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Effects of Trade Openness on the Steady State Growth Rates of Selected Asian Countries with an Extended Exogenous Growth Model

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  • Rao, B. Bhaskara
  • Singh, Rup

Abstract

The Solow growth model is extended with an endogenous growth framework to estimate the effects of trade openness on the steady state growth rate (SSGR). Estimates of the augmented production functions are used to compute the SSGRs for Singapore, Malaysia, Hong Kong, India and Thailand. That good policies increase the growth effects of openness is also tested with an interactive term. Our results show that Singapore has the highest SSGR of 2.75%, followed by Hong Kong and Thailand with 2.5%. India and Malaysia have lower SSGRs of 1.7% and 0.5% respectively.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 5851.

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Date of creation: 21 Nov 2007
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Handle: RePEc:pra:mprapa:5851

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Keywords: Exogenous and Endogenous Growth; Trade Openness; Steady State Growth Rate; Country Specific Estimates with Time Series Data; Asian Countries;

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  1. Padma Desai (ed.), 1997. "Going Global: Transition from Plan to Market in the World Economy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262041618, December.
  2. Kevin D. Hoover & Stephen J. Perez, . "Truth and Robustness in Cross-country Growth Regressions," Department of Economics 01-01, California Davis - Department of Economics.
  3. Robert E. Baldwin, 2003. "Openness and Growth: What's the Empirical Relationship?," NBER Working Papers 9578, National Bureau of Economic Research, Inc.
  4. Robert J. Barro & Xavier Sala-i-Martin, 1995. "Technological Diffusion, Convergence, and Growth," NBER Working Papers 5151, National Bureau of Economic Research, Inc.
  5. David Dollar & Craig Burnside, 2000. "Aid, Policies, and Growth," American Economic Review, American Economic Association, vol. 90(4), pages 847-868, September.
  6. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, vol. 89(3), pages 379-399, June.
  7. Neil R. Ericsson & James G. MacKinnon, 2002. "Distributions of error correction tests for cointegration," Econometrics Journal, Royal Economic Society, vol. 5(2), pages 285-318, 06.
  8. Ben-David, Dan, 1993. "Equalizing Exchange: Trade Liberalization and Income Convergence," The Quarterly Journal of Economics, MIT Press, vol. 108(3), pages 653-79, August.
  9. Sebastian Edwards, 1991. "Trade Orientation, Distortions and Growth in Developing Countries," NBER Working Papers 3716, National Bureau of Economic Research, Inc.
  10. Dollar, David & Kraay, Aart, 2001. "Trade, growth, and poverty," Policy Research Working Paper Series 2615, The World Bank.
  11. T. N. Srinivasan & Jagdish Bhagwati, 1999. "Outward-Orientation and Development: Are Revisionists Right," Working Papers 806, Economic Growth Center, Yale University.
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Cited by:
  1. Zohreh Shirani Fakhr & Azita Sheikhbahaie, 2008. "Openness, Growth, and Development: Evidence from a Panel of East Asian Countries," Iranian Economic Review, Economics faculty of Tehran university, vol. 13(2), pages 157-174, fall.
  2. Rao, B. Bhaskara & Singh, Rup, 2009. "Panel data estimates of the growth and level effects of human capital in the selected Asian countries," MPRA Paper 19082, University Library of Munich, Germany.

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