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

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  • 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.

Suggested Citation

  • Daniel Sakyi & Jose Villaverde & Adolfo Maza & Krishna Reddy Chittedieonardo, 2012. "Trade Openness, Growth and Development: Evidence from Heterogeneous Panel Cointegration Analysis for Middle-Income Countries," Revista Cuadernos de Economía, Universidad Nacional de Colombia -FCE - CID, August.
  • Handle: RePEc:col:000093:010241
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    References listed on IDEAS

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    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.
    5. Hlalefang Khobai & Nomahlubi Mavikela, 2017. "The causal linkage between trade openness and economic growth in Argentina: Evidence from the ARDL and VECM techniques," Working Papers 1712, Department of Economics, Nelson Mandela University, revised Oct 2017.
    6. 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.
    7. Klaus Schmidt-Hebbel, 2019. "Macroeconomic Institutions: Lessons from World Experience for MENA Countries," Working Papers 1311, Economic Research Forum, revised 21 Aug 2019.
    8. Salamatu Bellah Conteh & Yuan Yijun & Brima Sesay, 2021. "Economic Growth Effects of the Interaction of Trade Openness and Institutions Quality: Empirical Evidence from Sub-Saharan Africa," International Journal of Economics and Financial Issues, Econjournals, vol. 11(1), pages 34-48.
    9. Jayanthi Thennakoon & Jagath Dissanayake & Xibin Zhang, 2015. "Trade openness, income, and role of institutions: A revisit using heterogeneous panel data models," Cogent Economics & Finance, Taylor & Francis Journals, vol. 3(1), pages 1020031-102, December.
    10. 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.
    11. Joel Alejandro Rosado & María Isabel Alvarado Sánchez, 2017. "From Population Age Structure and Savings Rate to Economic Growth: Evidence from Ecuador," International Journal of Economics and Financial Issues, Econjournals, vol. 7(3), pages 352-361.

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    More about this item

    Keywords

    apertura exterior; crecimiento económico; desarrollo; cointegración; países de renta media;
    All these keywords.

    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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