Growth effects of a comprehensive measure of globalization with country-specific time series data
AbstractMany studies have estimated the growth effects of globalization where globalization was measured with a few economic variables, ignoring its social and political dimensions. Recently, Dreher (2006) has developed a comprehensive measure of globalization with several variables from the economic, political and social sectors. He showed, with the panel data methods, that globalization has positive growth effect implying that countries with higher globalization grow faster. We argue that 5-year average growth rates, used in many panel data studies, are inadequate proxies for the unobservable Steady State Growth Rate (SSGR). Using the Dreher indices, we extend the Solow (1956) model to derive country-specific estimates of SSGRs for Singapore, Malaysia, Thailand, India and the Philippines. Our results show that countries with higher levels of globalization have higher SSGRs but the growth effects on SSGRs are smaller than in many studies.
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Applied Economics.
Volume (Year): 43 (2011)
Issue (Month): 5 ()
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Other versions of this item:
- Rao, B. Bhaskara & Tamazian, Artur & Vadlamannati, Krishna Chaitanya, 2008. "Growth Effects of a Comprehensive Measure of Globalization with Country Specific Time Series Data," MPRA Paper 7917, University Library of Munich, Germany.
- O11 - Economic Development, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
- O10 - Economic Development, Technological Change, and Growth - - Economic Development - - - General
- O30 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - General
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