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Economic Growth, Export, and External Debt Causality: The Case of Asian Countries

  • Qazi Masood Ahmed

    (Applied Economics Research Centre, University of Karachi.)

  • Mohammad Sabihuddin Butt

    (Applied Economics Research Centre, University of Karachi.)

  • Shaista Alam

    (Applied Economics Research Centre, University of Karachi.)

The issue of how developing countries can accelerate their economic growth is of crucial importance. The two primary alternative routes to development are inward-oriented growth strategies, which emphasises import-substitution industrialisation (ISI); and outward-oriented policies, which emphasises the economic benefits of participation in the world economy, that is, export-led growth (ELG). The late 1960s and 1970s witnessed a disillusionment with ISI in many developing countries, leading to a reduction in protectionist measures. The 1980s witnessed further intensification of liberalisation measures as many countries retreated from socialism, regulation and planning. The dis-advantages of ISI, the potential strength of ELG policies and the conditions necessary for successful transition from an inwardoriented regimes to an outward oriented have been extensively researched1 and beyond the scope of the present study. Moreover many of the rapidly growing newly industrialising countries (NICs) lend support to the idea that export promotion can be an effective development strategy.

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Article provided by Pakistan Institute of Development Economics in its journal The Pakistan Development Review.

Volume (Year): 39 (2000)
Issue (Month): 4 ()
Pages: 591-608

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Handle: RePEc:pid:journl:v:39:y:2000:i:4:p:591-608
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  1. Khan, Ashfaque Hasan & Hasan, Lubna & Malik, Afia, 1995. "Exports, Growth and Causality:An Application of Co-Integration and Error-correction Modelling," MPRA Paper 7352, University Library of Munich, Germany.
  2. Toda, Hiro Y & Phillips, Peter C B, 1993. "Vector Autoregressions and Causality," Econometrica, Econometric Society, vol. 61(6), pages 1367-93, November.
  3. Krueger, Anne O, 1990. "Asian Trade and Growth Lessons," American Economic Review, American Economic Association, vol. 80(2), pages 108-12, May.
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  5. Thornton, Daniel L & Batten, Dallas S, 1985. "Lag-Length Selection and Tests of Granger Causality between Money and Income," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 17(2), pages 164-78, May.
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  7. Marin, Dalia, 1992. "Is the Export-Led.Growth Hypothesis Valid for Industrialized Countries?," The Review of Economics and Statistics, MIT Press, vol. 74(4), pages 678-88, November.
  8. Tyler, William G., 1981. "Growth and export expansion in developing countries : Some empirical evidence," Journal of Development Economics, Elsevier, vol. 9(1), pages 121-130, August.
  9. Feder, Gershon, 1983. "On exports and economic growth," Journal of Development Economics, Elsevier, vol. 12(1-2), pages 59-73.
  10. Balassa, Bela, 1988. "The Lessons of East Asian Development: An Overview," Economic Development and Cultural Change, University of Chicago Press, vol. 36(3), pages S273-90, Supplemen.
  11. Levy, Victor, 1988. "Aid and growth in Sub-Saharan Africa: The recent experience," European Economic Review, Elsevier, vol. 32(9), pages 1777-1795, November.
  12. Ravi Ramamurti, 1992. "Why are Developing Countries Privatizing?," Journal of International Business Studies, Palgrave Macmillan, vol. 23(2), pages 225-249, June.
  13. Kavoussi, Rostam M., 1984. "Export expansion and economic growth : Further empirical evidence," Journal of Development Economics, Elsevier, vol. 14(1), pages 241-250.
  14. Granger, C. W. J., 1988. "Some recent development in a concept of causality," Journal of Econometrics, Elsevier, vol. 39(1-2), pages 199-211.
  15. Kohli, Inderjit & Singh, Nirvikar, 1989. "Exports and growth : Critical minimum effort and diminishing returns," Journal of Development Economics, Elsevier, vol. 30(2), pages 391-400, April.
  16. Howard Pack, 1994. "Endogenous Growth Theory: Intellectual Appeal and Empirical Shortcomings," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 55-72, Winter.
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