Panel data analysis of “Export-led” Growth Hypothesis in BIMP-EAGA Countries
This paper uses panel data analysis to test the validity of the “export-led hypothesis” in three BIMP-EAGA countries (i.e. Indonesia, Malaysia, and the Philippines) by using panel data analysis. One-way random effects model leads to a conclusion that, there is no significant relationship between the size of national income and the amount of export for these countries. On the other hand, panel unit root tests imply that there is strong evidence of stationary process for both GDP and EX at the first differences. However, the panel co-integration test indicates there is no co-integrating relationship between export and development for these countries. As a conclusion, the export could be not seen as the “engine” of growth in these BIMP-EAGA. In other word, the empirical findings did not provide sufficient evident to support the “export-led hypothesis” in the area.
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