REVISITED EXPORT-LED GROWTH HYPOTHESIS FOR SELECTED EUROPEAN COUNTRIES: A PANEL HIDDEN COINTEGRATION APPROACH

Year 2013, Issue: 18, 134 - 151, 02.12.2014

Fatma Zeren , Burcu Kılınç Savrul

Abstract

This paper examines the export-led growth hypothesis in a panel of selected European countries from 1970 to 2011. For this purpose, a panel hidden cointegration test is used. Initially, cumulative negative and positive changes are constructed for each panel variable. Then the potential panel cointegration is examined. Our empirical results support that there is hidden cointegration in panel, thus we assert that there exists a long-term relationship between economic growth and exports.

Keywords

Exports, Economic Growth, Panel Data, Hidden Cointegration.

REVISITED EXPORT-LED GROWTH HYPOTHESIS FOR SELECTED EUROPEAN COUNTRIES: A PANEL HIDDEN COINTEGRATION APPROACH

Abstract

References

• Akta ş , C., 2009. Türkiye’nin İ hracat, İ thalat ve Ekonomik Büyüme Arasındaki Nedensellik Analizi. Kocaeli Üniversitesi Sosyal Bilimler Enstitüsü Dergisi 18/2: 35-47. Awokuse, T. O., 2006. Export-Led Growth And The Japanese Economy: Evidence From VAR And Directed Acyclic Graphs. Applied Economics Letters 38: 593-602. Bilgin, C., ve A. Ş ahbaz 2009. Türkiye’de Büyüme ve İ hracat Arasındaki Nedensellik İ li ş kileri. Gaziantep Üniversitesi Sosyal Bilimler Dergisi 8(1):177-198. Chang T., D. Beatrice., Simo-Kengne, Gupta R. 2013. The Causal Relationship between Exports and Economic Growth in the Nine Provinces of South Africa: Evidence from Panel-Granger Causality Tests. University of Pretoria, Department of Economics Working Paper Series Dash R.K. 2009. Revisited Export-Led Growth Hypothesis : An Empirical Study on India. South Asia Economic Journal, 10:2:305–324. Ersungur, Ş ., M. İ lkay, N. Yalman 2009. Bölgesel Kalkınmada İ hracat Te ş viklerinin Etkinli ğ i: Sivas İ linde Bir Uygulama. C.Ü. İ ktisadi ve İ dari Bilimler Dergisi 10(1),81-98. Faridi M.Z. 2012. Contribution of Agricultural Exports to Economic Growth in Pakistan. Pak. J. Commer. Soc. Sci., 6(1): 133-146. Furuoka, F. 2007. Econometric Analysis of the Export-led Growth Hypothesis: Evidence for BIMPEAGA Countries. Philippine Journal of Development, XXXIV(2): 25-42. Filiztekin, A., K. Yılmaz, ve Ü. İ zmen 2005. Türkiye’de Büyüme Perspektifleri: Makroekonomik Çerçeve, Dinamikler-Çerçeve. TÜS İ AD Büyüme Stratejileri Dizisi No:1, Yayın No. TÜS İ AD-T/2005-06/398.
• Granger, C.W., and Yoon, G. 2002. Hidden Cointegration. Department of Economics Working Paper. University of California. San Diego. Gul E., Kamacı A. 2012. Dı ş Ticaretin Büyüme Üzerine Etkileri: Bir Panel Veri Analizi. Uluslararası Alanya İş letme Fakültesi Dergisi, Yıl:2012, C:4, S:3, ss. 81-91. Gündal B., S. Azgün 2011. The Relationship between Imports and Exports and Economic Growth in Turkey. EconAnadolu 2011: Anadolu International Conference in Economics II June 15-17, 2011, Eskisehir, Turkey, 1-15. Hatemi-J, A. 2011. Hidden Panel Cointegration. MPRA Paper. No: 31604. http://mpra.ub.uni-muenchen.de/31604/1/MPRA_paper_31604.pdf At available date 27.04. 20 Im, K.S., Pesaran, M.H., Shin, Y., 2003. Testing for unit roots in heterogeneous panels. Journal of Econometrics 109, 53–74 Ismail A.G., D. A. Harjito 200 Exports and Economic Growth: The Causality Test for ASEAN Countries. Jurnal EKONOMI PEMBANGUNAN, 8(2):89 – 95. Kao, C., 1999. Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics 105, 1–44 Waithe K., T. Lordeb and B. Francis, 2011. Export-led Growth: A Case Study of Mexico. International Journal of Business, Humanities and Technology 1 (1): 33-44. Keong C.C., Z. Yusop, V. L. K. Sen 2005. Export-led growth hypothesis in Malaysia: An Investigation Using Bounds. Sunway Academic Journal 2: 13–22
• Konya L. 2006. Exports and growth: Granger causality analysis on OECD countries with a panel data approach. Economic Modelling 23(6): 978-992. Mohsen M. and Firouzjaee, B. A. 2011. Granger Causality Relationship between Export Growth and GDP Growth in Developing Countries: Panel Cointegration Approach. International Journal of Humanities and Social Science, 1(16):223-231 Özer, M., ve L. Erdo ğ an 2006. Türkiye’de İ hracat, İ thalat ve Ekonomik Büyüme Arasındaki İ li ş kilerin Zaman Serisi Analizi. Ekonomik Yakla ş ım, 17( 60-61):93-110. Panas, E. and Vamvoukas, G.A. 2002. Further Evidence On Export-Led Growth Hypothesis. Applied Economics Letters, 9:731-735. Purna C. P.and P. Sahoo. 2007. Export-led Growth in South Asia: A Panel Cointegration Analysis. International Economic Journal 21( 2):155–175 Ram, Y. 2003. An Empirical Examination Of The Export-Led Growth Hypothesis In Fiji. Economic Department Reserve Bank Of Fiji, Working Paper, 2003/01. Ray S. 2011. A Causality Analysis on the Empirical Nexus between Export and Economic Growth: Evidence from India. International Affairs and Global Strategy 1:24-39. Seabre F., J. K. Galimberti 2012. Conditioned Export-Led Growth Hypothesis: A Panel Threshold Regressions Approach. Revista de Economia 38(2):07-24. Ş im ş ek, M. 2003. İ hracata Dayalı-Büyüme Hipotezinin Türkiye Ekonomisi Verileri İ le Analizi 1960-2002. Dokuz Eylül Üniversitesi İ İ .B.F.Dergisi 18(2):43- 63. Yardımcıo ğ lu, F. ve A. Gülmez 2013. Türk Cumhuriyetleri’nde İ hracat ve Ekonomik Büyüme İ li ş kisi: Panel E ş bütünle ş me ve Panel Nedensellik Analizi. Bilgi Ekonomisi ve Yönetimi Dergisi VIII(I):145-161.