Identification and Significance of Outliers in Models of Income Convergence
DOI:
https://doi.org/10.15678/ZNUEK.2015.0941.0501Keywords:
outliers, income convergence, econometric models, European UnionAbstract
The research of income convergence found remunerative findings in the existing literature and economic practice. The results obtained, however, show comparatively large differentiation. Many authors underline the strong dependence of the results obtained from the time and spatial character of the sample as well as the type of methods applied. Little attentions is placed on the role of non-typical observations (outliers) which can occur as a result of incorrect measurement, random error, non-standard circumstances or intentional impact. The hypothesis verified was that outliers exert an essential influence on estimation results. The main objective of the analyses provided was to determine if the occurrence of such observations significantly changes the quality of the models built and the speed of the process of income convergence.Downloads
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