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Export Expansion and Economic Growth in some Asian Economies: A Simultaneous-equation Model

In: Economic Growth and Resources

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  • Edward K. Y. Chen

    (University of Hong Kong)

Abstract

Export expansion as an engine of growth in both developed and developing economies has been widely discussed by economists since the early sixties. Kindleberger [11], Beckerman [3], and Lamfalussy [12] have attempted to provide some theoretical links between export expansion and economic growth, though none of them did actually formalise their arguments in the framework of growth models. Kindleberger argued that expanded exports offer investment opportunities and induce cost-reducing innovations and economies of large-scale production. In Beckerman’s hypothesis, the prospects of expanded exports motivate entrepreneurs to increase their investment rates and therefore output and productivity. Lamfalussy, on the other hand, stressed the importance of the balance of payments position of a country; he maintained that the achievement of a surplus in the balance of payments as a result of expanded exports would enable the government to follow expansionist policies which encouraged domestic investment. It is in fact an easy matter to derive a theoretical link between export expansion and income growth on the basis of the Harrod—Domar growth model. Ball [2] was among the first who attempted to extend the basic Harrod—Domar model to an open economy.

Suggested Citation

  • Edward K. Y. Chen, 1980. "Export Expansion and Economic Growth in some Asian Economies: A Simultaneous-equation Model," International Economic Association Series, in: R. C. O. Matthews (ed.), Economic Growth and Resources, chapter 13, pages 284-293, Palgrave Macmillan.
  • Handle: RePEc:pal:intecp:978-1-349-04063-6_13
    DOI: 10.1007/978-1-349-04063-6_13
    as

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