{"title":"Club Convergence among the Major Indian States During 1982–2014: Does Investment in Human Capital Matter?","authors":"Sulekha Hembram, Souparna Maji, Sushil Kr. Haldar","doi":"10.1177/1391561419850300","DOIUrl":null,"url":null,"abstract":"The objective of this study is to investigate the presence of ‘club convergence’ in respect of income among 15 major states in India during 1982–2014 using Markov chain along with stochastic kernel. The distributional dynamics observed among the major states support the process of ‘club convergence’. The empirical findings prove the hypotheses that economies that are similar in their structural characteristics and initial per capita income levels will converge with each other in per capita terms in the long run. The present study empirically re-establishes the hypotheses of ‘low-level equilibrium trap’ caused by low human capital investment. JEL: C14, H51, H52, O49, O53","PeriodicalId":39966,"journal":{"name":"South Asia Economic Journal","volume":null,"pages":null},"PeriodicalIF":0.0000,"publicationDate":"2019-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"11","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"South Asia Economic Journal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1177/1391561419850300","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 11
Abstract
The objective of this study is to investigate the presence of ‘club convergence’ in respect of income among 15 major states in India during 1982–2014 using Markov chain along with stochastic kernel. The distributional dynamics observed among the major states support the process of ‘club convergence’. The empirical findings prove the hypotheses that economies that are similar in their structural characteristics and initial per capita income levels will converge with each other in per capita terms in the long run. The present study empirically re-establishes the hypotheses of ‘low-level equilibrium trap’ caused by low human capital investment. JEL: C14, H51, H52, O49, O53
期刊介绍：
The South Asian nations have progressively liberalized their economies in recent years in an effort to integrate with the world economy. They have also taken steps to enhance multilateral and regional economic integration. Even though the South Asian economies have grown at an average rate of more than 5 per cent over the last few years, roughly 40 per cent of their people still live below the poverty line. Hence, the South Asian region continues to face many challenges of economic and social development. The South Asia Economic Journal (SAEJ) is designed as a forum for informed debate on these issues, which are of vital importance to the people of the region who comprise one-sixth of the world’s population. The peer-reviewed journal is devoted to economic analysis and policy options aimed at promoting cooperation among the countries comprising South Asia. It also discusses South Asia’s position on global economic issues, its relations with other regional groupings and its response to global developments. We also welcome contributions to inter-disciplinary analysis on South Asia. As a refereed journal, SAEJ carries articles by scholars, economic commentators,policy-makers and officials, from both the private and public sectors. Our aim is to create a vibrant research space to explore the multidimensional economic issues of concern to scholars working on South Asia. Among the issues debated in relation to South Asia are: - the implications of global economic trends; - the issues and challenges by WTO; - approaches to industrialization and development; - the role of regional institutions such as the SAARC; - the relationship between SAARC and other regional economic groupings such as ASEAN; - the implications of economic liberalization for trade and investment in the region; - new initiatives that can be launched to enhance economic cooperation among the South Asian countries both on a bilateral and a regional basis.
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