Table 1.

The log t convergence test

Group	Countries	“log t” test		Average annual growth rate
		Coef. (γ)	t-stat
1	Luxembourg, Norway, Portugal, Turkey, Iceland, Ireland, Spain, United States	-0.072	-1.010	***0.079
2	Austria, Belgium, Japan, United Kingdom	***1.969	8.477	***0.069
3	Australia, Canada, Finland, Netherlands, Switzerland, Denmark, Germany, New Zealand, Sweden	0.031	0.224	***0.058
	All countries	***-1.846	-64.332	***0.068

Note: ***, **, and * refers to 1%, 5% and 10% significant level, respectively