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Is the Export‐led Growth Hypothesis Enough to Account for China's Growth?

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  • María Jesús Herrerias
  • Vicente Orts

Abstract

One of the missing pieces preventing us from understanding recent Chinese economic development is the role played by openness and capital accumulation in this process. The question is whether the sharp economic growth that the Chinese economy has experienced is another case of export‐led growth due to the open‐door policy or whether, on the contrary, this growth has been caused by high domestic savings and investment rates (and the consequent capital accumulation). To answer this question, we employed an empirical framework of the cointegrated vector autoregressive model. The empirical results show that both investment (in physical capital and R&D) and exports, as well as the exchange rate policy, are relevant factors in explaining China's long‐run economic growth over the past 4 decades.

Suggested Citation

  • María Jesús Herrerias & Vicente Orts, 2010. "Is the Export‐led Growth Hypothesis Enough to Account for China's Growth?," China & World Economy, Institute of World Economics and Politics, Chinese Academy of Social Sciences, vol. 18(4), pages 34-51, July.
    • Handle: RePEc:bla:chinae:v:18:y:2010:i:4:p:34-51
    DOI: 10.1111/j.1749-124X.2010.01203.x
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    Cited by:

    1. Redwanur Rahman & Saleh Shahriar & Sokvibol Kea, 2019. "Determinants of Exports: A Gravity Model Analysis of the Bangladeshi Textile and Clothing Industries," FIIB Business Review, , vol. 8(3), pages 229-244, September.
    2. Mohamad Ahmad Abou Hamia, 2024. "The integration of developing countries into world technology markets: cause or effect of total factor productivity?," Quality & Quantity: International Journal of Methodology, Springer, vol. 58(1), pages 879-902, February.
    3. Byoungki Kim & Phouphet Kyophilavong & Kenji Nozaki & Teerawat Charoenrat, 2022. "Does the Export-led Growth Hypothesis Hold for Myanmar?," Global Business Review, International Management Institute, vol. 23(1), pages 48-60, February.

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