Trade Liberalization Index and Economic Growth in Developing Countries: Does Stage of Development Matter?
نویسندگان
چکیده
This paper analyses the widely used Sachs and Warner (1995) index of trade liberalization for 193 countries extending period up to 2009 identifying 134 as open, 23 closed, 36 with ambiguous status, then investigates impacts on economic growth using a dynamic model disaggregated levels income. For this purpose, study uses biggest panel data set in literature covering 1985-2009. The results show that impact differs based income developing countries. As indicated by estimated results, lower-middle-income countries, average, benefit 3.45 percent points more compared other from liberalization. finding makes strong case clear departure ‘Washington Consensus’ approach claims same priority all does not ensure growth. Also, findings strongly suggest considering stage development while recommending their policy reforms.
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ژورنال
عنوان ژورنال: The Economic journal of Nepal
سال: 2021
ISSN: ['1018-631X']
DOI: https://doi.org/10.3126/ejon.v44i3-4.55071