Foreign Reserves and Economic Growth: Granger Causality Analysis with Panel Data

Mei-yin Lin ()
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Mei-yin Lin: Department of Economics, Shih Hsin University

Economics Bulletin, 2011, vol. 31, issue 2, 1563-1575

Abstract: This paper will investigate the Granger causality between foreign reserves and economic growth in twenty largest reserves-holding countries ranging from 1980 to 2008. The method of first-differencing each variable is used to estimate the panel data VAR equations for Granger causality test. The results show the foreign reserves unilaterally Granger cause economic growth only in the emerging countries. In the advanced countries, there is no Granger causal relation between foreign reserves and economic growth.

JEL-codes: C3 F4 (search for similar items in EconPapers)
Date: 2011-06-05
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