An empirical analysis of the export-led growth (ELG) hypothesis in the Philippines
AbstractWe reexamine the relationship between growth and exports of the Philippines for the period 1977–2009 using the methods of Sharma and Panagiotidis  and Feder . With the shift in the current economic policy toward inclusive growth, we find it necessary to assess if indeed the export-led growth (ELG) hypothesis really worked for the country. Specifically, our research investigates the cointegration of exports, imports, and output using the Johansen cointegration test and the Breitung cointegration test; the Granger-causality between exports, investments, and output; and the impact of macroeconomic shocks by employing a vector autoregressive model. In summary, we find that the ELG hypothesis appears to be empirically unsupported for the Philippine case.
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Bibliographic InfoArticle provided by University of the Philippines School of Economics and Philippine Economic Society in its journal Philippine Review of Economics.
Volume (Year): 50 (2013)
Issue (Month): 1 (June)
export-led growth hypothesis; Breitung cointegration test; vector autoregressive model;
Find related papers by JEL classification:
- E20 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
- F10 - International Economics - - Trade - - - General
- F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O24 - Economic Development, Technological Change, and Growth - - Development Planning and Policy - - - Trade Policy; Factor Movement; Foreign Exchange Policy
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