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

Gonzalo Hernandez () and Arslan Razmi ()
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Gonzalo Hernandez: University of Massachusetts Amherst
Arslan Razmi: University of Massachusetts Amherst

UMASS Amherst Economics Working Papers from University of Massachusetts Amherst, Department of Economics

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. JEL Categories: F43, O11, O53

Keywords: Export-led growth; tradable-led growth; global imbalances; industrialization; capital accumulation. (search for similar items in EconPapers)
Date: 2011-10
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)
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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