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REASSESSING THE EXPORT-LED GROWTH RELATIONSHIP THROUGH COINTEGRATION METHODS

Yıl 2016, Cilt: 8 Sayı: 1, 192 - 208, 01.06.2016

Öz

The purpose of this study was to assess the applicability of the export-led growth nexus in the context of Namibia for the period 1990 to 2013 through the application of the Vector Autoregression (VAR) technique, which incorporates the following processes: Unit root tests, determination of the optimal lag length, testing the stability of the vector autoregression system, cointegration tests, estimation of the long-run equation, diagnostic checks for serial correlation, heteroscedasticity and normality, as well as the pairwise Granger-causality tests. Quarterly time series datasets were engaged. The study found cointegrating relationships among the variables that were examined. Further, the study found that export is a good predictor of economic growth. Therefore, the need for Namibia to pay special attention to developments in the export sector of its economy cannot be overstated. Additional research opportunities for upcoming researchers to further probe the issue under consideration are suggested

Kaynakça

  • Aghion, P. and Howitt, P (1992), “A model of growth through creative destruction”, Econometrics, Vol. 60, No. 2, pp. 323-351.
  • Al-Mamun, K. A. and Nath, H. K (2005), “Export-led growth in Bangladesh: a time series analysis”, Applied Economics Letters, Vol. 2, No. 12, pp. 361
  • Arodoye, N. L. and Iyoha, M. A (2014), “Foreign trade-economic growth nexus: evidence from Nigeria”, CBN Journal of Applied Statistics, Vol. 5, No.1, pp. 127-129.
  • Arora, V. and Athanasios, V (2005), “Economic spillovers”, Finance and Development, Vol. 42, No. 3, pp. 48-50.
  • Bhagwati, J (1958), “Immiserizing growth. A geometrical note”, Review of
  • Economic Studies, Vol. 25, No. 3, pp. 201-205. Bojanic, A (2012), “The impact of financial development and trade on the economic growth of Bolivia”, Journal of Applied Economics, Vol. 15, No. 1, pp. 51-70.
  • Chow, P. C. Y (1987), “Causality between export growth and industrial development: empirical evidence from the NICs”, Journal of Development
  • Economics, Vol. 26, No. 1, p. 57. Cui, Y. and Shen, F (2011), “Relationship of international trade in financial services and economic growth: the case of China, Asian Social Science”, Vol. , No. 9, pp. 220-224.
  • Easterly, W (2001), “What have we learned from a decade of empirical research on growth? It is not factor accumulation: stylized facts and growth models”, World Bank Economic Review, Vol. 15, No. 2, pp. 177-219.
  • Grossman, G. M. and Helpman, E (1994), “Endogenous innovation in the theory of growth”, Journal of Economic Perspectives, Vol. 8, No. 1, pp. 23
  • Helpman, E (1999), “The structure of foreign trade”, Journal of Economic
  • Perspectives, Vol. 13, No. 2, pp. 111-125. Hufbauer, G. C (1991), “Synthetic materials and the theory of international trade”, Harvard University Press, Cambridge, pp. 11-25.
  • Lucas, R. E. (1988), “On the mechanics of economic development”, Journal of Monetary Economics, Vol. 22, No. 1, pp. 3-42.
  • Madsen, J. B., Saxena, S. and James, A. B (2010), “The Indian growth miracle and endogenous growth, Journal of Development Economics, Vol. 93, No. 1, pp. 37-48.
  • Mankiw, N. G., Romer, D. and Weil, D. N (1992), “A contribution to the empirics of economic growth”, Quarterly Journal of Economics, Vol. 107, No. 2, pp. 407-437.
  • Manni, U. H., Siddiqui, S. A. and Afzal, M. N (2012), “An empirical investigation on trade openness and economic growth in Bangladesh economy”, Asian Social Science, Vol. 8, No. 11, pp. 154-158.
  • McCallum, B. T (1996), “Neoclassical vsersus endogenous growth analysis: an overview”, Federal Reserve Bank of Richmond Economic Quarterly, Vol. , No. 4, pp. 41-71.
  • Melitz, M. J (2003), “The impact of trade on Intra-industry reallocations of aggregate industry productivity”, Econometrica, Vol. 71, No. 6, pp. 1695
  • Oviatt, B. M. and McDougall, P. P (1994), “Toward a theory of international new ventures”, Journal of International Business Studies, Vol. 25. No. 1, pp. 64.
  • Oyejide, T. A (1974), “Exports and economic growth in African Countries”,
  • Economic International, Vol. 23, pp. 122-133. Pack, H. (1994), “Endogenous growth theory: intellectual appeal and empirical shortcomings”, Journal of Economic Perspectives, Vol. 8, No. 1, pp. 55-62.
  • Panas, E. and Vamvoukas, G. (2002), “Further Evidence on the export-led growth hypothesis”, Applied Economic Letters, Vol. 9, pp. 731–735.
  • Ram, M (1976), “Trade an engine of economic growth: the case of India during the planning period”, The Indian Journal of Economics, Vol. 56, pp. 410.
  • Rebelo, S (1991), “Long-run policy analysis and long-run growth”, Journal of
  • Political Economy, Vol. 99, No. 3, pp. 500-521. Renelt, D (1991), “Economic growth: a review of the theoretical and empirical literature”, World Bank, Washington, Working Paper Series, p. 42.
  • Romer, P. M (1986), “Increasing returns and long-run growth”, Journal of
  • Political Economy, Vol. 94, No. 5, pp. 1002-1037.
  • Solow, R. M (1956), “A contribution to the theory of economic growth”,
  • Quarterly Journal of Economics, Vol. 70, No. 1, pp. 65-94. Swan, T. W (1956), “Economic growth and capital accumulation”, Economic Record, Vol. 32, pp. 334-361.
  • Temple, J (1999), “The new growth evidence”, Journal of Economic
  • Literature, Vol. 37, No. 1, pp. 112-156. Tyler, W. G (1981), “Growth and export expansion in developing countries: some empirical evidence”, Journal of Development Economics, Vol. 9, No. 1, pp. 121-130.
Yıl 2016, Cilt: 8 Sayı: 1, 192 - 208, 01.06.2016

Öz

Kaynakça

  • Aghion, P. and Howitt, P (1992), “A model of growth through creative destruction”, Econometrics, Vol. 60, No. 2, pp. 323-351.
  • Al-Mamun, K. A. and Nath, H. K (2005), “Export-led growth in Bangladesh: a time series analysis”, Applied Economics Letters, Vol. 2, No. 12, pp. 361
  • Arodoye, N. L. and Iyoha, M. A (2014), “Foreign trade-economic growth nexus: evidence from Nigeria”, CBN Journal of Applied Statistics, Vol. 5, No.1, pp. 127-129.
  • Arora, V. and Athanasios, V (2005), “Economic spillovers”, Finance and Development, Vol. 42, No. 3, pp. 48-50.
  • Bhagwati, J (1958), “Immiserizing growth. A geometrical note”, Review of
  • Economic Studies, Vol. 25, No. 3, pp. 201-205. Bojanic, A (2012), “The impact of financial development and trade on the economic growth of Bolivia”, Journal of Applied Economics, Vol. 15, No. 1, pp. 51-70.
  • Chow, P. C. Y (1987), “Causality between export growth and industrial development: empirical evidence from the NICs”, Journal of Development
  • Economics, Vol. 26, No. 1, p. 57. Cui, Y. and Shen, F (2011), “Relationship of international trade in financial services and economic growth: the case of China, Asian Social Science”, Vol. , No. 9, pp. 220-224.
  • Easterly, W (2001), “What have we learned from a decade of empirical research on growth? It is not factor accumulation: stylized facts and growth models”, World Bank Economic Review, Vol. 15, No. 2, pp. 177-219.
  • Grossman, G. M. and Helpman, E (1994), “Endogenous innovation in the theory of growth”, Journal of Economic Perspectives, Vol. 8, No. 1, pp. 23
  • Helpman, E (1999), “The structure of foreign trade”, Journal of Economic
  • Perspectives, Vol. 13, No. 2, pp. 111-125. Hufbauer, G. C (1991), “Synthetic materials and the theory of international trade”, Harvard University Press, Cambridge, pp. 11-25.
  • Lucas, R. E. (1988), “On the mechanics of economic development”, Journal of Monetary Economics, Vol. 22, No. 1, pp. 3-42.
  • Madsen, J. B., Saxena, S. and James, A. B (2010), “The Indian growth miracle and endogenous growth, Journal of Development Economics, Vol. 93, No. 1, pp. 37-48.
  • Mankiw, N. G., Romer, D. and Weil, D. N (1992), “A contribution to the empirics of economic growth”, Quarterly Journal of Economics, Vol. 107, No. 2, pp. 407-437.
  • Manni, U. H., Siddiqui, S. A. and Afzal, M. N (2012), “An empirical investigation on trade openness and economic growth in Bangladesh economy”, Asian Social Science, Vol. 8, No. 11, pp. 154-158.
  • McCallum, B. T (1996), “Neoclassical vsersus endogenous growth analysis: an overview”, Federal Reserve Bank of Richmond Economic Quarterly, Vol. , No. 4, pp. 41-71.
  • Melitz, M. J (2003), “The impact of trade on Intra-industry reallocations of aggregate industry productivity”, Econometrica, Vol. 71, No. 6, pp. 1695
  • Oviatt, B. M. and McDougall, P. P (1994), “Toward a theory of international new ventures”, Journal of International Business Studies, Vol. 25. No. 1, pp. 64.
  • Oyejide, T. A (1974), “Exports and economic growth in African Countries”,
  • Economic International, Vol. 23, pp. 122-133. Pack, H. (1994), “Endogenous growth theory: intellectual appeal and empirical shortcomings”, Journal of Economic Perspectives, Vol. 8, No. 1, pp. 55-62.
  • Panas, E. and Vamvoukas, G. (2002), “Further Evidence on the export-led growth hypothesis”, Applied Economic Letters, Vol. 9, pp. 731–735.
  • Ram, M (1976), “Trade an engine of economic growth: the case of India during the planning period”, The Indian Journal of Economics, Vol. 56, pp. 410.
  • Rebelo, S (1991), “Long-run policy analysis and long-run growth”, Journal of
  • Political Economy, Vol. 99, No. 3, pp. 500-521. Renelt, D (1991), “Economic growth: a review of the theoretical and empirical literature”, World Bank, Washington, Working Paper Series, p. 42.
  • Romer, P. M (1986), “Increasing returns and long-run growth”, Journal of
  • Political Economy, Vol. 94, No. 5, pp. 1002-1037.
  • Solow, R. M (1956), “A contribution to the theory of economic growth”,
  • Quarterly Journal of Economics, Vol. 70, No. 1, pp. 65-94. Swan, T. W (1956), “Economic growth and capital accumulation”, Economic Record, Vol. 32, pp. 334-361.
  • Temple, J (1999), “The new growth evidence”, Journal of Economic
  • Literature, Vol. 37, No. 1, pp. 112-156. Tyler, W. G (1981), “Growth and export expansion in developing countries: some empirical evidence”, Journal of Development Economics, Vol. 9, No. 1, pp. 121-130.
Toplam 31 adet kaynakça vardır.

Ayrıntılar

Diğer ID JA78BU68AY
Bölüm Makaleler
Yazarlar

C.A. Ogbokor Bu kişi benim

Yayımlanma Tarihi 1 Haziran 2016
Yayımlandığı Sayı Yıl 2016 Cilt: 8 Sayı: 1

Kaynak Göster

APA Ogbokor, C. (2016). REASSESSING THE EXPORT-LED GROWTH RELATIONSHIP THROUGH COINTEGRATION METHODS. International Journal of Economics and Finance Studies, 8(1), 192-208.
AMA Ogbokor C. REASSESSING THE EXPORT-LED GROWTH RELATIONSHIP THROUGH COINTEGRATION METHODS. IJEFS. Haziran 2016;8(1):192-208.
Chicago Ogbokor, C.A. “REASSESSING THE EXPORT-LED GROWTH RELATIONSHIP THROUGH COINTEGRATION METHODS”. International Journal of Economics and Finance Studies 8, sy. 1 (Haziran 2016): 192-208.
EndNote Ogbokor C (01 Haziran 2016) REASSESSING THE EXPORT-LED GROWTH RELATIONSHIP THROUGH COINTEGRATION METHODS. International Journal of Economics and Finance Studies 8 1 192–208.
IEEE C. Ogbokor, “REASSESSING THE EXPORT-LED GROWTH RELATIONSHIP THROUGH COINTEGRATION METHODS”, IJEFS, c. 8, sy. 1, ss. 192–208, 2016.
ISNAD Ogbokor, C.A. “REASSESSING THE EXPORT-LED GROWTH RELATIONSHIP THROUGH COINTEGRATION METHODS”. International Journal of Economics and Finance Studies 8/1 (Haziran 2016), 192-208.
JAMA Ogbokor C. REASSESSING THE EXPORT-LED GROWTH RELATIONSHIP THROUGH COINTEGRATION METHODS. IJEFS. 2016;8:192–208.
MLA Ogbokor, C.A. “REASSESSING THE EXPORT-LED GROWTH RELATIONSHIP THROUGH COINTEGRATION METHODS”. International Journal of Economics and Finance Studies, c. 8, sy. 1, 2016, ss. 192-08.
Vancouver Ogbokor C. REASSESSING THE EXPORT-LED GROWTH RELATIONSHIP THROUGH COINTEGRATION METHODS. IJEFS. 2016;8(1):192-208.