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Trade Openness, Growth and Development: Evidence from Heterogeneous Panel Cointegration Analysis for Middle-Income Countries

  • Daniel Sakyi

    ()

  • Jose Villaverde

    ()

  • Adolfo Maza

    ()

  • Krishna Reddy Chittedieonardo

    ()

Este artículo examina el impacto del grado de apertura exterior en el crecimiento y desarrollo económicos de un grupo de 85 países de renta media en el periodo 1970-2009. Se emplean técnicas de cointegración en un panel heterogéneo no estacionario con el fin de tomar en consideración el impacto de la dependencia de sección cruzada. Del análisis realizado se derivan tres conclusiones: primera, que el grado de apertura exterior ha sido un factor clave en el proceso de desarrollo de los países de renta media, pero no en su ritmo de crecimiento económico. Segunda, que existe una relación de doble causalidad entre apertura exterior y nivel de desarrollo. Tercera, que la no consideración del impacto de la dependencia de sección cruzada da lugar a sobrestimar el coeficiente que vincula apertura exterior con desarrollo.

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File URL: http://www.fce.unal.edu.co/media/files/documentos/Cuadernos/57/artculos/v31n57a02-u.pdf
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Article provided by UN - RCE - CID in its journal REVISTA CUADERNOS DE ECONOMÍA.

Volume (Year): (2012)
Issue (Month): (August)
Pages:

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Handle: RePEc:col:000093:010241
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