| Popis: |
The use of internationally comparable income data to test Kuznet's inverted-U hypothesis introduces several econometric problems. This study (a) explains and corrects for these econometric problems, (b) assesses the sensitivity of estimated results to alternative functional specifications and sample variations, (c) provides a more rigorous test for structural change between more and less-developed countries in the phasing of the inequality trend, and (d) estimates the time likely to elapse before various of the developing countries reach the turning point. The study's findings offer broad support for Kuznets's hypothesis, but do not support the advocacy of development policies focused exclusively on growth. For low-income countries, growth's equalizing phase cannot be anticipated to set in for half a century. |
