Uzoq muddatda mamlakatlar va mintaqalar bo'ylab o'sish yaqinlashuvi: panelli tahlil yordamida empirik tadqiqot (1980-2018)

Table 3: Conditional Convergence (Primary Model)
Full Sample
Europe
Asia
SSA
VARIABLES Pooled
OLS
RE
Pooled
OLS
RE
Pooled
OLS
RE
Pooled
OLS
RE
Lngdppc
-0.0108*** -0.0092*** -0.0176*** -0.026*** -0.018*** -0.014*** -0.005*** -0.0041***
(0.000626) (0.00166) (0.000654) (0.00391) (0.00080) (0.00367) (0.00041)
(0.00159)
Lnsav
0.0045*** 0.0013*** 0.0117*** 0.0105*** 0.0215*** 0.00472* 0.0017*** 0.000699*
(0.000459) (0.000486) (0.000750) (0.00284) (0.00154) (0.00245) (0.000301) (0.000409)
n +g + δ
-0.0017*** 0.000769* 0.0020*** 0.0013*** 0.0062*** 0.00116
-0.002***
0.000606
(0.000373) (0.000461) (0.000319) (0.00045) (0.00095) (0.00121) (0.000662) (0.000445)
Hc
0.0233*** 0.0243*** 0.0120*** 0.0228*** 0.0355*** 0.0294*** 0.0132*** 0.0164***
(0.00137)
(0.00209) (0.000451) (0.00150) (0.00188) (0.00481) (0.000833) (0.00268)
Constant

---

0.0323***

---

0.0204**
0.113***
0.165*** 0.0142***
0.0337
0.0128*** -0.000357
(0.00279)
(0.0100)
(0.00505)
(0.0360)
(0.00481)
(0.0237)
(0.00432)
(0.0105)
Observations
2,324
2,324
684
684
714
714
926
926
R-squared
0.493
0.468
0.613
0.536
0.709
0.641
0.335
0
.294
Number of
countries
66
18
19
29
Robust standard errors in parentheses

---

*** p<0.01, ** p<0.05, * p<0.1
The results indicate the existence of conditional convergence across the full sample, and in Europe,
Asia, and Sub-Saharan Africa. The coefficients associated with the log of initial GDP per capita
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are negative and statistically significant at 1% level. This implies that countries in these regions
converge to their steady-state level of income. Hence, the conditional convergence hypothesis
holds for the selected countries in the sample.
The results also show a positive and significant relationship between savings and growth of GDP
per capita for the full sample and all the sub-regions. This is in line with the a priori expectation.
The significance level is 1% for the full sample and in Europe, while that of Asia and SSA is at
10%. This implies that a 1% increase in savings will result in 0.0013%, 0.0105%, 0.00472%, and
0.000699% increase in growth of GDP per capita in the full sample, Europe, Asia, and SSA
respectively, ceteris paribus.
The results indicate that human capital is a significant determinant of GDP per capita growth with
a statistical significance of 1% across the three regions and the full sample. The relationship is
positive, and it is in line with the a priori expectation. A 1% increase in human capital accumulation
will result in 0.0243%, 0.0228%, 0.0294%, and 0.0164% increase in GDP per capita growth in the
full sample, Europe, Asia, and SSA respectively, all other things being equal.
Population growth and technological progress (n +g + δ) are found to be positive for all the regions
and in the full sample. It is statistically significant at 10% and 1% in the full sample and in Europe
respectively. It is however insignificant in Asia and Sub Saharan Africa. A priori a negative effect
was expected but there is a large pool of theoretical and empirical evidence that supports the
existence of a positive relationship between population and economic growth. Notably, Simon’s
view (Simon 1987) on the population supports this assertion. This view holds that the level of
technology is enhanced by population growth. It also increases total demand and facilitates the
division of labor which will lead to higher economic growth (Todaro and Smith, 2012). This could
be a possible explanation for the positive relationship realized from the regression results.
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The R-squared which indicates the fit of the model was considerably high in the full sample, and
also in Europe and Asia, but a little low in SSA.
4.2.3 Conditional Convergence (Secondary Model)
This estimation results include other macroeconomic variables as well as some institutional
variables that have been identified in the literature to have an impact on economic growth and
hence influence convergence.