A Test of the Convergence Hypothesis by Rates of Return to Capital: Evidence from OECD Countries
A Test of the Convergence Hypothesis by Rates of Return to Capital: Evidence from OECD Countries
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用资本回报率检验收敛假说：来自 OECD 国家的证据
DOI：
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发表时间：
1999
期刊：
影响因子：
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通讯作者：
Kwanghee Nam
中科院分区：
文献类型：
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作者：
H. Pyo;Kwanghee Nam
虽然趋同假设意味着穷国或区域的增长速度往往快于富国，但可以重新表述为穷国或区域的资本回报率往往高于富国，但它们的回报率最终会下降并趋同于富国的水平。我们通过估计Harberger的税前总资本收益率来检验这一重新表述的收敛假设。主要的发现是，收敛假设是可以接受的：在一定时期内可能有一个离群值，但其资本回报率最终下降，并收敛到稳态水平。
While the convergence hypothesis implies that poor countries or regions tend to grow faster than rich ones, it can be reformulated such that poor countries or regions tend to have higher rates of return on their capital than rich ones but their rates of return would ultimately decline and converge to the level of rich ones. We test this reformulated convergence hypothesis by estimating Harberger's before-tax gross rates of return on total capital from the data of OECD countries. The major finding is that the convergence hypothesis is accepted: there could be an outlier during a certain period but the rate of return on its capital eventually declines and converges to the steady-state level.