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ANALYSIS OF CONVERGENCE-DIVERGENCE IN THE DEVELOPMENT OF ECONOMIC PROCESSES IN CIRCUMPOLAR COUNTRIES
Abstract
The article evaluates the convergence-divergence of indicators of economic development processes in circumpolar countries. The object of the study is the indicators, which evaluate the economic processes in member countries of the Arctic Council: Denmark, Iceland, Canada, Norway, Russia, USA, Finland, and Sweden. The processes of convergence-divergence were researched in all eight member-countries of the Arctic Council based on statistics from 1990 through 2014. The following indicators, analyzing economic processes, were considered: GDP per capita; GDP growth rate; volume of export per employed person; GDP per employed person; and foreign direct investment per employed person. The methodology of ?-convergence, absolute ?-convergence, and conditional ?-convergence was used for the analysis of convergence-divergence of economic processes. According to ?-convergence analysis, a general tendency is characteristic for all Arctic Council countries a divergence in development by four out of five selected economic indicators. There appears a strong tendency of convergence by GDP growth rate, which is supported by verifying all three hypotheses. The convergence tendency by GDP growth rate indicator is supported by the following verification criteria. According to conditional ?-convergence, foreign direct investment per employed person influences the increase of the GDP growth rate indicator.
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