Econometric Convergence Test and Club Clustering Using Stata

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 Nations

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...

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...

Convergence in Income Inequality: Further Evidence from the Club Clustering Methodology across the U.S. States

This paper contributes to the sparse literature on inequality convergence by empirically testing convergence across the U.S. States. This sample period encompasses a series of different periods that are discussed in the existing literature -the Great Depression (19291944), the Great Compression (1945-1979), the Great Divergence (1980-present), the Great Moderation (1982-2007), and the Great Rec...