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The Role of Services Trade in Economic Development

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  • Alege, Philip
  • Ogundipe, Adeyemi

Abstract

This paper is an attempt to investigate the impact of services trade on economic development of Sub-Sahara African (SSA) countries. Our analysis is based on a panel data framework over the period 1990 to 2010 covering thirty-three countries. The paper employs the endogenous growth model to examine the nonlinearities associated with services exports and services imports in the economic development process of SSA countries under consideration. The trade data was disaggregated into travel, transport and other services. The panel data constructed was estimated using ordinary pooled, fixed effects and random effects model techniques and the efficient model was selected based on the Hausman test. The paper finds that both services exports and services imports enhance economic development process. The study also indicates that labour and capital play an important role in the SSA economies.

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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 51695.

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Date of creation: 24 Nov 2013
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Handle: RePEc:pra:mprapa:51695

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Keywords: Economic Development; Services Trade; Panel Data Analysis;

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  1. Mankiw, N Gregory & Romer, David & Weil, David N, 1992. "A Contribution to the Empirics of Economic Growth," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 107(2), pages 407-37, May.
  2. Aviral Kumar Tiwari & Mihai Mutascu, 2011. "Economic Growth and FDI in Asia: A Panel-Data Approach," Economic Analysis and Policy (EAP), Queensland University of Technology (QUT), School of Economics and Finance, Queensland University of Technology (QUT), School of Economics and Finance, vol. 41(2), pages 173-187, September.
  3. Peter Pedroni, 1999. "Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors," Department of Economics Working Papers, Department of Economics, Williams College 2000-02, Department of Economics, Williams College.
  4. Lucas, Robert Jr., 1988. "On the mechanics of economic development," Journal of Monetary Economics, Elsevier, Elsevier, vol. 22(1), pages 3-42, July.
  5. Nordås, Hildegunn Kyvik, 2010. "Trade in goods and services: Two sides of the same coin?," Economic Modelling, Elsevier, Elsevier, vol. 27(2), pages 496-506, March.
  6. Peter Pedroni, 2004. "Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis," Department of Economics Working Papers, Department of Economics, Williams College 2004-15, Department of Economics, Williams College.
  7. Keith Walsh, 2006. "Trade in Services: Does Gravity Hold? A Gravity Model Approach to Estimating Barriers to Services Trade," The Institute for International Integration Studies Discussion Paper Series, IIIS iiisdp183, IIIS.
  8. Sanjeev Gupta & Catherine A. Pattillo & Kevin Joseph Carey, 2005. "Sustaining Growth Accelerations and Pro-Poor Growth in Africa," IMF Working Papers, International Monetary Fund 05/195, International Monetary Fund.
  9. Fukunari Kimura & Hyun-Hoon Lee, 2006. "The Gravity Equation in International Trade in Services," Review of World Economics (Weltwirtschaftliches Archiv), Springer, Springer, vol. 142(1), pages 92-121, April.
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