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On the dynamic measurement of economic openness

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  • De Lombaerde, Philippe A.A.
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    Abstract

    The empirical relationship between economic openness and economic performance is much debated in the economic literature. No definitive conclusions seem to be reached yet, part of the problem being the very measurement of economic openness of a national economy. In their article in the Journal of Policy Modeling, Ruíz Estrada & Yap (2006) propose a new method to measure economic openness and to empirically assess the openness-growth nexus as a new tool for policy-makers: the Openness Growth Monitoring Model (OGM-Model). The authors claim: (i) that their method is different from and more flexible than existing empirical methods, (ii) that higher levels of openness do not lead to income growth, and (iii) that customs unions perform better than free trade areas. This short article challenges the three claims of the authors.

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    Bibliographic Info

    Article provided by Elsevier in its journal Journal of Policy Modeling.

    Volume (Year): 31 (2009)
    Issue (Month): 5 (September)
    Pages: 731-736

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    Handle: RePEc:eee:jpolmo:v:31:y:2009:i:5:p:731-736

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    Web page: http://www.elsevier.com/locate/inca/505735

    Related research

    Keywords: Economic openness Trade liberalization Economic growth Dynamic measurement Free trade areas Customs unions;

    References

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    1. Anderson, James E & Neary, J Peter, 1994. "Measuring the Restrictiveness of Trade Policy," World Bank Economic Review, World Bank Group, vol. 8(2), pages 151-69, May.
    2. Edward E. Leamer, 1987. "Measures of Openness," UCLA Economics Working Papers 447, UCLA Department of Economics.
      • Edward E. Leamer, 1988. "Measures of Openness," NBER Chapters, in: Trade Policy Issues and Empirical Analysis, pages 145-204 National Bureau of Economic Research, Inc.
    3. Pritchett, Lant, 1991. "Measuring outward orientation in developing countries : can it be done?," Policy Research Working Paper Series 566, The World Bank.
    4. Ben Lockwood, 2004. "How Robust is the Kearney/Foreign Policy Globalisation Index?," The World Economy, Wiley Blackwell, vol. 27(4), pages 507-523, 04.
    5. Francisco Rodriguez & Dani Rodrik, 1999. "Trade Policy and Economic Growth: a Skeptic's Guide to the Cross-National Evidence," Working Papers 9912, Economic Research Forum, revised Apr 1999.
    6. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
    7. Pritchett, Lant, 1996. "Measuring outward orientation in LDCs: Can it be done?," Journal of Development Economics, Elsevier, vol. 49(2), pages 307-335, May.
    8. Andreas Billmeier & Tommaso Nannicini, 2007. "Trade Openness and Growth," IMF Working Papers 07/156, International Monetary Fund.
    9. Estrada, Mario Arturo Ruiz & Yap, Su Fei, 2006. "The Openness Growth Monitoring Model (OGM-Model)," Journal of Policy Modeling, Elsevier, vol. 28(3), pages 235-246, April.
    10. Salvatore, Dominick, 2004. "Growth and poverty in a globalizing world," Journal of Policy Modeling, Elsevier, vol. 26(4), pages 543-551, June.
    11. Lloyd, P.J. & MacLaren, D., 1998. "Measures of Trade Openness Using CGE Analysis," Department of Economics - Working Papers Series 659, The University of Melbourne.
    12. Srinivasan, T.N. & Bhagwati, J., 1999. "Outward-Orientation and Development: Are Revisionist Right?," Papers 806, Yale - Economic Growth Center.
    13. Easterly, William & Kremer, Michael & Pritchett, Lant & Summers, Lawrence H., 1993. "Good policy or good luck?: Country growth performance and temporary shocks," Journal of Monetary Economics, Elsevier, vol. 32(3), pages 459-483, December.
    14. Stiglitz, Joseph E., 2004. "Globalization and growth in emerging markets," Journal of Policy Modeling, Elsevier, vol. 26(4), pages 465-484, June.
    15. Edwards, Sebastian, 1993. "Openness, Trade Liberalization, and Growth in Developing Countries," Journal of Economic Literature, American Economic Association, vol. 31(3), pages 1358-93, September.
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