Miracles and Debacles: In Defence of Trade Openness
AbstractThe central theme of this paper is that sustained rapid growth cannot be achieved without rapid growth in trade. A review of the experience during the past four decades offers virtually no examples of countries achieving sustained rapid growth - called miracles in this paper - without simultaneously experiencing sustained rapid growth in trade in the presence of low or high but declining barriers to trade. Simultaneously, the claim that opening to trade leads to sustained income losses is unfounded. A review of the experience of the countries that have faced stagnation or declining per-capita incomes on a long-term basis - called debacles in this paper - reveals no connection to a sustained surge in imports. Copyright 2004 Blackwell Publishing Ltd.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Wiley Blackwell in its journal The World Economy.
Volume (Year): 27 (2004)
Issue (Month): 8 (08)
Contact details of provider:
Web page: http://www.blackwellpublishing.com/journal.asp?ref=0378-5920
Other versions of this item:
- Arvind Panagariya, 2004. "Miracles and Debacles: In Defense of Trade Openness," International Trade 0403002, EconWPA.
- F1 - International Economics - - Trade
- F2 - International Economics - - International Factor Movements and International Business
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Romain Wacziarg & Karen Horn Welch, 2003.
"Trade Liberalization and Growth: New Evidence,"
NBER Working Papers
10152, National Bureau of Economic Research, Inc.
- Westphal, Larry E, 1990. "Industrial Policy in an Export-Propelled Economy: Lessons from South Korea's Experience," Journal of Economic Perspectives, American Economic Association, vol. 4(3), pages 41-59, Summer.
- Francisco Rodriguez & Dani Rodrik, 1999. "Trade Policy and Economic Growth: A Skeptic's Guide to Cross-National Evidence," NBER Working Papers 7081, National Bureau of Economic Research, Inc.
- repec:umd:umdeco:rodriguez9901 is not listed on IDEAS
- Jeffrey Sachs & Andrew Warner, 1995.
"Economic Reform and the Progress of Global Integration,"
Harvard Institute of Economic Research Working Papers
1733, Harvard - Institute of Economic Research.
- Jeffrey D. Sachs & Andrew Warner, 1995. "Economic Reform and the Process of Global Integration," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 26(1, 25th A), pages 1-118.
- Jagdish N. Bhagwati & T. N. Srinivasan, 1975. "Foreign Trade Regimes and Economic Development: India," NBER Books, National Bureau of Economic Research, Inc, number bhag75-1, June.
- Pritchett, Lant, 1996. "Measuring outward orientation in LDCs: Can it be done?," Journal of Development Economics, Elsevier, vol. 49(2), pages 307-335, May.
- Yongzheng Yang & Sanjeev Gupta, 2005. "Regional Trade Arrangements in Africa," IMF Working Papers 05/36, International Monetary Fund.
- Khaing, Khaing Sape Saw, 2007. "Globalization and Change of Investment Environment in ASEAN," MPRA Paper 42003, University Library of Munich, Germany.
- Panagariya, Arvind, 2009. "Miracles and debacles revisited," Journal of Policy Modeling, Elsevier, vol. 31(4), pages 556-572, July.
- Kym Anderson, 2005.
"On the Virtues of Multilateral Trade Negotiations,"
Centre for International Economic Studies Working Papers
2005-15, University of Adelaide, Centre for International Economic Studies.
- Monojit Chatterji & Sushil Mohan & Sayantan Ghosh Dastidar, 2013.
"Relationship between trade openness and economic growth of India: A time series analysis,"
Dundee Discussion Papers in Economics
274, Economic Studies, University of Dundee.
- Monojit Chatterji & Sushil Mohan & Sayantan Ghosh Dastidar, 2014. "Relationship Between Trade Openness And Economic Growth Of India: A Time Series Analysis," Journal of Academic Research in Economics, Spiru Haret University, Faculty of Accounting and Financial Management Constanta, vol. 6(1 (March)), pages 45-69.
- Monojit, Chatterji & Sushil, Mohan & Sayantan Ghosh, Dastidar, 2013. "Relationship between trade openness and economic growth of India: A time series analysis," SIRE Discussion Papers 2013-27, Scottish Institute for Research in Economics (SIRE).
- Anderson, Kym, 2004.
"The challenge of reducing subsidies and trade barriers,"
Policy Research Working Paper Series
3415, The World Bank.
- Anderson, Kym, 2004. "The Challenge of Reducing Subsidies and Trade Barriers," CEPR Discussion Papers 4592, C.E.P.R. Discussion Papers.
- Kym Anderson, 2004. "The challenge of Reducing Subsidies and Trade Barriers," Centre for International Economic Studies Working Papers 2004-12, University of Adelaide, Centre for International Economic Studies.
- Guillermo A. Calvo, 2008.
"Crises in Emerging Markets Economies: A Global Perspective,"
Central Banking, Analysis, and Economic Policies Book Series,
in: Kevin Cowan & Sebastián Edwards & Rodrigo O. Valdés & Norman Loayza (Series Editor) & Klaus Schmid (ed.), Current Account and External Financing, edition 1, volume 12, chapter 3, pages 085-115
Central Bank of Chile.
- Guillermo A. Calvo, 2005. "Crises in Emerging Market Economies: A Global Perspective," NBER Working Papers 11305, National Bureau of Economic Research, Inc.
- Guillermo Calvo, 2007. "Crises in Emerging Market Economies: A Global Perspective," Working Papers Central Bank of Chile 441, Central Bank of Chile.
- Mishkin, Frederic S., 2009. "Globalization and financial development," Journal of Development Economics, Elsevier, vol. 89(2), pages 164-169, July.
- John Romalis, 2007. "Market Access, Openness and Growth," NBER Working Papers 13048, National Bureau of Economic Research, Inc.
- Purba Mukerji & Arvind Panagariya, 2011. "Cost of Protection: A Second Look at the Romer Variety Effect," Open Economies Review, Springer, vol. 22(3), pages 463-477, July.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wiley-Blackwell Digital Licensing) or (Christopher F. Baum).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.