scholarly journals Economic Liberalization And Its Link To Convergence: Empirical Evidence From RCEP and TPPA Countries

2021 ◽  
Vol 18 (3) ◽  
pp. 439-460
Author(s):  
Sonia Kumari Selvarajan ◽  
Rossazana Ab-Rahim
Keyword(s):  
Economic Growth ◽  
Empirical Evidence ◽  
Financial Liberalization ◽  
Lao Pdr ◽  
Economic Liberalization ◽  
Annual Data ◽  
Pooled Mean Group ◽  
Convergence Clubs ◽  
Convergence Club ◽  
Asean Countries

Economic liberalization has been the emphasisof adjustment policies in developing countries; ASEAN countries jumped on the bandwagon and espousedeconomic reforms by liberalizingits international trade andfinancial policies. Through the development of free tradeagreement policies such as AEC and RCEP,regional economic integration is accelerating in South East Asia; not leaving behind the less developed member countries such as Cambodia, Lao PDR, Myanmar and Vietnam (CLMV). Hence, the objectives ofthis paper are to examine the dynamic impact of economic liberalization (financial and trade liberalization) on ASEAN’seconomic growth and to assess the possibility of the existence of convergence club between ASEAN and its RCEPcounterparts. Using the annual data covering the period of 1994to 2014, the analysis is based on the Pooled Mean Group (PMG) estimations for liberalization analysis while the Phillips and Sul (2007) methodology is used to assess the economic convergence clubs. The empirical evidence suggests that both trade and financial liberalization play a significant role in ASEAN’seconomic growth. For convergencein RCEP,full sample find an absence of homogenous convergence;as a result, four club convergencesare formed.The result highlights the importance of trade and financial liberalization in enhancing economic growth of ASEANandimpliesthat strong commitments in continuation of liberalization and integration policies arerecommended to promote a sustained economic growth.

Correlation between FDI and Economic Growth: Empirical Evidence From the Lao PDR

2016 ◽  
Author(s):  
Visansack Khamphengvong ◽  
Enjun Xia ◽  
Houmlack Mingboubpha
Keyword(s):  
Economic Growth ◽  
Empirical Evidence ◽  
Lao Pdr

scholarly journals Wagner's Law in Sri Lanka: An Econometric Analysis

2012 ◽  
Vol 2012 ◽  
pp. 1-8 ◽  
Author(s):  
Mayandy Kesavarajah
Keyword(s):  
Economic Growth ◽  
Sri Lanka ◽  
Empirical Evidence ◽  
Public Expenditure ◽  
Special Focus ◽  
Annual Data ◽  
Sri Lankan ◽  
Wagner’S Law ◽  
Long Run ◽  
Wagner's Law

This study examines whether there is empirical evidence that Wagner's law holds in the Sri Lankan economy using time series annual data over the period from 1960 to 2010 for Sri Lanka, applying cointegration and error correction modeling (ECM) techniques. In particular, this study keeps a special focus to examine the validity of six versions of Wagner's hypothesis, which support the existence of long-run relationship between public expenditure and economic growth. The empirical evidence of this study indicates that while there prevail is a short-run relationship between public expenditure and economic growth, the long-run results showed no strong evidence in support of the validity of the Wagner’s law for Sri Lankan economy. Granger causality analysis also confirms this result. Therefore, the findings of this study pave to broaden this study further for a deeper understanding about the relationship between public expenditure and economic growth by giving more attention on individual items of public expenditure and by including more macroeconomic variables in the econometric model using different methodology in future.

scholarly journals Nexus Among Tourism, Environmental Degradation, Inward FDI and Economic Growth: Fresh Evidence from ASEAN Countries

2020 ◽  
Author(s):  
Muhammad Azam ◽  
Sameena Noor ◽  
Muhammad Atif Nawaz
Keyword(s):  
Economic Growth ◽  
Environmental Degradation ◽  
Causal Link ◽  
Positive Influence ◽  
Jel Classification ◽  
Pooled Mean Group ◽  
Long Run ◽  
Short Run ◽  
Asean Countries ◽  
Tourism Arrivals

Abstract This study aims to investigate the linkage among tourism, foreign direct investment, environmental degradation by CO2 emissions and economic growth in five countries from Association of Southeast Asian Nations (ASEAN) over 1995–2017. The outcomes of pooled mean group (PMG) estimator reveal that FDI and international tourism arrivals have a significantly positive influence on economic growth both in the short-run and the long-run. The association between growth and CO2 emissions is found negative and significant. The Granger causality result reveals that there is bidirectional causality between FDI and growth, tourism and growth and FDI and tourism. A unidirectional causal link is found between CO2 emissions and growth, tourism and population and population and CO2 emissions. These findings suggest enhance more inward FDI, control environmental pollution, but also necessary to attract more tourists towards these countries, which in turn, generate revenue and boost up economic growth and development.JEL Classification Codes: F21; O13; O47; Z32

scholarly journals Export-Led Growth Hypothesis: Comparison Between Islamic and Non-Islamic Countries in ASEAN

2016 ◽  
Vol 3 (1) ◽  
pp. 046
Author(s):  
Ahmad Syarif
Keyword(s):  
Economic Growth ◽  
Labor Force ◽  
Empirical Result ◽  
Strong Evidence ◽  
Positive Impact ◽  
Export Growth ◽  
Annual Data ◽  
Islamic Countries ◽  
Asean Countries ◽  
Growth Hypothesis

This study aims to prove and analyze the effect of export growth on economic growth in the ASEAN countries. Using annual data from 2004 to 2014, the empirical result shows that export growth is significant and gives positive impact on the economic growth in ASEAN. However, investment and labor-force are less to affect the economic growth in ASEAN. This study also provides strong evidence that supports the hypothesis of export-led growth as described by Nurkse (Moon, 1997). Export-led growth is an economic strategy that is also used by Islamic countries in ASEAN. Export-led growth has two important reasons, it can generate profits and allow countries to balance their finances and the export growth can lead to greater productivity.  This is consistent with the macro theory assumes that exports are injection to the economy (McCombie et al, 1994).

The Dynamics of International Tourism and Economic Growth Convergence in ASEAN+3

2018 ◽  
Vol 9 (4) ◽  
pp. 815
Author(s):  
I Made SARA ◽  
Ida Bagus Agung DHARMANEGARA ◽  
I Nyoman Sugawa KORRI
Keyword(s):  
Economic Growth ◽  
Lao Pdr ◽  
Method Of Moment ◽  
Conditional Convergence ◽  
Growth Convergence ◽  
Brunei Darussalam ◽  
International Tourist ◽  
Asean Countries ◽  
Generalized Method Of Moment ◽  
The Impact

This study aims to analyze the impact of the tourism sector on economic growth and to identify the convergence of economic growth both in absolute and conditional of ASEAN + 3 countries. The analytical method used is Arellano-Bond Generalized Method of Moment (AB-GMM) with the period of 2003-2015 for 13 ASEAN countries: Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam plus China, Republic of Korea and Japan. The variables used are Gross Domestic Product (GDP) and International Tourist Arrival. The results show that conditional convergence beta by entering tourism indicator has the speed of convergence process in economic growth compared to without entering the tourism indicator. However, the half-life that needed is long enough to achieve steady-state conditions, and it is important to get the attention of policymakers and relevant stakeholders in accelerating the achievement of growth targets through tourism.

scholarly journals Identifying Economic Growth Convergence Clubs and Their Influencing Factors in China

2018 ◽  
Vol 10 (8) ◽  
pp. 2588 ◽  
Author(s):  
Feng Li ◽  
Guangdong Li ◽  
Weishan Qin ◽  
Jing Qin ◽  
Haitao Ma
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Probit Model ◽  
Club Convergence ◽  
Growth Convergence ◽  
Convergence Clubs ◽  
Fixed Assets ◽  
Convergence Club ◽  
New Type ◽  
Urbanization In China

Balanced and coordinated economic development across regions is a critical goal of regional economic development and new-type urbanization in China. However, few studies have examined economic growth convergence clubs at the county level. To extend the research on convergence clubs, this research applies a log t convergence test and a dynamic spatial ordered probit model (DSOP) to endogenously identify economic growth convergence clubs in counties and to examine the influence of initial states and structures on club convergence probability. The study sample covers 2286 counties of China from 1992 to 2010. The results show significant convergence club patterns at the county levels, resulting in the gradual formation of six convergence clubs. The DSOP estimation results show that per capita fixed assets, population density, and industrialization have promoted convergence club formation to varying degrees.

scholarly journals Identifying Economic Growth Convergence Clubs and Their Influencing Factors in China

2018 ◽  
Author(s):  
Feng Li ◽  
Guangdong Li ◽  
Weishan Qin ◽  
Jing Qin ◽  
Haitao Ma
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Probit Model ◽  
Club Convergence ◽  
Growth Convergence ◽  
Convergence Clubs ◽  
Fixed Assets ◽  
Convergence Club ◽  
New Type ◽  
Urbanization In China

Balanced and coordinated economic development across regions is a critical goal of regional economic development and new-type urbanization in China. However, few studies have examined economic growth convergence clubs at the county level. To extend the research on convergence clubs, this research applies a log t convergence test and a dynamic spatial ordered Probit model (DSOP) to endogenously identify economic growth convergence clubs in counties and to examine the influence of initial states and structures on club convergence probability. The study sample covers 2286 counties of China from 1992 to 2010. The results show significant convergence club patterns at the county levels, resulting in the gradual formation of six convergence clubs. The DSOP estimation results show that per capita fixed assets, population density and industrialization have promoted convergence club formation to varying degrees.

scholarly journals The causality among e-money, manufacturing, services and money supply: an empirical evidence of ASEAN countries

2020 ◽  
Vol 8 (3) ◽  
pp. 269-276
Author(s):  
Heryadi Heryadi ◽  
Azwardi Azwardi ◽  
Sukanto Sukanto
Keyword(s):  
Economic Growth ◽  
Empirical Evidence ◽  
Money Supply ◽  
Service Sector ◽  
Economic Transition ◽  
Manufacturing Sector ◽  
Causal Relation ◽  
Causal Effect ◽  
Asean Countries

The economic transition happened in ASEAN countries caused the increased growth of e-money use. This study was established to discover the causal relation between the growth in manufacturing and service sector and the e-money usage through causality panel approach. Furthermore, this study also focused on finding the causality among the economic growth in manufacturing and service sector, e-money and money supply during 2008-2018 period in the region. The result of the study showed that: (1) there was a one-way causality between the growth in service sector and e-money use, (2) there was no causality between e-money use and the growth in manufacturing sector (3) the growth of money supply provided causal effect on the increase of e-money use.

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