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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…
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.
The world has witnessed rapid changes as far as growth and convergence of economies are concerned. Over the past decades, many less-developed or developing economies have…
The world has witnessed rapid changes as far as growth and convergence of economies are concerned. Over the past decades, many less-developed or developing economies have been catching up with the industrialized economies; a few have even surpassed them, as far as growth is concerned. Also there have seen emergence of new economic powers in the world, where growth rates of these upcoming economies have not only converged with that of developed economies, but have gone ahead of them as well. In this chapter, by the help of beta convergence and sigma convergence, an attempt has been taken to find out the nature and causes of convergence among few developed and developing economies in the last three decades, that is, after 1990, which also covers the period of post-globalization in these developing nations. Main concerned variables are Per-capita GDP, Life expectancy at birth and Foreign Direct Investment. Such analysis would help to find how far globalization has been effective or helpful to the developing economies, as far as catching up with developed economies is concerned. The results suggest that in the post-globalization era, nations have been converging both absolutely as well as conditionally and the variance is also diminishing, which indicates the presence of sigma convergence as well.
The study aims to compare India's public health expenditure at the international and state levels. The paper also empirically examines the regional disparities in NRHM…
The study aims to compare India's public health expenditure at the international and state levels. The paper also empirically examines the regional disparities in NRHM spending across the 21 selected states of India.
The tools of absolute β-and σ-convergence are used in the analysis to test the regional convergence. The average annual growth rate across the states is the dependent variable for β-convergence, and time is the second dependent variable but is used for s-convergence. In contrast, the initial value of NRHM expenditure and the coefficient of variation of NRHM expenditure are used as independent variables, respectively. Descriptive statistics are also used for the study. The data are annual and cover the panel from 2007 to 2020.
The study attests to the hypothesis of β-and σ-convergence for the selected states in the period mentioned. The observed convergence in NRHM expenditure is due to the shift in the government's attention from the non-high focus high focus states to high states through the national rural health mission policy. The coefficient of variation across the states also shows a declining trend and provides the robustness of the σ-convergence.
As far as the literature is concerned, none of the existing studies examines the convergence of a public health expenditure scheme like the National Rural Health Mission across the Indian states by applying the techniques of β-and σ-convergence. The novelty of the study is using the newly updated dataset and validating the convergence hypotheses in the National Rural Health Mission expenditure case.
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…
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.
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.
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.
This research is a part of an ongoing PhD research project so results to date are provisional.
It may assist Convergence to understand the dynamics of perturbations.
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.
There is vast disparity in public expenditure on science, technology and environment (STE) across various Indian states. Public expenditure on STE is crucial in…
There is vast disparity in public expenditure on science, technology and environment (STE) across various Indian states. Public expenditure on STE is crucial in maintaining symmetric growth, social cohesion and sustainable development. Literature on this topic is scarce, which prompted the investigation of club convergence of STE public expenditure. In particular, the purpose of this paper to study the club convergence of STE public expenditure in the case of 20 Indian states during the period from 1987–1988 to 2019–2020.
This study applies the clustering algorithm to identify club convergence, advanced by the Phillips and Sul test, which enables identification of multiple steady states or club convergence, unlike beta and sigma convergences.
The findings of this paper show that all Indian states do not converge towards single steady states. This suggests a disparity in STE public expenditure across Indian states. Moreover, the findings favour three clubs that have their own unique transition paths. The results of this study are supported by the robustness check.
The findings suggest that the allocation of public expenditure on STE can be made based on club convergence to achieve social cohesion, sustainable development and millennium development goals across states.
Although several previous studies have investigated the convergence of public expenditure by considering either aggregate public expenditure or health/education expenditure, literature on the convergence hypothesis of STE public expenditure, particularly across Indian states, is scarce. Moreover, this paper is unique, as it examines multiple steady states or club convergence. Finally, this paper contributes to policymaking by suggesting which states should be given a push to achieve social cohesion and sustainable development.
This paper extends a methodology proposed by Nissanov and Silber (2009) who decomposed the coefficient β used in convergence analysis into three components checking…
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.
“It should also be noted that the objective of convergence and equal distribution, including across under-performing areas, can hinder efforts to generate growth…
“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.
Measurement of diminishing or divergent cross section dispersion in a panel plays an important role in the assessment of convergence or divergence over time in key…
Measurement of diminishing or divergent cross section dispersion in a panel plays an important role in the assessment of convergence or divergence over time in key economic indicators. Econometric methods, known as weak σ-convergence tests, have recently been developed (Kong, Phillips, & Sul, 2019) to evaluate such trends in dispersion in panel data using simple linear trend regressions. To achieve generality in applications, these tests rely on heteroskedastic and autocorrelation consistent (HAC) variance estimates. The present chapter examines the behavior of these convergence tests when heteroskedastic and autocorrelation robust (HAR) variance estimates using fixed-b methods are employed instead of HAC estimates. Asymptotic theory for both HAC and HAR convergence tests is derived and numerical simulations are used to assess performance in null (no convergence) and alternative (convergence) cases. While the use of HAR statistics tends to reduce size distortion, as has been found in earlier analytic and numerical research, use of HAR estimates in nonparametric standardization leads to significant power differences asymptotically, which are reflected in finite sample performance in numerical exercises. The explanation is that weak σ-convergence tests rely on intentionally misspecified linear trend regression formulations of unknown trend decay functions that model convergence behavior rather than regressions with correctly specified trend decay functions. Some new results on the use of HAR inference with trending regressors are derived and an empirical application to assess diminishing variation in US State unemployment rates is included.
Purpose – In this paper we analyze the relationship between economic convergence with the European Union (EU) and foreign direct investment flows to five EU countries…
Purpose – In this paper we analyze the relationship between economic convergence with the European Union (EU) and foreign direct investment flows to five EU countries (Bulgaria, Czech Republic, Poland, Romania and Hungary) in the period 2001–2010, in order to determine if the process of economic convergence with the EU level influences FDI inflows in these economies. The paper covers an important research question and reveals empirical findings for the new EU member states.
Methodology – This paper uses a quantitative analysis based on a convergence index creation, and also an exploratory data analysis in order to determine how economic convergence with the EU level influences FDI inflows. The economic convergence index is made up of two equal parts, more exactly a real convergence index and a structural convergence index, and is computed by comparison with the EU average.
Findings – The study does not provide us with a clear answer to our question regarding the influence of the convergence process on the level of FDI attracted by a country. We report a tight relationship between convergence index and FDI inflows in Bulgaria, but quite divergent evolutions of the two variables in the case of Hungary. For the other three countries the indicators fluctuate a lot.
Originality – The main contribution of the paper is represented by additional empirical evidence on economic convergence and FDI inflows for the new EU member states. The empirical research in this area is at an early stage and even though the existing stage does not provide us with accurate conclusions, the theme remains important for the business environment.
Another important contribution of the study consists of creating an economic convergence index that is composed by both real and structural indexes and that offers valuable information regarding the economic evolution of the new EU member states.