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During the last decades, the share of manufacturing in aggregate output (and employment) has declined in almost all advanced and emerging economies. In this paper, we investigated the patterns of deindustrialization in a sample of 117 (low-, middle-, and high-income) countries from 1995 to 2018. To this aim, we applied the nonlinear time-varying factor model, initially proposed by Phillips and Sul, to identify potential clubs wherein groups of countries converge toward a similar manufacturingdoi:10.5539/ijef.v14n10p78 fatcat:22vdtjdlordqtljc5ica3f6fvm