Economic Convergence, Capital Accumulation, and Income Traps: Empirical Evidence
研究了1960年代至2010年代182个经济体向更高收入组别跃升的因素，发现物质资本、人力资本增长和石油收入显著提高跃升概率，且影响因收入组别和时期而异。
This paper examines the factors that increase the likelihood of economic transition to higher income status, thereby attempting to answer the question of why some economies move to a higher income country group while others do not. Using a quintile income distribution approach, we identify 62 economies that moved to a higher quintile income group in each decade from 1960s to the 2010s out of a sample of 182 economies. Our findings show that higher physical and human capital growth and oil revenues are significantly associated with a greater probability of transitioning to higher quintile income group, although their effects vary not only across income groups within a sample period but also across different periods. Our results indicate that economies that have attained substantial capital accumulation (either physical or human, or combination thereof) and/or are blessed with natural resources have avoided income traps and demonstrated a successful and often steady transition to higher income groups.