Exports, economic growth and causality in Korea
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.
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Volume (Year): 12 (2005)
Issue (Month): 11 ()
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References listed on IDEAS
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- 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.
- Titus O. Awokuse, 2003.
"Is the export-led growth hypothesis valid for Canada?,"
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Canadian Economics Association, vol. 36(1), pages 126-136, February.
- Awokuse, Titus O., 2002. "Is The Export-Lead Growth Hypothesis Valid For Canada?," Staff Papers 15823, University of Delaware, Department of Food and Resource Economics.
- Chow, Peter C. Y., 1987. "Causality between export growth and industrial development : Empirial evidence from the NICs," Journal of Development Economics, Elsevier, vol. 26(1), pages 55-63, June.
- Balassa, Bela, 1978. "Exports and economic growth : Further evidence," Journal of Development Economics, Elsevier, vol. 5(2), pages 181-189, June.
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