Trend Breaks and the Unit-Root Hypothesis for Newly Industrializing and Newly Exporting Countries
We examine trend breaks and unit roots in aggregate and per capita real GDP for nine newly industrializing (NIC) and newly exporting (NEC) countries in east and southeast Asia. In 15 of the 18 cases, we reject the unit-root hypothesis in favor of trend stationarity with breaks. Our findings allow us to trace the growth paths of these NICs and NECs. While the shifts are due to both external and internal factors, most of the breaks are country specific and can be partly attributed to changes in government policies. Copyright 1995 by Blackwell Publishing Ltd.
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Volume (Year): 3 (1995)
Issue (Month): 3 (October)
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