An Analysis of so-Called Export-Led Growth
The stylized fact that strong economic growth is usually accompanied with strong export growth leads many people to conclude that the export sector is the main driving force behind those episodes. The model in this paper, however, shows that the non-tradable sector may also generate high economic growth together with high export growth. Evidence shows that out of 71 "so-called" export-led growth episodes, only 37 of them are consistent with the "exports driving growth" hypothesis. Most of the remaining episodes (24 cases) experienced significant real exchange rate depreciation and are more likely to be characterized by "growth driving exports".
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Paper provided by International Monetary Fund in its series IMF Working Papers
Date of creation:
01 Sep 2008Date of revision:
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Related researchKeywords: Economic growth
; Real effective exchange rates
; Labor productivity
; Economic models
; export growth
; exchange rate
; real exchange rate
; exportable sector
; export sector
; exchange rate depreciation
; exportable goods
; exchange rate appreciation
; real exchange rate appreciation
; exchange rate movement
; real exchange rate movement
; real exchange rate depreciation
; export activities
; export boom
; export promotion
; export products
; exchange rate regime
; export expansion
; trade liberalization
; export production
; export goods
; foreign exchange
; nominal exchange rate
; real exchange rate movements
; expanding export
; export product
; flexible exchange rate regime
; exchange rates
; foreign exchange reserves
; principal export
; export booms
; exchange rate movements
; effective exchange rates
; flexible exchange rate
; fixed exchange rate regime
; export commodities
; export promotion policies
; fixed exchange rate
; growing export
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- Shafaeddin, Mehdi, 2010.
"Trade liberalization, industrialization and development; experience of recent decades,"
26355, University Library of Munich, Germany.
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