Trade Liberalization, Economic Growth and Convergence: Evidence From East Asian Economies
AbstractIn recent years most studies analyzing cross-country convergence have ignored the role of international trade, simply framing the analysis in a Solow world. These models then have very limited power in explaining the economic growth of East Asia, given that East Asian integration is largely due to the market-driven forces, trade induced by foreign direct investment (FDI). This paper investigates the interrelationship between regional integration and economic convergence by linking income convergence to intra-regional trade and FDI. A central focus of the model is on how the degree of market integration driven through trade and FDI interacts with income convergence among the East Asian countries during the period 1960-1996. We shed light on the significance of trade openness, liberalization and regional integration in contributing to cross-country income convergence.
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Bibliographic InfoArticle provided by Center for Economic Integration, Sejong University in its journal Journal of Economic Integration.
Volume (Year): 16 (2001)
Issue (Month): ()
Trade liberalizon; Growth; FDI;
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- F15 - International Economics - - Trade - - - Economic Integration
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- Zhang, Zhaoyong, 2003. "Can the rest of East Asia catch up with Japan: some empirical evidence," Japan and the World Economy, Elsevier, vol. 15(1), pages 91-110, January.
- Wei, Kailei & Yao, Shujie & Liu, Aying, 2008. "Foreign Direct Investment and Regional Inequality in China," Working Paper Series RP2008/94, World Institute for Development Economic Research (UNU-WIDER).
- Roberta Capello & Ugo Fratesi, 2010. "Globalization and a dual Europe: future alternative growth trajectories," The Annals of Regional Science, Springer, vol. 45(3), pages 633-665, December.
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