2004/18 | LEM Working Paper Series | |
Income Levels and Income Growth. Some New Cross-Country Evidence and Some Interpretative Puzzles |
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Carolina Castaldi, Giovanni Dosi |
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Keywords | ||
International Distribution of Incomes, International Growth Rates,
Scaling Laws, Growth Volatility, Exponential Tails
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JEL Classifications | ||
C10, C14, O11
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Abstract | ||
This work brings together two distinct ensembles of evidence concerning, at
macro level, international distributions of incomes and their dynamics, and, at
micro level, the size distributions of firms and the properties of their growth
rates. Together, we also consider an intermediate level of observation, namely
the properties of sectoral growth.
First, our empirical analysis provides a fresh look at the international distri-butions
of incomes and growth rates by investigating more closely the relationship
between the two entities and the statistical properties of the growth process.
Second, we try to identify those statistical properties which are invariant
with respect to the scale of observation (country, sector or firm) as distinct
from those that are instead scale specific. This exercise puts forward a few
major interpretative challenges regarding the correlating processes underlying
the statistical evidence.
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