The Export-Growth Nexus: Evidence from Asian NICs
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This paper explores the relationship between exports and output for Asian NICs over the period 1960～2009. Our study goes beyond previous studies by using a more recently developed methodology such as panel cointegration and panel causality tests. In addition, the structural relationship between exports and GDP is estimated by panel dynamic OLS (DOLS) estimates appropriated for heterogeneous panel. Our empirical results reveal that panel models produce a stable long-run cointegration relationship among GDP, exports, imports, capital formation and labor. In addition, the panel causality test with error correction term indicates that there exists a short-run and long-run bidirectional causality relationship between exports and GDP in Asian NICs. Finally, the results of DOLS estimates imply that more economic growth tends to raise the exports and vice versa.
Abstract
This paper explores the relationship between exports and output for Asian NICs over the period 1960～2009. Our study goes beyond previous studies by using a more recently developed methodology such as panel cointegration and panel causality tests. In addition, the structural relationship between exports and GDP is estimated by panel dynamic OLS (DOLS) estimates appropriated for heterogeneous panel. Our empirical results reveal that panel models produce a stable long-run cointegration relationship among GDP, exports, imports, capital formation and labor. In addition, the panel causality test with error correction term indicates that there exists a short-run and long-run bidirectional causality relationship between exports and GDP in Asian NICs. Finally, the results of DOLS estimates imply that more economic growth tends to raise the exports and vice versa.
참고문헌 (33)
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