Openness and Economic Growth in Japan and South Korea: An Empirical Investigation
This study investigates the relationship between trade openness and economic growth for Japan and South Korea employing data, estimation technique, model specification, and measures of openness that differ from earlier related works. In contrast to earlier related works this study uses alternative measures of trade openness; particularly, it investigates the impact of imports on growth. The long-run relationship between trade openness and economic growth is investigated applying cointegration techniques, and the short-run causal links are examined by estimating an error-correction vector autoregressive (VAR). Both the long-run and the short-run links are investigated using 1970:1- 1997:1 quarterly data. A majority of the results suggest a link between trade openness and growth. One of the key findings of the study is that for Japan the growth of imports rather than exports have a long-run positive relationship with economic growth. Overall, the results support an outward-oriented policy strategy for both South Korea and Japan.
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Volume (Year): 54 (2001)
Issue (Month): 2 ()
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