Can Asia Sustain an Export-Led Growth Strategy in the Aftermath of the Global Crisis? An Empirical Exploration

Arslan Razmi and Gonzalo Hernandez
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Arslan Razmi: Asian Development Bank Institute (ADBI)

Development Economics Working Papers from East Asian Bureau of Economic Research

Abstract: Many developing countries have attempted to pursue the East Asian growth model in recent decades. This model is widely perceived to have been based on export-led growth. Given that developed countries are likely to grow at a slower rate and be less willing to run trade deficits in the post-financial-crisis world, can this growth model be sustained? Using panel data for Asian countries, this paper contributes to addressing this question by distinguishing between different kinds of export- and tradable-led growth in order to more precisely identify the nature of growth in the pre-crisis decades. We find in particular that, among our variables of interest, the proportion of a country's manufactured exports that is destined for industrialized countries is the one most robustly associated with output growth. The results have implications for continued post-crisis growth in Asian developing countries.

Keywords: export-led growth; Asian developing countries; post-crisis; global crisis (search for similar items in EconPapers)
JEL-codes: F43 O11 O53 (search for similar items in EconPapers)
Date: 2011-12
New Economics Papers: this item is included in nep-cwa, nep-fdg and nep-sea
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Citations: View citations in EconPapers (5)

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Related works:
Working Paper: Can Asia Sustain an Export-Led Growth Strategy in the Aftermath of the Global Crisis? An Empirical Exploration (2011)
Working Paper: Can Asia Sustain an Export-Led Growth Strategy in the Aftermath of the Global Crisis? An Empirical Exploration (2011)
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