Import Liberalization, Export Expansion, and Economic Growth
2
조회
0
다운로드
0
인용
0
참고문헌
키워드
초록
This paper examines whether export expansion or import liberalization led to economic growth of Korea. The autoregressive distributed lags bounds test and dynamic OLS method are employed as the cointegration tests. Then, error correction models are estimated, whose results show weak evidence of export expansion causing economic growth and strong evidence of import protection, not import liberalization, leading to it. It may be due to the fact that both import protection and export promotion policies were pursued in the early stage of economic growth. There is strong evidence that domestic investment has caused economic growth of Korea, while FDI inflow has not caused it.
Abstract
This paper examines whether export expansion or import liberalization led to economic growth of Korea. The autoregressive distributed lags bounds test and dynamic OLS method are employed as the cointegration tests. Then, error correction models are estimated, whose results show weak evidence of export expansion causing economic growth and strong evidence of import protection, not import liberalization, leading to it. It may be due to the fact that both import protection and export promotion policies were pursued in the early stage of economic growth. There is strong evidence that domestic investment has caused economic growth of Korea, while FDI inflow has not caused it.
참고문헌 (31)
- Amsden, Alice H., "Asia's Next Giant: South Korea and Late Industrialization" (1992), Oxford University Press
- Awokuse, Titus O., "Trade Openness and Economic Growth: Is Growth Export-led or Import-led?", Applied Economics, 40(2), pp.161~173 (2008)
- "statistical database"[URL]
- Cavallo, Michele, "The Quantitative Role of Capital Goods Imports in US Growth", American Economic Review: Papers and Proceedings, 100(2), pp.78~82 (2010)
- Chakraborty, Chandana, "Foreign Direct Investment and Growth in India: A Cointegration Approach", Applied Economics, 34(7), pp.1061~1073 (2002)
- Cieslik, Andrzej, "External Openness and Economic Growth in Developing Countries", Review of Development Economics, 15(4), pp.729~744 (2011)
- Cuaresma, Jesus Crespo, "On Export Composition and Growth", Review of World Economics, 141(1), pp.33~49 (2005)
- Dreger, Christian, "A Further Examination of the Export-led Growth Hypothesis", Empirical Economics, 45(1), pp.39~60 (2013)
- Emirmahmutoglu, Furkan, "Testing for Granger Causality in Heterogeneous Mixed Panels", Economic Modelling, 28, pp.870~876 (2011)
- Hatemi-J, Abdulnasser, "Time-series Evidence for Balassa's Export-led Growth Hypothesis", Journal of International Trade and Economic Development, 9(3), pp.355~365 (2000)
- Jung, Woo S., "Exports, Growth and Causality in Developing Countries", Journal of Development Economics, 18(1) (1985)
- Kim, Dong-Hyeon, "Nonlinearity between Trade Openness and Economic Development", Review of Development Economics, 15(2), pp.279~292 (2011)
- Kim, S., "Imports, Exports and Total Factor Productivity in Korea", Applied Economics, 41(14), pp.1819~1834 (2009)
- Kneller, Richard, "No Miracles Here: Trade Policy, Fiscal Policy and Economic Growth", Journal of Development Studies, 43(7), pp.1248~1269 (2007)
- Konya, Laszlo, "Exports and Growth: Granger Causality Analysis on OECD Countries with a Panel Data Approach", Economic Modelling, 23, pp.978~992 (2006)
- Krishina, Kala, "Trade, Investment and Growth: Nexus, Analysis and Prognosis", Journal of Development Economics, 70(2), pp.479~499 (2003)
- Kristjanpoller, Werner R., "Economic Growth in Latin American Countries: Is It Based on Export-led or Import-led Growth?", Emerging Markets Finance and Trade, pp.6~20 (2014)
- Trade and Growth: Import-led or Export-led? Evidence from Japan and Korea, "Lawrence, R. Z.", NBER, ~, pp.NBER working paper no. 7264 (1999)
- Liao, H., "Export-Total Factor Productivity Growth Nexus in East Asian Economies", Applied Economics, 41(13), pp.1663~1675 (2009)
- Mah, Jai S., "Structural Change in Import Demand Behavior: The Korean Experience", Journal of Policy Modeling, 15(2), pp.223~227 (1993)
- Mah, Jai S., "Industrial Policy and Economic Development: Korea's Experience", Journal of Economic Issues, 41(1), pp.77~92 (2007)
- Mah, Jai S., "Special and Differential Treatment of Developing Countries Regarding Export Promotion Policies under the WTO", The World Economy, 34(12), pp.1999~2018 (2011)
- Mazumdar, Joy, "Imported Machinery and Growth in LDCs", Journal of Development Economics, 65, pp.209~224 (2001)
- Mo, Pak Hung, "Trade Intensity, Net Export, and Economic Growth", Review of Development Economics, 14(3), pp.563~576 (2010)
- Narayan, Paresh Kumar, "The Saving and Investment Nexus for China: Evidence from Cointegration Tests", Applied Economics, 37, pp.1979~1990 (2005)
- Pesaran, M. H., "Bounds Testing Approaches to the Analysis of Level Relationships", Journal of Applied Econometrics, 16, pp.289~326 (2001)
- Sharma, Abhijit, "An Analysis of Exports and Growth in India: Cointegration and Causality Evidence (1971-2001)", Review of Development Economics, 9(2), pp.232~248 (2005)
- Stock, J., "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems", Econometrica, 61(4), pp.783~820 (1993)
- Waczirg, Romain, "Trade Liberalization and Growth: New Evidence", World Bank Economic Review, 22(2), pp.187~231 (2008)
- Wade, Robert, "Governing the Market: Economic Theory and the Role of Government in East Asian Industrialization" (1990), Princeton University Press
- Yang, Chih-Hai, "Openness, Ownership, and Regional Economic Growth in Vietnam", Emerging Markets Finance and Trade, 51(Supplement 1), pp.224~233 (2015)