Linkage between international trade and economic growth in GCC countries: Empirical evidence from PMG estimation approach

This paper explores the empirical evidence of the links between economic growth and openness to international trade by controlling for auxiliary variables in the model for the six Gulf Cooperation Council (GCC) countries over the annual sample period 1980–2010. After testing for cointegration based on a recent bootstrap panel test, we employ the Pooled Mean Group (PMG) estimation technique of M.H. Pesaran, Y. Shin, and R. Smith (1999. “Pooled Mean Group Estimation of Dynamic Heterogeneous Panels”. Journal of the American Statistical Association 94: 621–634) that is appropriate for drawing sharper conclusions in dynamic heterogeneous panels by considering long-run equilibrium relations. The results show evidence of cointegration relationship between the variables of interest, and reveal that economic growth responds positively to trade openness over both the short run and long run. The evidence is robust to using various trade openness measures and to alternative model specifications, suggesting thus the non-fragility of the linkage between economic growth and openness to international trade for the GCC region. Our findings are then promising and support the view that economic growth is directly and robustly linked to trade openness for the GCC countries.     

Dynamic causality testing for EKC hypothesis,pollution haven hypothesis and international trade in India

This study examines the causality relationships between foreign direct investment (FDI), economic growth (GDP) and CO₂ emissions along with the level of trade (exports and imports) taking place in India. The study uses data obtained from World Development Indicators (WDI) of World Bank Group for the period 1982–2013. The study employed the dynamic multivariate Toda-Yamamoto (TY) approach that uses the modified Wald (MWALD) test. Among the major findings of the study are: the existence of both Pollution Haven Hypothesis and Environmental Kuznets Curve (EKC) hypothesis in India. The other findings of the study are: FDI is causing exports; exports are causing imports; imports are causing CO₂ emissions; and finally CO₂ emissions and GDP are causing each other. This finding concludes mainly two things. First, India imports more of pollution-intensive manufactured goods. Second, FDI is causing GDP in India but through CO₂ emissions.     

Economic growth and environmental degradation in Vietnam: Is the environmental Kuznets curve a complete picture?

Based on a sample of 1974–2016 annual data of Vietnam, we show that the EKC does not exist in the short run but only in the long run. However, the N-shape describes better the long-run income-pollution relationship. This implies that Vietnam can expect a temporary reduction in CO₂ emissions at a given stage of economic growth. However, this will be followed by a further increase of CO₂ emissions after reaching another income turning point. The Vietnamese government should thus focus on long-term economic and environmental strategies. A robustness check shows that these results are not impacted by the variables' selection.     

Foreign aid and economic growth: evidence from Cambodia

This paper attempts to examine the growth impact of foreign aid in Cambodia over the period 1980–2014, using the autoregressive distributive lag (ARDL) bounds testing approach. The study also incorporates investment and trade openness into the model. The empirical findings show that trade openness has positive effects on growth in both the short run and the long run; investment has positively contributed to growth in the long run while foreign aid has positive impact on growth only for the short run. On the contrary, in the long run, it has negative impact on investment and growth. This can be suggested that dependence on foreign aid for long periods of time does not positively contribute to investment and growth in Cambodia. In order to achieve sustainable growth and enhanced industrialization, policy-makers should move from aid dependence to promote investments through elevating domestic and foreign capital in the country.     

CO2 emissions embodied in China’s export

ABSTRACT

The reduction of CO₂ emissions embodied in export will have an important role for China to achieve its CO₂ emissions peaking target. In this study, we use input–output analysis to examine the embodied CO₂ emissions in China’s export to its top largest trading countries from 2008 to 2015. We find that China’s exported CO₂ emissions peaked in 2008. More than 70% of embodied CO₂ emission were exported to only 20 countries, and CO₂ emissions exported to developing countries have been increasing. High-energy consumption sectors contribute to CO₂ emissions embodied in export significantly, such as Electricity, Gas and Water. We conclude that structural adjustment could be considered alongside technological improvements to curb China’s growing CO₂ emissions.     

The Evolutionary Effects of Democracy: In the Long Run,We are All Trading?

It is well established that democracy affects trade, but how does this relationship change over time? The results suggest that democracy increases trade openness both in the short and long run. However, democracy only leads to a reduction in trade restrictions in the short term. In addition, the durability of a polity is employed as an instrument in order to consider the possibility that democracy and trade are endogenously related. This method helps to isolate a causal effect of democracy on trade, and the results suggest that the economic effect of democracy is 2–3 times larger than under OLS.     

The dynamics of trade and competition

We estimate a version of the Melitz and Ottaviano [Melitz, Marc J. and Ottaviano, Gianmarco I.P., 2008, Market size, trade, and productivity, Review of Economic Studies 75(1), pp. 295-316.] model of international trade with firm heterogeneity. The model is constructed to yield testable implications for the dynamics of prices, productivity and markups as functions of openness to trade at a sectoral level. The theory lends itself naturally to a difference in differences estimation, with international differences in trade openness at the sector level reflecting international differences in the competitive structure of markets. Predictions are derived for the effects of both domestic and foreign openness on each economy. Using disaggregated data for EU manufacturing over the period 1989-1999 we find short run evidence that trade openness exerts a competitive effect, with prices and markups falling and productivity rising. The response of profit margins to openness has implications on the conduct of monetary policy. Consistent with the predictions of some recent theoretical models we find some, albeit weaker, support that the long run effects are more ambiguous and may even be anti-competitive. Domestic trade liberalization also appears to induce pro-competitive effects on overseas markets.     

Trade openness,income levels,and economic growth: The case of developing countries, 1970–2009

This paper attempts to investigate the extent to which trade openness has had an impact on the levels of income and rates of growth in a sample of 115 developing countries for the period 1970–2009. Additionally, to assess whether there is an income level threshold for a country to benefit from international trade, the sample is broken down into three mutually exclusive groups of countries: low-income, lower middle-income, and upper middle-income countries. The main novelty of the paper lies on the use, on the one hand, of a new and better trade openness measure and, on the other hand, of non-stationary heterogeneous panel cointegration techniques to cope with the problem of cross-sectional dependence. The results show a positive bi-directional relationship between trade openness and income level in the long run, thus suggesting that trade openness is both a cause and a consequence of the level of income. The results for the short run, that is, the link between openness growth and economic growth, go in the same direction.     

ENVIRONMENTAL IMPACTS OF TRADE IN INDIA

Abstract

This article aims at contributing to environment trade debate by evaluating the impacts of international trade on emissions of carbon dioxide, sulphur dioxide, and nitrogen oxides for the Indian economy during 90s using Input-Output techniques. The article has constructed an index of pollution terms of trade. Using the Input-Output table of 1991–92 and 1996–97 for India we have computed pollution terms of trade for the content of CO₂, SO₂, and NO _x . Results show that the indices are below 100, indicating that India produces goods that are more environment friendly than goods it imports, thus challenging the pollution haven hypothesis for India. The article has also offered explanations for these results.     

贸易开放提高了二氧化碳排放吗?——来自中国的证据

采用中国 1990—2010 年的省级面板数据,选取排放总量和碳强度作为二氧化碳排放指标,实证考察贸易开放对中国碳排放的影响,研究发现: ( 1) 贸易开放显著提高了碳排放,"向底线赛跑"假说揭示的环境负面效应强于贸易的环境收益效应。(2) 环境库兹涅茨曲线假说在中国成立,人均收入是影响碳排放的关键因素。( 3) 贸易开放的环境效应存在时空上的结构性差异,随着时间的推移,贸易开放对环境的负面效应有所减弱; 相对于内陆地区,贸易开放对沿海地区环境的负面效应要小。在分析实证结果背后原因的基础上,得出了相应的政策启示。     

欧洲经济一体化的贸易效应对中欧贸易的影响探析

本文将Michaely指数纳入引力模型,并建立面板协整和面板误差修正模型研究欧洲经济一体化对中欧贸易的长期和短期影响机制。结果显示,欧洲经济一体化促使欧盟的经济小国调整自身生产和贸易结构以适应欧盟的生产贸易结构,欧盟经济大国对华贸易则保持相对的独立性。从长期看贸易转移效应是影响中欧双边贸易流量的最主要因素,而贸易创造效应、中欧双方的经济规模以及汇率因素也对贸易流量有重要影响;短期在贸易创造效应和贸易转移效应共同作用下,中国对欧盟的贸易顺差有扩大趋势。     

能源约束对出口贸易结构影响的实证分析

本文从能源价格的角度出发,在定义能源约束量化指标的基础上,建立了能源约束对出口贸易结构影响的动态计量模型,并从长期和短期两个角度,分析了能源约束对出口贸易结构的动态影响。研究结果表明,从短期看,能源约束通过直接的价格冲击和间接的生产要素部门转移,带动贸易结构的优化调整;从长期看,能源约束对出口贸易结构的调整方向具有不确定。     

城市化进程中贸易开放的碳减排效应

文章基于2003-2012年中国省际面板数据,通过构建城市化水平测算指标体系、邻接矩阵、地理距离空间权重矩阵、经济距离空间权重矩阵,采用面板门限模型、空间杜宾模型,实证检验贸易开放、城市化对二氧化碳排放的影响效应。结果发现,贸易开放、城市化、二氧化碳排放均存在显著的空间集聚效应。贸易开放对二氧化碳排放的作用受人力资本存在的单一门限值影响,若地区人力资本越过门限值,贸易开放可以显著抑制二氧化碳排放;反之,贸易开放对二氧化碳排放则有促进作用。     

Asymmetric response of the US–India trade balance to exchange rate changes: Evidence from 68 industries

The relationship between the trade balance and the exchange rate continues to attract attention by international economists and has entered into new territory, mostly due to advances in econometric methods. The introduction of asymmetric error‐correction modelling and asymmetric cointegration using the nonlinear ARDL approach of Shin et al. (Festschrift in Honor of Peter Schmidt: Econometric methods and applications, Springer, 2014, 281) as compared to the symmetric and linear ARDL approach of Pesaran et al. (Journal of Applied Econometrics, 2001, 16, 289) has led us in a new direction to discover relatively better results. We apply these methods to the bilateral trade balance model of each of the 68 industries that trade between India and the USA. The nonlinear approach not only provides more support to the J‐curve effect, but also yields support in favour of short‐run and long‐run asymmetric effects of exchange rate changes in most of the industries.     

The Long‐run Relationship Between Trade and Population Health: Evidence from Five Decades

In recent years, the increase in international trade has sparked a debate about the impact of international trade on population health. To date, however, there has been very little econometric research on the relationship between these two variables. This paper examines the long‐run relationship between trade openness and population health for a sample of 74 countries over five decades, from 1960 to 2010. Using panel time‐series techniques, it is shown that international trade in general has a robust positive long‐run effect on health, as measured by life expectancy and infant mortality. This effect tends to be greater in countries with lower development levels, higher taxes on income, profits, and capital gains, and less restrictive business and labour market regulations.     

新开放条件下外资、外贸与长三角区域经济增长关系研究

本文以新开放条件为背景,采用协整理论、脉冲响应函数和Granger因果检验方法就外资、外贸与长三角区域经济增长关系进行了实证分析,结果表明:(1)无论是短期,还是长期,FDI和出口都推动了经济增长,而进口只在短期内促进了经济增长,长期促进作用并不显现。(2)在短期内,FDI的经济增长效应和贸易效应存在较大的差异,前者明显大于后者。(3)FDI、出口与经济增长存在长期双向因果关系,进口只是经济增长的短期单向原因。文章最后提出相应的对策建议。     

服务贸易开放度与碳排放 ——基于1995~2009年跨国面板数据的实证分析

在世界服务贸易取得迅猛发展的同时,全球面临的环境问题也日益突出。基于1995~2009年的国际面板数据,本文构建计量模型对服务贸易开放度与碳排放的关系进行了实证分析。实证检验发现,在全样本区间内,服务贸易开放度与二氧化碳排放呈倒U型关系;依收入水平分组的实证检验发现,高收入国家服务贸易开放度的提高可以显著减少二氧化碳的排放,中低收入国家则不显著,而中高收入国家服务贸易开放度与碳排放呈倒U型关系。     

A New Measure of Trade Openness

Trade openness, popularly measured as (X + M)/GDP in the hundreds of studies published to date, consistently considers the world's biggest trading countries such as the USA, the UK, Japan and Germany to be closed economies, irrespective of the data set used. This study suggests a composite trade share measure that more completely reflects reality by combining two important dimensions of trade openness: trade share and the relative importance of a country's trade level to total world trade. Robustness tests support the new proposed measure in lieu of the conventional measure of openness and suggest that the latter may not only be incomplete but may also overstate the impact of trade on such things as income and the environment.     

高新技术产品对外贸易对我国就业技能结构影响的实证分析

高新技术产品对外贸易是技术外溢的渠道,它能引起技能偏向性技术改变,从而对劳动力技能产生引致需求。文章通过建立计量模型,分别考察在短期内高新技术产品贸易对我国就业技能结构的影响以及在长期内除高新技术产品贸易因素之外,其它关键因素对我国就业技能结构的影响,并根据其结论为我国改善就业技能结构提出合理政策建议。     

中美贸易顺差与人民币汇率关系的实证分析

针对中美贸易顺差与人民币汇率关系的问题,本文通过协整分析和Granger因果检验发现,人民币升值在短期难以对中美贸易顺差产生调节作用,从长期影响而言,人民币升值的影响作用也不大。此外,中美贸易顺差在短期还是主要取决于当前贸易收支的现实情况,而中长期则在很大程度上受到美国经济波动的影响。因此,人民币升值不会缓解美国巨大的贸易逆差,而且即使美国贸易收支出现改善也不会对美国经济发展产生显著的正面影响。