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

Author Info

Listed author(s):
  • Daniel Sakyi

    ()

  • Jose Villaverde

    ()

  • Adolfo Maza

    ()

  • Krishna Reddy Chittedieonardo

    ()

Abstract

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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Keywords: apertura exterior; crecimiento económico; desarrollo; cointegración; países de renta media;

Find related papers by JEL classification:

  • F10 - International Economics - - Trade - - - General
  • F43 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Economic Growth of Open Economies
  • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General
  • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
  • E27 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Forecasting and Simulation: Models and Applications

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Cited by:

  1. L. Alan Winters & Antonio Martuscelli, 2014. "Trade Liberalization and Poverty: What Have We Learned in a Decade?," Annual Review of Resource Economics, Annual Reviews, vol. 6(1), pages 493-512, October.
  2. Yilmaz Bayar, 2016. "Impact of Openness and Economic Freedom on Economic Growth in the Transition Economies of the European Union," South-Eastern Europe Journal of Economics, Association of Economic Universities of South and Eastern Europe and the Black Sea Region, vol. 14(1), pages 7-19.
  3. Adams, Samuel & Opoku, Eric Evans Osei, 2015. "Foreign direct investment, regulations and growth in sub-Saharan Africa," Economic Analysis and Policy, Elsevier, vol. 47(C), pages 48-56.
  4. Uddin, Gazi A. & Alam, Khorshed & Gow, Jeff, 2016. "Population age structure and savings rate impacts on economic growth: Evidence from Australia," Economic Analysis and Policy, Elsevier, vol. 52(C), pages 23-33.

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