Economic openness and economic growth: a cointegration analysis for ASEAN-5 countries

The paper considers three channels of economic openness, namely FDI, imports, and exports, and examines their short-run and long-run effects on the economic growth in the five founding member countries of the Association of Southeast Asian Nations (ASEAN) over the period from 1980 to 2014. Besides t...

Mô tả chi tiết

Lưu vào:
Hiển thị chi tiết
Tác giả chính: Vogiatzoglou, Klimis, Nguyen, Thi Phuong Nhung
Định dạng: Bài trích
Ngôn ngữ:English
Chủ đề:
Truy cập trực tuyến:https://thuvienso.hoasen.edu.vn/handle/123456789/11017
Từ khóa: Thêm từ khóa bạn đọc
Không có từ khóa, Hãy là người đầu tiên gắn từ khóa cho biểu ghi này!
id oai:https:--thuvienso.hoasen.edu.vn:123456789-11017
record_format dspace
spelling oai:https:--thuvienso.hoasen.edu.vn:123456789-110172023-10-17T06:34:18Z Economic openness and economic growth: a cointegration analysis for ASEAN-5 countries Vogiatzoglou, Klimis Nguyen, Thi Phuong Nhung Import Export Economic growth The paper considers three channels of economic openness, namely FDI, imports, and exports, and examines their short-run and long-run effects on the economic growth in the five founding member countries of the Association of Southeast Asian Nations (ASEAN) over the period from 1980 to 2014. Besides the impact on the economic growth, the authors analyze all possible causal interrelationships to discern patterns and directions of causality among FDI, imports, exports, and GDP. The quantitative analysis, which is based on the vector error correction co-integration framework, is conducted separately for each country in order to assess their individual experiences and allow for a comparative view. Although the precise details differ across countries, the findings indicate that there is a long-run equilibrium relationship between economic openness and GDP in all ASEAN-5 economies. FDI, imports and exports have a significantly positive short-run and long-run impact on the economic growth. Our results also show that export-led growth is the most important economic growth factor in most countries, followed by FDI-led growth. Another crucial finding is the bi-directional causality between exports and FDI across the ASEAN-5 countries. This indicates the presence of direct and indirect effects on GDP and a self-reinforcing process of causality between those two variables, which strengthens their impact on the economic growth. 2016 Article 2406-2588 https://thuvienso.hoasen.edu.vn/handle/123456789/11017 en Pp. 10-20 application/pdf The European Journal of Applied Economics. Volume 13, Issue 2
institution Trường Đại học Hoa Sen
collection DSpaceHS
language English
topic Import
Export
Economic growth
spellingShingle Import
Export
Economic growth
Vogiatzoglou, Klimis
Nguyen, Thi Phuong Nhung
Economic openness and economic growth: a cointegration analysis for ASEAN-5 countries
description The paper considers three channels of economic openness, namely FDI, imports, and exports, and examines their short-run and long-run effects on the economic growth in the five founding member countries of the Association of Southeast Asian Nations (ASEAN) over the period from 1980 to 2014. Besides the impact on the economic growth, the authors analyze all possible causal interrelationships to discern patterns and directions of causality among FDI, imports, exports, and GDP. The quantitative analysis, which is based on the vector error correction co-integration framework, is conducted separately for each country in order to assess their individual experiences and allow for a comparative view. Although the precise details differ across countries, the findings indicate that there is a long-run equilibrium relationship between economic openness and GDP in all ASEAN-5 economies. FDI, imports and exports have a significantly positive short-run and long-run impact on the economic growth. Our results also show that export-led growth is the most important economic growth factor in most countries, followed by FDI-led growth. Another crucial finding is the bi-directional causality between exports and FDI across the ASEAN-5 countries. This indicates the presence of direct and indirect effects on GDP and a self-reinforcing process of causality between those two variables, which strengthens their impact on the economic growth.
format Article
author Vogiatzoglou, Klimis
Nguyen, Thi Phuong Nhung
author_facet Vogiatzoglou, Klimis
Nguyen, Thi Phuong Nhung
author_sort Vogiatzoglou, Klimis
title Economic openness and economic growth: a cointegration analysis for ASEAN-5 countries
title_short Economic openness and economic growth: a cointegration analysis for ASEAN-5 countries
title_full Economic openness and economic growth: a cointegration analysis for ASEAN-5 countries
title_fullStr Economic openness and economic growth: a cointegration analysis for ASEAN-5 countries
title_full_unstemmed Economic openness and economic growth: a cointegration analysis for ASEAN-5 countries
title_sort economic openness and economic growth: a cointegration analysis for asean-5 countries
url https://thuvienso.hoasen.edu.vn/handle/123456789/11017
work_keys_str_mv AT vogiatzoglouklimis economicopennessandeconomicgrowthacointegrationanalysisforasean5countries
AT nguyenthiphuongnhung economicopennessandeconomicgrowthacointegrationanalysisforasean5countries
_version_ 1783233699843670016