Trade liberalization and economic growth: a case study of Iran
We estimate the impact of trade liberalization and physical and human capital accumulation on Iran’s economic growth during the period 1959−2007. Using co-integration techniques and a vector error correction model, we find a unique long-run relationship between economic growth and its major determinants. These determinants include the physical and human capital stock, the labor force, real non-oil exports, and import tariffs. In addition, the short-term error correction dynamics analysis suggests that trade liberalization has a significant long run positive role in dynamic of growth. Our results support the view that the integration of the Iranian economy with the world economy is undoubtedly welfare improving.
Volume (Year): 15 (2012)
Issue (Month): 1 (March)
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