Openness and industrialization in developing countries
W. Charles Sawyer and
Applied Economics Letters, 1999, vol. 6, issue 3, 161-164
This paper investigates the relationship between trade policy orientation and industrialization. Growth rates of manufacturing value added, rather than output growth rates, are related to index of real exchange rate distortion to establish the superiority of outward-oriented strategies in fostering industrial development. Results suggest developing countries will industrialize faster by adopting outward-oriented trade strategies than by using import substitution industrialization policies.
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