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<p>Standard growth models investigating if lower income countries catch up with higher income countries consider only physical and human capital. We explore theoretically and empirically whether natural capital also affects the speed of convergence and thus the partial correlation between growth and initial income. A panel analysis for 124 countries from 1996 to 2019 examines the influence of natural capital on convergence. We find that countries with larger natural capital per capita have faster speeds of conditional convergence over time. Natural capital stocks affect growth and the speed of convergence on their own and through their interaction with initial levels of income per capita. We also consider additional interactions with initial income per capita, nonlinear speeds of convergence, and consideration of the natural capital income share of GDP. Future research should explore further the potential mechanisms and influences of natural capital on the economy and its growth.</p>

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Convergence and natural capital

  • 期刊论文

  • 发表日期：

    2026年7月24日

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  • Edward B. Barbier,
  • Dale T. Manning

摘要

Standard growth models investigating if lower income countries catch up with higher income countries consider only physical and human capital. We explore theoretically and empirically whether natural capital also affects the speed of convergence and thus the partial correlation between growth and initial income. A panel analysis for 124 countries from 1996 to 2019 examines the influence of natural capital on convergence. We find that countries with larger natural capital per capita have faster speeds of conditional convergence over time. Natural capital stocks affect growth and the speed of convergence on their own and through their interaction with initial levels of income per capita. We also consider additional interactions with initial income per capita, nonlinear speeds of convergence, and consideration of the natural capital income share of GDP. Future research should explore further the potential mechanisms and influences of natural capital on the economy and its growth.