxes in the metropolitan cities of Turkey can help mitigate some of the divergence in the house prices across cities.

Originality/value

The novelty of this study lies in employing a new data set at the city level containing 55 cities in Turkey, which is by far the largest in terms of city coverage among emerging market economies to implement the log t-test. It also contributes to the literature on city-specific determinants of convergence club formation in the case of an emerging economy.

Details

International Journal of Emerging Markets, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1746-8809

Keywords

To view the access options for this content please click here
Article
Publication date: 7 September 2015

Victor Ronald David MacGill

The purpose of this paper is to take a cybernetic perspective on the impact of the earthquakes on the Convergence gathering. Convergence is an organisation formed by a…

Downloads
137

Abstract

Purpose

The purpose of this paper is to take a cybernetic perspective on the impact of the earthquakes on the Convergence gathering. Convergence is an organisation formed by a network of alternative life-stylers almost 30 years ago in Canterbury, New Zealand. It holds an annual six-day gathering of 300-500 people over the New Year. Convergence evolved an acephalous structure in that there is no ongoing structured leadership. Leadership occurs in distributed, low key, transient and self-selected ways. Convergence has had its challenges and generally proved itself to be resilient.

Design/methodology/approach

This paper discusses the concepts of circularity, resilience, system archetypes, requisite variety, appreciative systems, network theory, antifragility, autopoiesis, structural coupling and learning organisations in relation to the Convergence gathering.

Findings

The Christchurch earthquakes of late 2010 and 2011 had an enormous impact on the people of Christchurch. While the earthquakes have not had any significant direct effects on Convergence, a significant number of people involved in Convergence suffered major chronic trauma or changes to life circumstances, which has impacted on the organisation. Nearly five years later many participants are still traumatised, while others are energised to develop Convergence as an organisation pioneering an innovative way of operating.

Research limitations/implications

This research is a part of an ongoing PhD research project so results to date are provisional.

Practical implications

It may assist Convergence to understand the dynamics of perturbations.

Originality/value

There is little written on acephalous operation especially in the medium scale range. It is also hoped this research will help other organisations considering an acephalous structure.

Details

Kybernetes, vol. 44 no. 8/9
Type: Research Article
ISSN: 0368-492X

Keywords

To view the access options for this content please click here
Article
Publication date: 7 September 2021

Sedat Alataş

This paper investigates income convergence using different convergence concepts and methodologies for 72 countries over the period between 1960 and 2010.

Abstract

Purpose

This paper investigates income convergence using different convergence concepts and methodologies for 72 countries over the period between 1960 and 2010.

Design/methodology/approach

This study applies beta (β), sigma (s), stochastic and club convergence approaches. For β-convergence analysis, it derives the cross-country growth regressions of the Solow growth model under the basic and augmented Cobb–Douglass (CD) production functions and estimates them using cross-section and panel data estimators. While it employs both the widely used coefficient of variation and recently developed weak s-convergence approaches for s-convergence, it applies three different unit root tests for stochastic convergence. To test club convergence, it estimates the log-t regression.

Findings

The results reveal that (1) there exists conditional β-convergence, meaning that poorer countries grow faster than richer countries; (2) income per worker is not (weakly) s-converging, and cross-sectional variation does not tend to fall over the years; (3) stochastic convergence is not found and (4) countries in the sample do not converge to the unique equilibrium, and there exist five distinctive convergence clubs.

Research limitations/implications

The results clearly show that heavily relying on one of the convergence techniques might lead researchers to obtain misleading results regarding the existence of convergence. Therefore, to draw reliable inferences, the results should be checked using different convergence concepts and methodologies.

Originality/value

Contrary to the previous literature, which is generally restricted to testing the existence of absolute and conditional β-convergence between countries, to the best of the author’s knowledge, this is the first study to consider and compare all originally and recently developed fundamental concepts of convergence altogether. Besides, it uses the Penn World Table (PWT) 9.1 and extends the period to 2010. From this point of view, this study is believed to provide the most up-to-date empirical evidence.

Details

Journal of Economic and Administrative Sciences, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1026-4116

Keywords

Content available
Article
Publication date: 9 August 2021

Cosimo Magazzino, Marco Mele and Nicolas Schneider

The purpose of this paper is to empirically test the economic convergence that operate between five selected Asian countries (namely Thailand, Singapore, Malaysia, the…

Abstract

Purpose

The purpose of this paper is to empirically test the economic convergence that operate between five selected Asian countries (namely Thailand, Singapore, Malaysia, the Philippines and Indonesia). In particular, it seeks to investigate how increased economic integration has impacted the inter-country income levels among the five founding members of ASEAN.

Design/methodology/approach

A new Machine Learning (ML) approach is applied along with a panel data analysis (GMM), and the application of KOF Globalization Index.

Findings

The Generalized Method of Moments (GMM) results highlight that the endogenous growth theory seems to be supported for the selected Asian countries, indicating evidence of diverging forces resulting from unequal growth and polarization dynamics. Overcoming the technical issues raised by the econometric approach, the new ML algorithm brings contrasted but interesting results. Using the KOF Globalization Index, the authors confirm how the last phase of globalization set the conditions for an economic convergence among sample members.

Originality/value

Using the KOF Globalization Index, the authors confirm how the last phase of globalization set the conditions for an economic convergence among sample members. As a matter of fact, the new LSTM algorithm has provided consistent evidence supporting the existence of converging forces. In fact, the results highlighted the effectiveness of the experiments and the algorithm we chose. The high predictability of the authors’ model and the absence of self-alignment in the values showed a convergence be-tween the economies.

Details

Journal of Economic Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0144-3585

Keywords

To view the access options for this content please click here
Article
Publication date: 8 June 2021

Lokman Gunduz, Hamad Mohammed Rahman Humaid Alshamsi and Mehmet Yasin Ulukus

This paper aims to examine the per capita income convergence of 57 member countries of the Organization of Islamic Cooperation (OIC) over the period 1990–2017 and to…

Abstract

Purpose

This paper aims to examine the per capita income convergence of 57 member countries of the Organization of Islamic Cooperation (OIC) over the period 1990–2017 and to investigate the determinants of convergence club formations.

Design/methodology/approach

The authors applied the methodology of Phillips and Sul (2007, 2009) to identify the convergence clubs and estimated several-ordered logit models to determine the key drivers.

Findings

The results support existence of two convergence clubs and one diverging unit, indicating that 30 and 26 member countries form two separate groups converging to their own steady-state paths. They also suggest a significant productivity divergence between these clubs. The authors showed that the number of convergence clubs started to decline after the global financial crisis in 2008. Moreover, they found that fixed capital formation, education and political stability are key drivers of convergence club membership.

Practical implications

There is a strong need for large-scale policy interventions to close the gap between leading and lagging clubs of the OIC. A substantial investment in human and physical capital seems necessary for lower-income OIC countries.

Originality/value

This is the first empirical study on the existence of convergence clubs among member countries of the OIC.

Details

International Journal of Islamic and Middle Eastern Finance and Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-8394

Keywords

To view the access options for this content please click here
Article
Publication date: 19 July 2021

Suryakanta Nayak and Dukhabandhu Sahoo

This paper aims to examine the convergence in per-capita income (measured as per-capita net state domestic product) of regions in India during the period 1990–1991 to…

Abstract

Purpose

This paper aims to examine the convergence in per-capita income (measured as per-capita net state domestic product) of regions in India during the period 1990–1991 to 2017–2018. Two separate analyses have also been done for the sub-periods, i.e., 1990–1991 to 2003–2004 and 2004–2005 to 2017–2018, to find out the effect of the second phase of economic liberalization in India.

Design/methodology/approach

In a panel data study, the estimation of absolute and conditional beta (β)-convergence and sigma (σ)-convergence across 17 Indian regions have been done. To measure the dispersion of per-capita income across the regions in India, the standard deviation of logs, Gini coefficient, Mehran measure, Piesch measure, Kakwani measure and Theil index have been estimated. In addition to this, these indices have been regressed over time.

Findings

This study finds the presence of absolute and conditional β-convergence; the regions with low initial per-capita income have grown faster than the regions with high initial per-capita income. Further, this study finds that foreign direct investment (FDI) inflow and the availability of power enhance growth across regions. However, this study finds the presence of σ-divergence, which indicates that the economic inequality among the regions in India has widened over the periods, calling for policy interventions to promote growth in the backward regions through the promotion of FDI inflow and the availability of power.

Originality/value

This study highlights the rising economic inequality among the regions in India by analyzing the latest available data through appropriate econometric techniques.

Details

Competitiveness Review: An International Business Journal , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1059-5422

Keywords

To view the access options for this content please click here
Book part
Publication date: 30 September 2014

Adelaide P. S. Duarte, Jacques Silber, João Sousa Andrade and Marta C. N. Simões

This paper extends a methodology proposed by Nissanov and Silber (2009) who decomposed the coefficient β used in convergence analysis into three components checking…

Abstract

This paper extends a methodology proposed by Nissanov and Silber (2009) who decomposed the coefficient β used in convergence analysis into three components checking respectively whether there was σ-convergence, whether ‘pure mobility’ (upward or downward income mobility) was lower among the poor and what the extent of ‘residual mobility’ (the third component) was.

The present paper extends this analysis by applying it to the analysis of regional per capita income levels but also to that of within regions inequality and regional welfare levels. The empirical illustration uses Portuguese data on average earnings at the level of NUTS3.

Details

Economic Well-Being and Inequality: Papers from the Fifth ECINEQ Meeting
Type: Book
ISBN: 978-1-78350-556-2

Keywords

To view the access options for this content please click here
Book part
Publication date: 24 May 2007

Frederic Carluer

“It should also be noted that the objective of convergence and equal distribution, including across under-performing areas, can hinder efforts to generate growth

Abstract

“It should also be noted that the objective of convergence and equal distribution, including across under-performing areas, can hinder efforts to generate growth. Contrariwise, the objective of competitiveness can exacerbate regional and social inequalities, by targeting efforts on zones of excellence where projects achieve greater returns (dynamic major cities, higher levels of general education, the most advanced projects, infrastructures with the heaviest traffic, and so on). If cohesion policy and the Lisbon Strategy come into conflict, it must be borne in mind that the former, for the moment, is founded on a rather more solid legal foundation than the latter” European Commission (2005, p. 9)Adaptation of Cohesion Policy to the Enlarged Europe and the Lisbon and Gothenburg Objectives.

Details

Managing Conflict in Economic Convergence of Regions in Greater Europe
Type: Book
ISBN: 978-1-84950-451-5

To view the access options for this content please click here
Book part
Publication date: 14 June 2002

Alex R. Hoen

Abstract

Details

An Input-output Analysis of European Integration
Type: Book
ISBN: 978-0-44451-088-4

1 – 10 of over 30000