Impact of Trade Liberalization on Economic growth in India

Modak, Kali Charan; Mukherjee, Pallabi

doi:10.15373/2249555x/may2014/105

Cited by 4 publications

(3 citation statements)

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“…Several control variables such as inflation rate (INF), government expenditure (GOV), and investment measured by the gross fixed capital formation as a share of GDP (GFCF) are also employed. These control variables are widely used in past studies (Blanco 2011;Huang & Chang 2013;Kim et al 2014;Modak & Mukherjee 2014). A high gross fixed capital formation indicates a more liberalised economy.…”

Section: Data and Methodology Description Of Datamentioning

confidence: 99%

Convergence Clubs of Economic Liberalization in ASEAN, China, and India

2018

JEM

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The emergence of China and India as major international forces alongside ASEAN has triggered interest in strengthening the economic ties between these countries; hence, this serves as the motivation for this study to embark upon an analysis on economic liberalization and its link to economic growth. The present study also aims to examine the possibility of convergence clubs to exist between ASEAN, China, and India. The pooled mean group (PMG) estimator approach was employed to assess the dynamic effects of economic liberalization, while Phillips and Sul methodology was used to assess the economic possibility of convergence clubs. The empirical evidence supports the positive nexus between economic liberalization and economic growth of ASEAN, China and India for the 1988 to 2014 period. The results also offered support to the hypothesis that not all countries converge to a single equilibrium state, and the results of Philips and Sul's method revealed the existence of three convergence clubs. The first club consists of Singapore and Brunei Darussalam, the second club is represented by Thailand, China, and Indonesia, while the third group comprises of the Philippines, India, Vietnam, Lao PDR, and Myanmar. Interestingly, Malaysia was found to be the only outlier among the selected countries under study.

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Section: Data and Methodology Description Of Datamentioning

confidence: 99%

Convergence Clubs of Economic Liberalization in ASEAN, China, and India

2018

JEM

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“…Several control variables such as population rate (POP), government expenditure (GOV) and investment measured by the gross fixed capital formation as a share of GDP (GFCF) are also employed. These control variables are commonly used in past studies (Bekaert et al, 2005;Blanco, 2011;Kim, Lin & Suen, 2014;Modak & Mukherjee, 2014). GFCF includes the expenditure on fixed assets as it is a major part of GDP expenditure and is found to be an important determinant of growth (Shaheen et al, 2013).…”

Section: Description Of Datamentioning

confidence: 99%

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

Selvarajan

Ab-Rahim

2021

IJBS

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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.

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“…From the point of trade policy formation, there is a need for a comprehensive study on various determinants of agricultural exports in the face of the highly changing and competitive world market. Various studies have focussed on the impact of trade on economic growth (Modak & Pallabi, 2014), poverty and inequality (Topalova, 2010), productivity (Mahadevan, 2003), determinants of bilateral trade (Srinivasan & Archana, 2009) and mainly on efficiency (Barma, 2017) among others. The present article will add literature by employing the role of tourism inflow on agricultural exports.…”

Section: Introductionmentioning

confidence: 99%

How Does the Inflow of Tourism Affect the Agricultural Exports of India?

Shah,

Nengroo,

Haq

et al. 2023

The Indian Economic Journal

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The empirical relationship between tourism inflow and international trade has been explored during recent years, supporting the argument that international tourism inflow promotes international trade between countries. However, the impact of international tourism inflow on agricultural exports has been neglected within standard agricultural trade models such as agricultural exports function and gravity model. The main aim of the article is to provide theoretical and empirical evidence that international tourism inflow matters for agricultural trade. The study uses an agricultural export demand function and augmented gravity model to examine the impact of tourism inflow on agricultural exports of India from the top 10 importing countries for the period 2000–2019. The agricultural trade model is estimated using random effect and fixed-effect model. To overcome the problem of panel heteroscedasticity and autocorrelation, it uses the panel corrected standard error model. Further, potential endogeneity is treated by using a 2SLS model. The empirical evidence confirms the significant and positive impact of tourism inflow on agricultural exports of India. JEL Codes: F1, Q17, Z30

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Impact of Trade Liberalization on Economic growth in India

Cited by 4 publications

References 1 publication

Convergence Clubs of Economic Liberalization in ASEAN, China, and India

Convergence Clubs of Economic Liberalization in ASEAN, China, and India

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

How Does the Inflow of Tourism Affect the Agricultural Exports of India?

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