Investment, International Trade and Economic Growth of India
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The current study reveals the causes of economic growth of India which has recorded rapid economic growth particularly for the past two decades. It examines the existence of the long-run equilibrium relationship and causality between economic growth and its plausible determinants comprising domestic investment, FDI inflows, and international trade. The concerned variables are revealed to be integrated of different orders. The cointegration test results show that they are cointegrated. The error correction models show that domestic investment has led to the economic growth of India; meanwhile, neither international trade nor FDI inflows are revealed to have caused economic growth.
Abstract
The current study reveals the causes of economic growth of India which has recorded rapid economic growth particularly for the past two decades. It examines the existence of the long-run equilibrium relationship and causality between economic growth and its plausible determinants comprising domestic investment, FDI inflows, and international trade. The concerned variables are revealed to be integrated of different orders. The cointegration test results show that they are cointegrated. The error correction models show that domestic investment has led to the economic growth of India; meanwhile, neither international trade nor FDI inflows are revealed to have caused economic growth.
참고문헌 (22)
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