Can Asia sustain an export-led growth strategy in the aftermath of the global crisis? An empirical exploration

Arbeitspapier

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.

Object Details

• Language: Englisch

References and Relationships

• Bibliographic citation: Series: Working Paper ; No. 2011-29

Classification and Topics

• Classification: Wirtschaft ; Economic Growth of Open Economies ; Macroeconomic Analyses of Economic Development ; Economywide Country Studies: Asia including Middle East
• Subject: export-led growth ; tradable-led growth ; global imbalances ; industrialization ; capital accumulation

Contributors, Places and Time

• Event: Geistige Schöpfung
• (who): Hernandez, Gonzalo ; Razmi, Arslan
• Event: Veröffentlichung
• (who): University of Massachusetts, Department of Economics
• (where): Amherst, MA
• (when): 2011

Further information

• Handle: http://hdl.handle.net/10419/64175
• Last update: 10.03.2025, 11:44 AM CET