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Alternative Explanations of the Trade-Output Correlation in the East Asian Economies

Author

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  • Colin I. Bradford Jr.
  • Naomi Chakwin

Abstract

A number of Asian countries have been able to follow the example of Japan and develop sophisticated industrial economies in a relatively short time. Specifically, Hong Kong, South Korea, Singapore and Taiwan have become known as the "Four Tigers" of Asia due to their strength and importance in international markets. It is not only the pace of industrialisation but the relative equity which has accompanied growth in these countries that has fascinated economists. This paper analyses alternative structural models which represent different theoretical frameworks for development in East Asia. A structural vectorautoregressive technique is used with panel data comprising Hong Kong, Japan, South Korea, Singapore and Taiwan, for the period 1969-89. This technique has been chosen because it can discriminate between structural hypotheses. The first model tested is a model of export-led output growth. In this exercise exports are allowed to have a direct stimulating effect on the economy. In ... Un bon nombre de pays asiatiques ont pu suivre l'exemple du Japon et développer, en un temps relativement court, des économies industrielles sophistiquées. Hong Kong, la Corée du Sud, Singapour et Taiwan, en particulier, se sont fait connaître comme les "Quatre Tigres" de l'Asie, grâce à leur vitalité et à leur importance sur les marchés internationaux. Les économistes ont été impressionnés non seulement par le rythme de l'industrialisation, mais aussi par la relative équité qui, dans ces pays, a accompagné la croissance. Ce document analyse des modèles structurels de remplacement représentant différents schémas théoriques pour un développement en Asie de l'Est. On utilise une analyse autorégressive structurelle avec des données d'échantillon comprenant Hong Kong, le Japon, la Corée du Sud, Singapour et Taiwan, pour la période 1969-89. Cette technique a été choisie parce qu'elle permet de différencier les hypothèses structurelles. Le premier modèle testé est un modèle de croissance de la ...

Suggested Citation

  • Colin I. Bradford Jr. & Naomi Chakwin, 1993. "Alternative Explanations of the Trade-Output Correlation in the East Asian Economies," OECD Development Centre Working Papers 87, OECD Publishing.
  • Handle: RePEc:oec:devaaa:87-en
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    File URL: http://dx.doi.org/10.1787/448367214462
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    References listed on IDEAS

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    5. Jeffrey D. Sachs, 1989. "Introduction to "Developing Country Debt and the World Economy"," NBER Chapters,in: Developing Country Debt and the World Economy, pages 1-34 National Bureau of Economic Research, Inc.
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    Cited by:

    1. Klaus Wälde & Christina Wood, 2004. "The empirics of trade and growth: where are the policy recommendations?," European Economy - Economic Papers 2008 - 2015 204, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    2. Sharma, Susan Sunila, 2010. "The relationship between energy and economic growth: Empirical evidence from 66 countries," Applied Energy, Elsevier, pages 3565-3574.
    3. Klaus Wälde & Christina Wood, 2004. "The empirics of trade and growth: where are the policy recommendations?," International Economics and Economic Policy, Springer, pages 275-292.
    4. David H. Romer & Jeffrey A. Frankel, 1999. "Does Trade Cause Growth?," American Economic Review, American Economic Association, pages 379-399.
    5. Yolanda Fernández Lommen, 2000. "Crecimiento económico y comercio exterior en China," Documentos de trabajo de la Facultad de Ciencias Económicas y Empresariales 00-11, Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales.
    6. Jeffrey A. Frankel & David Romer & Teresa Cyrus, 1995. "Trade and growth in East Asian countries: cause and effect?," Pacific Basin Working Paper Series 95-03, Federal Reserve Bank of San Francisco.
    7. Kamel Malik BENSAFTA, 2013. "Les exportations des produits manufacturés et convergence du niveau de vie : cas d'un pays exportateur de pétrole," LEO Working Papers / DR LEO 1113, Orleans Economics Laboratory / Laboratoire d'Economie d'Orleans (LEO), University of Orleans.
    8. Cheshire, P. C. & Magrini, Stefano, 2002. "The distinctive determinants of European urban growth : does one size fit all?," LSE Research Online Documents on Economics 569, London School of Economics and Political Science, LSE Library.
    9. Jeffrey A. Frankel & Andrew K. Rose, 2000. "Estimating the Effect of Currency Unions on Trade and Output," NBER Working Papers 7857, National Bureau of Economic Research, Inc.
    10. Jeffrey A. Frankel & David Romer, 1996. "Trade and Growth: An Empirical Investigation," NBER Working Papers 5476, National Bureau of Economic Research, Inc.
    11. Asli Seda Bilman & Serdar Turkeli, 2013. "Interaction between international trade and economic growth: Evidence from qualitative comparative analysis," International Economics Letters, Transnational Press London, UK, vol. 2(4), pages 5-18, December.
    12. Akyuz, Yilmaz & Gore, Charles, 1996. "The investment-profits nexus in East Asian industrialization," World Development, Elsevier, vol. 24(3), pages 461-470, March.

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