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Trade Liberalization, Economic Growth and Convergence: Evidence From East Asian Economies
( Zhao Yong Zhang ) 세종대학교 경제통합연구소 2001 Journal of Economic Integration Vol.16 No.2
In recent years most studies analyzing cross-country convergence have ignored the role of international trade, simply framing the analysis in a Solow world. These models then have very limited power in explaining the economic growth of East Asia, given that East Asian integration is largely due to the market-driven forces, trade induced by foreign direct investment (FDI). This paper investigates the interrelationship between regional integration and economic convergence by linking income convergence to intra-regional trade and FDI. A central focus of the model is on how the degree of market integration driven through trade and FDI interacts with income convergence among the East Asian countries during the period 1960-1996. We shed light on the significance of trade openness, liberalization and regional integration in contributing to cross-country income convergence.
ShrabaniSaha,ZhaoyongZhang 한양대학교 경제연구소 2016 JOURNAL OF ECONOMIC RESEARCH Vol.21 No.1
This article analyses the exchange rate shocks and its pass-through to various levels of prices in two emerging economies and one developed country by employing a structural VAR framework over the period 1990-2011. We assess the pass-through into import, export, producer and consumer prices in Australia, China and India in industries including mining, agriculture and manufacturing. We test whether the exchange rate pass-through to import prices is more complete in any particular sector and estimate the pass-through to consumer prices to investigate whether there is any linkage between the pass-through and the average inflation rate across these countries. The impulse responses indicate that exchange rates have less effect in the rising mining and natural resources prices in Australia than in China and India. Moreover, the pass-through of exchange rate to aggregate consumer prices is greater in China and India than Australia. This will have important policy implications for the monetary authorities.