M. Škare, Małgorzata Porada-Rochoń, Saša Stjepanović
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引用次数: 4
Abstract
Competitiveness on a small and large scale is necessary for growth. A definitive link between the level of competitiveness and growth has been difficult to prove. One of the primary objectives of economic planning is to promote price and exchange rate stability. Entrepreneurialism and productivity also increase the country’s export competitiveness. The aim of this study is to test for the convergence in competitiveness and convergence club existence in selected economies. No previous research had tested for convergence in competitiveness using a nonlinear timevarying factor model. This paper provides an overview on convergence in competitiveness and convergence clubs’ existence for 42 countries using quarterly data from 1994q1 to 2020q4 testing on competitiveness. Convergence log (t) test results show differences in competitiveness between classified convergence clubs. Russia, Brazil, and Turkey are the clubs (groups of countries) that show a transitional path (convergence in competitiveness) that differs entirely from the rest of the sample. Countries with more natural resources and exogenous monetary policies follow a unique development path to competitiveness. We find no evidence of divergence in countries within the clubs. However, we find a club (group of countries) following a clear divergence path from the other countries (Russia, Brazil, and Turkey). Our findings could potentially explain the increase in divergence in competitiveness across countries after the financial crisis of 2008.
期刊介绍:
The Journal of Competitiveness, a scientific periodical published by the Faculty of Management and Economics of Tomas Bata University in Zlín in collaboration with publishing partners, presents the findings of basic and applied economic research conducted by both domestic and international scholars in the English language.
Focusing on economics, finance, and management, the Journal of Competitiveness is dedicated to publishing original scientific articles.
Published four times a year in both print and electronic formats, the journal follows a rigorous peer-review process with each contribution reviewed by two independent reviewers. Only scientific articles are considered for publication, while other types of papers such as informative articles, editorial materials, corrections, abstracts, or résumés are not included.