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Regional income convergence : Evidence from a rapidly growing economy

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  • Regional income convergence
  • Koo, Jaewoon; Kim, Young-Yong; Kim, Sangphil
  • Journal of Economic Development


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Title Regional income convergence
Similar Titles
Sub Title

Evidence from a rapidly growing economy

Material Type Articles
Author(English)

Koo, Jaewoon; Kim, Young-Yong; Kim, Sangphil

Publisher

[Seoul]:Journal of Economic Development

Date 1998-12
Journal Title; Vol./Issue Journal of Economic Development:Vol. 23(No.2)
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Economic Conditions
Economy < Economic Administration
Holding Journal of Economic Development

Abstract

This paper investigates whether Korea, a rapidly growing economy, has experienced convergence of regional incomes. For the sample period 1967-1992, we found an evidence of convergence of regional incomes, which is consistent with the neoclassical growth model. The convergence rate is estimated to be four to six percent per year, much higher than that found by Barro and Sala-i-Martin (1992). However, the convergence rate in Korea has widely fluctuated from period to period. In particular, interregional income disparities in the 1970’s increased due to aggregate shocks which differently affected the country’s regions.