This paper explores the dynamic relation between the exports and the gross domestic product from Romania. We employ the Johansen cointegration procedure and the Granger causality test to identify the interactions between the two variables. We find a cointegration relation and a unidirectional...

The paper empirically examines the differential effects of trade on economic growth and investment based on cross-country data. In general, the results are largely consistent with the positive impact of trade on economic growth as found in the literature. However, the empirical results based on...

The paper investigates the impact of globalization (overall, economic, social, and political) on economic growth of South Asian countries over the period from 1971 to 2014 employing cross-sectional dependence test, Cross sectionally Augmented Dickey-Fuller (CADF) unit root test (Pesaran in J...

The feedback of external debt on economic growth through gross domestic investment has provided quite interesting results throughout the world especially in developing countries where external and internal borrowing have been a tradition. Based on a system estimation approach, using Two Stage...

Many economists believe that, while openness to trade increases average GDP growth rates, it also raises output volatility by exposing countries to terms-oftrade shocks. This view does not take into account that, as suggested by a recent strand of the financial fragility literature, commercial...

Using a dynamic factor model, we uncover four main empirical regularities on international comovements in a long-run panel of real and nominal variables. First, the contribution of world comovements to domestic output growth has decreased over the post-WWII period. The contribution of regional...

This paper explores the implications of Unified Growth Theory for the origins of existing differences in income per capita across countries. The theory sheds light on three fundamental layers of comparative development. It identifies the factors that have governed the pace of the transition from...

This paper reviews Thailand's structural changes, the 1997 crisis experience, and recovery and lessons from the crisis. The paper then discusses the impacts of the subprime crisis on the Thai economy and the policy responses to date. The paper ends by discussing strategies to rebalance growth by...

This paper attempts to analyse the economic implications of the rise of China, India, Brazil and South Africa, for developing countries situated in the wider context of the world economy. It examines the possible impact of their rapid growth on industrialized countries and developing countries,...

Rapid and sustained economic growth in the emerging world has brought new members, notably China, into the group of middle-income countries. Reaching this level of income, however, has historically presented countries with a new set of challenges to development, resulting in slowing growth and...