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Exports, economic growth and causality in Korea

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  • Titus Awokuse

Abstract

Using recent developments in econometric techniques, this article re-examines the export-led growth (ELG) hypothesis for Korea over 1963-2001. The Granger-causality tests was based on two testing approaches: vector error correction modelling (VECM) approach outlined in Toda and Philips; and the augmented levels VAR modelling with integrated and cointegrated processes (of arbitrary orders) separately introduced by Toda and Yamamoto (1995) and Dolado and Lutkepohl (1996). Empirical evidence from causality tests based on the two alternative approaches indicates that the causal link between real exports and real GDP growth is bi-directional. Additional determinants of growth are also found to be significant.

Suggested Citation

  • Titus Awokuse, 2005. "Exports, economic growth and causality in Korea," Applied Economics Letters, Taylor & Francis Journals, vol. 12(11), pages 693-696.
    • Handle: RePEc:taf:apeclt:v:12:y:2005:i:11:p:693-696
    DOI: 10.1080/13504850500188265
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    References listed on IDEAS

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    1. Johansen, Soren & Juselius, Katarina, 1990. "Maximum Likelihood Estimation and Inference on Cointegration--With Applications to the Demand for Money," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 52(2), pages 169-210, May.
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    4. Jordan Shan & Fiona Sun, 1998. "Export-led growth hypothesis for Australia: an empirical re-investigation," Applied Economics Letters, Taylor & Francis Journals, vol. 5(7), pages 423-428.
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