@techreport{95e3ab76f0ac43ddb6a96dfc6eaa547a,

title = "Income Convergence and R&D Intensity in OECD Manufacturing Industries: A Panel Study",

abstract = "This paper evaluates the impact of R&D investment on income convergence for a cross section of manufacturing industries in 12 OECD countries over the time period 1987-1999. We apply dynamic panel estimation techniques to obtain a speed of convergence which, when conditioned to R&D expenditure, is significantly greater than the conventional 2%. In particular, the inclusion of the R&D variable results to a speed of convergence of 7-9% per year, suggesting that convergence is faster between equally technologically advanced industries. A further implication from our results is that differences in the industry mix can be important in explaining the speed of income convergence between countries.",

author = "Nicholas Vasilakos and N Zubanov",

year = "2009",

language = "English",

series = "Department of Economics Discussion Paper Series ",

publisher = "University of Birmingham ",

type = "WorkingPaper",

institution = "University of Birmingham ",

}