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http://dx.doi.org/10.9723/jksiis.2013.18.4.061

The Exports and Economic Growth in the 8 Manufacturing Industries: Cointegration and Error Correction Models:1975-2010  

Zhu, Yan Hua (연변대학교 경제학부)
Park, Sehoon (관동대학교 경제금융학과)
Kang, Joo Hoon (관동대학교 경제금융학과)
Publication Information
Journal of Korea Society of Industrial Information Systems / v.18, no.4, 2013 , pp. 61-72 More about this Journal
Abstract
The relationship between export growth and economic growth in developing countries has been one of the main issues in the growth theory field. Many of empirical studies have been done during the last three decades in order to investigate the export-led growth hypothesis using either time-series or cross-sectional data mainly in developing countries. This paper applies cointegration and error correction models to test causal relationship between export growth and economic growth in the Korean 8 manufacturing industries using the industrial time-series quarterly data over 1975-2010. The export-output relationship is tested by including industrial capital stock and the industrial labor force as exogenous variables. The cointegration and error-correction modelling technique with industrial export and output data have showed the strong evidence that there is a bi-directional causality between industrial export and industrial output in 6 manufacturing industries except wood & pulp and nonmetallic industries.
Keywords
Manufacturing industries; Export-led growth hypothesis; Cointegration; Error Correction Model; Causality;
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Times Cited By KSCI : 2  (Citation Analysis)
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