Testing for Convergence in Competitiveness and Growth in Selected Economies from 1994 to 2020

IF 4.4 1区 管理学 Q2 BUSINESS
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.
1994年至2020年选定经济体竞争力和增长趋同测试
小规模和大规模的竞争力是增长所必需的。竞争力水平与增长之间的明确联系一直难以证明。经济规划的主要目标之一是促进价格和汇率稳定。企业家精神和生产力也提高了该国的出口竞争力。本研究的目的是检验选定经济体竞争力的趋同和趋同俱乐部的存在。以前没有任何研究使用非线性时变因素模型来测试竞争力的收敛性。本文利用1994年第1季度至2020年第4季度竞争力测试的季度数据,概述了42个国家竞争力的趋同和趋同俱乐部的存在。收敛log(t)检验结果显示了分类收敛俱乐部之间的竞争力差异。俄罗斯、巴西和土耳其是显示出与其他样本完全不同的过渡道路(竞争力趋同)的俱乐部(国家集团)。拥有更多自然资源和外生货币政策的国家走的是一条独特的发展道路,以获得竞争力。我们没有发现俱乐部内部国家之间存在分歧的证据。然而,我们发现一个俱乐部(国家集团)与其他国家(俄罗斯、巴西和土耳其)有着明显的分歧。我们的研究结果可能解释了2008年金融危机后各国竞争力差异的加剧。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
CiteScore
11.30
自引率
2.70%
发文量
33
审稿时长
12 weeks
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.
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