The Effects of Grants and Loans on Economic Growth of Vietnam
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This paper reveals the factors explaining about the rapid economic growth of Vietnam after economic reforms and compares the effects of grants and loans on it. The autoregressive distributed lag (ARDL) variance bounds tests and the error correction models show that the concerned variables are cointegrated. Investment is shown to cause economic growth. In addition, there are some evidences of the positive effect of the expansion of international trade on economic growth. Loans are revealed to have a positive and statistically significant effect on economic growth, while there is no statistically significant evidence of diminishing returns to loans. When investment is employed as one of the explanatory variables, grants are revealed to be not statistically significant in general. When investment is excluded from the estimation, grants are shown to have a positive and statistically significant effect, while there are diminishing returns to grants.
Abstract
This paper reveals the factors explaining about the rapid economic growth of Vietnam after economic reforms and compares the effects of grants and loans on it. The autoregressive distributed lag (ARDL) variance bounds tests and the error correction models show that the concerned variables are cointegrated. Investment is shown to cause economic growth. In addition, there are some evidences of the positive effect of the expansion of international trade on economic growth. Loans are revealed to have a positive and statistically significant effect on economic growth, while there is no statistically significant evidence of diminishing returns to loans. When investment is employed as one of the explanatory variables, grants are revealed to be not statistically significant in general. When investment is excluded from the estimation, grants are shown to have a positive and statistically significant effect, while there are diminishing returns to grants.
참고문헌 (26)
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