Export-led Growth Hypothesis in Malaysia: A Revisit
This paper addresses the crucial question whether export promotes economic performance in Malaysia, from both theoretical and empirical perspectives. Using bound testing approach as proposed by Pesaran, et al. (2001), the estimated coefficients suggested that an increase in exports, gross fixed capital formation and the size of labor force have a positive and significant impact on the rate of economic growth, both in the short and long run. Conversely, changes in imports have a negative and marginally significant effect on economic prosperity in both periods. In addition, the authors found that the devaluation of domestic currency has a positive and crucial impact on the term of trade in the short run, but has a negative and statistically significant influence on economic growth in the long run.
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Volume (Year): III (2005)
Issue (Month): 4 (November)
Pages: 26 - 42
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