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Modeling Growth (and Liberalization) Using Smooth Transitions Analysis

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  • Greenaway, David
  • Leybourne, Stephen
  • Sapsford, David

Abstract

Economic liberalization has been a pervasive phenomenon over the last twenty years. Programs have been initiated on the assumption that liberalization promotes economic growth but the empirical evidence for this is limited. This paper takes a novel approach to modeling growth and structural change as smooth transitions. This allows the authors to model deterministic change without imposing discrete changes. They use smooth transition analysis to reappraise the time-series properties of long-run growth rates in a number of developing countries which have undertaken liberalization. The authors' results challenge conventional wisdom on both methodological and empirical grounds. Copyright 1997 by Oxford University Press.

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Bibliographic Info

Article provided by Western Economic Association International in its journal Economic Inquiry.

Volume (Year): 35 (1997)
Issue (Month): 4 (October)
Pages: 798-814

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Handle: RePEc:oup:ecinqu:v:35:y:1997:i:4:p:798-814

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Cited by:
  1. Chen, XiaoHua & Maringer, Dietmar, 2011. "Detecting time-variation in corporate bond index returns: A smooth transition regression model," Journal of Banking & Finance, Elsevier, vol. 35(1), pages 95-103, January.
  2. Rod Falvey & Neil Foster & David Greenaway, . "Trade Liberalisation, Economic Crises and Growth," Discussion Papers 08/14, University of Nottingham, GEP.
  3. Pablo Mejia-Reyes & Denise Osborn & Marianne Sensier, 2010. "Modelling real exchange rate effects on output performance in Latin America," Applied Economics, Taylor & Francis Journals, vol. 42(19), pages 2491-2503.
  4. Omar A Mendoza Lugo, 2008. "The differential impact of real interest rates and credit availability on private investment: evidence from Venezuela," BIS Papers chapters, in: Bank for International Settlements (ed.), Transmission mechanisms for monetary policy in emerging market economies, volume 35, pages 501-537 Bank for International Settlements.

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