Inclusive Growth and Structural Reforms in APEC Member Economies

Moonsung Kang () and Geunhyo Kim ()
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Moonsung Kang: KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP), Postal: Building C, Sejong National Research Complex, 370,, Sicheong-daero, Sejong-si, Korea, http://www.kiep.go.kr/index.do
Geunhyo Kim: KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP), Postal: Building C, Sejong National Research Complex, 370,, Sicheong-daero, Sejong-si, Korea, http://www.kiep.go.kr/index.do

No 19-4, APEC Study Series from Korea Institute for International Economic Policy

Abstract: This paper empirically analyses the simultaneous impacts of structural re-forms - trade liberalization, capital account liberalization, and financial liberal-ization - on inclusive growth using panel data for 17 APEC member econ-omies covering years from 1970 to 2016. The results show that capital ac-count liberalization and growth of market capitalization are positively associ-ated with inclusive growth of APEC member economies, especially non-high-income member economies. Trade liberalization has a negative impact on inclusive growth only of the whole income group. We further find the robust evidence that the expansion of domestic credits provided by financial sectors had a negative impact on inclusive growth. These results give implica-tions that governments of APEC member economies need to design trade policies in a way of expanding outcomes of trade liberalization in a more inclusive way and of increasing extensive margins of export sectors. In addi-tion, they need to design policies to increase access to the financial sector for the poor and socially marginalized people.

Keywords: APEC; Inclusive Growth; Structural Reform; Trade Liberalization; Financial Liberalization (search for similar items in EconPapers)
JEL-codes: A10 (search for similar items in EconPapers)
Pages: 49 pages
Date: 2019-12-20
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Persistent link: https://EconPapers.repec.org/RePEc:ris:kiepas:2019_004

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