Trade Policy, Foreign Direct Investment, and Convergence

Kyriaki Silvestriadou and Vudayagiri Balasubramanyam ()

Review of Development Economics, 2000, vol. 4, issue 3, 279-291

Abstract: This paper examines the hypothesis that countries which pursue export‐promoting (EP) policies are much more likely to converge than countries which pursue import‐substituting (IS) policies. The hypothesis is tested statistically in the context of a sample of developing countries which have in the recent past pursued inward‐looking or outward‐looking or export‐promotion (EP) policies. The empirical eviddence supports the hypothesis EP countries converge at approximately 1.9% per annum, while IS countries converge at approximately 0.9% per annum.

Date: 2000
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