Convergence Patterns in Financial Development: Evidence from Club Convergence

Country and Industry Convergence of Equity Markets: International Evidence from Club Convergence and Clustering

Abstract. This study employs the panel convergence methodology developed by Phillips and Sul (2007) to explore the convergence dynamics of international equity markets. The analysis considers both country and industry effects. While traditional portfolio management strategies usually follow a top-down procedure, assuming that country-level effects drive financial aggregates (e.g., stock returns...

Patent Club Convergence among Countries

The article uncovers profound empirical and conceptual shortcomings concerning the "one-size-fits-all" innovation and intellectual property-related policies used internationally. These policies surely are funneled by the World Trade Organization (WTO) and the TRIPS Agreement or the World Intellectual Property Organization (WIPO)'s archetypical Development Agenda. The article offers a novel deli...

Patent Club Convergence Among Nations

Persistence in Convergence and Club Formation∗

In this paper, we examine the convergence hypothesis using a long memory framework that allows for structural breaks and does not rely on a benchmark country using both univariate and multivariate estimates of the long memory parameter d. Using per capita GDP gaps, we confirm the findings of non-stationarity and long memory behavior that have been found previously in the literature using univar...

Club Convergence in Carbon Dioxide Emissions

We examine convergence in carbon dioxide emissions among 128 countries for the period 1960-2003 by means of a new methodology introduced by Phillips and Sul (Econometrica, 2007). Contrary to previous studies, our approach allows us to examine for evidence of club convergence, i.e. identify groups of countries that converge to different equilibria. Our results suggest convergence in per capita C...