scholarly journals How Does Export Diversification Impact Economic Growth?

10.28945/4232 ◽  
2019 ◽  
Vol 3 ◽  
pp. 041-054
Author(s):  
Marlo B Murphy-Braynen
Keyword(s):  
Economic Growth ◽  
Literature Review ◽  
Rule Of Law ◽  
Small Island ◽  
Export Diversification ◽  
Domestic Investment ◽  
Key Factors ◽  
Key Variables ◽  
Openness To Trade

The paper uses a mixed method approach to conduct a literature review of existing econometric studies to determine the key drivers of export diversification and economic growth, and to examine whether export diversification propels or hinders economic growth. The paper differs fundamentally from previous studies, as it focuses on identifying the key variables used, the frequency with which they are used and their degree of significance based on econometric studies that focused on measuring export diversification, economic growth and the linkage between diversification and growth in developed and developing countries, while highlighting a key gap in this literature, namely a lack of empirical studies focused on small island states. The paper finds that eight variables were used across all studies at a frequency of 10% or greater – namely, real GDP per capita, education, population, domestic investment, market distance, openness to trade, export concentration and rule of law. Based on the literature review, the key factors which support export diversification are human capital accumulation inclusive of higher education, domestic investment, population, quality of institutions, quality of infrastructure and market access. Conversely the factors that retard export diversification or increase export concentration are economic distance (remoteness from major markets), openness to trade, and declining terms of trade, foreign direct investment, exchange rate volatility and exchange rate overvaluation. Similarly, with regards to economic growth, the literature review suggests that the key factors which promote economic growth are rule of law, investment ratio, favorable movements in the terms of trade, technology, higher education and increased international openness while the factors that inhibit economic growth are fertility rate, the ratio of government consumption to GDP, and the inflation rate. In terms of the key variables used to link export diversification to economic growth, based on the literature, the six main categories of trade integration variables include export composition, trade orientation, export structure, geographic structure and trade strategy. After having reviewed the extant literature on export diversification and its relationship to economic growth, one of the overlooked areas of research is a lack of studies examining export diversification in small island developing states, and how export diversification may or may not contribute to economic growth in those particular contexts.

Application of the Samuelson — Hicks model in the conditions of modern economy Case of Bhutan

2021 ◽  
pp. 404-413
Author(s):  
Ekaterina Dmitrievna Myagotina ◽  
Ilona Vladimirovna Tregub
Keyword(s):  
Economic Growth ◽  
Government Spending ◽  
Econometric Model ◽  
Economic Indicators ◽  
Econometric Modeling ◽  
Closed Economy ◽  
Key Factors ◽  
Managerial Decisions ◽  
Modern Economy

In modern conditions, the problem of determining the factors infl uencing such indicators of economic growth as the volume of consumption, the volume of investments in the economy, government spending and GDP can be solved by applying economic, mathematical, econometric modeling. In this article, to solve this problem of determining the key factors, it was decided to use the Samuelson — Hicks econometric model for a closed economy. This allows not only to identify the key factors that have a signifi cant impact on the development of the economy of the country under study, but also to make forecasts of such development. The article discusses the application of the Samuelson — Hicks model in modern conditions on the example of the economic indicators of Bhutan. After conducting this study, we concluded that although this model is not an ideal one for further investigation of the closed economy of Bhutan, the quality of the specifi cation of this model should be recognized as high. In this regard, the Samuelson — Hicks model can be used to make managerial decisions at the macroeconomic level. The conclusions obtained in the course of this study can be used to modernize this econometric model, as well as to make eff ective decisions to stimulate the development of a certain share of a closed economy.

scholarly journals Democracy and Economic Development: Disentangling the Effect of Elections and Rule of Law

2019 ◽  
Vol 9 (4) ◽  
pp. 173-205
Author(s):  
Yassine Bakkar ◽  
Ali Recayi Ögcem
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Rule Of Law ◽  
Order Effect ◽  
The Political ◽  
Economic Convergence ◽  
First Order ◽  
Quality Of Institutions ◽  
Islamic Countries

Abstract The article provides evidence on how the political settlements—rule of law and elections—would affect the economic development and enhances the economic growth. It empirically investigates whether democracy affects the economic convergence of countries through the quality of institutions: (i) electoral component of democracy, and (ii) rule of law parameters. Investigations differentiate between Islamic and non-Islamic countries. We find that the elections parameter has a first-order effect on economic development; such a relationship is not confirmed for Islamic countries. Rule of law also influences this relationship, but brings less efficient impact to the economic development. Our results are obtained using a sample of 167 countries over the 2010–2012 period.

Connecting quality of life, tourism specialization, and economic growth in small island destinations: The case of Malta

2018 ◽  
Vol 65 ◽  
pp. 212-223 ◽  
Author(s):  
Robertico Croes ◽  
Jorge Ridderstaat ◽  
Mathilda van Niekerk
Keyword(s):  
Quality Of Life ◽  
Economic Growth ◽  
Small Island

scholarly journals Institutional quality, openness, and investment in Africa

2003 ◽  
Vol 6 (2) ◽  
pp. 346-368 ◽  
Author(s):  
Tonia Kandiero ◽  
Satish Wadhawan
Keyword(s):  
Economic Growth ◽  
Theoretical Model ◽  
Trade Liberalization ◽  
Empirical Work ◽  
Institutional Quality ◽  
Quality Of Institutions ◽  
Openness To Trade ◽  
The Impact ◽  
The Behavior Of Government

This study supports the conventional wisdom that openness to trade is good for investment and economic growth. Whether this conclusion leaves space for institutional quality as a complimentary policy to determine the success of trade liberalization in Africa is the objective of this paper. The theoretical model and empirical analysis show how the behavior of government bureaucrats can be used to explain the impact on investment of the interaction between increased openness to trade and the quality of institutions. Empirical work is conducted using panel data observed over three periods: 1985-1990, 1990-1995, and 1995-2000.

Better democracy, better economic growth? South Korea

2011 ◽  
Vol 32 (5) ◽  
pp. 579-597 ◽  
Author(s):  
Hyug Baeg Im
Keyword(s):  
Economic Growth ◽  
South Korea ◽  
Rule Of Law ◽  
Economic Freedom ◽  
Quality Of Democracy ◽  
The Rule Of Law ◽  
Regulatory Quality ◽  
Control Of Corruption ◽  
Significant Attention

Koreans have worked hard to improve the quality of their democracy. They have promoted the rule of law, accountability, control of corruption, freedom, and responsiveness, and made an effort to make government more effective. They are also committed to economic freedom. In relation to the rule of law, significant attention has been devoted to reducing terrorism and violence, making government more effective, and enhancing regulatory quality. However, with regard to accountability, control of corruption, and transparency, Korea has still a long way to go. The analysis of democratization and improvements in the quality of democracy to date suggest that Korea has adapted to the changing economic environment and is sustaining its economic growth. This has been accompanied by social and economic polarization and a consequent demand for more and better welfare services.

Effect of Computerized Auditory Training on Speech Perception of Adults With Hearing Impairment

2013 ◽  
Vol 20 (3) ◽  
pp. 91-106 ◽  
Author(s):  
Rachel Pizarek ◽  
Valeriy Shafiro ◽  
Patricia McCarthy
Keyword(s):  
Hearing Loss ◽  
Speech Perception ◽  
Literature Review ◽  
Low Cost ◽  
Experimental Designs ◽  
Auditory Training ◽  
Hearing Impairments ◽  
Communicative Disorders ◽  
And Training

Computerized auditory training (CAT) is a convenient, low-cost approach to improving communication of individuals with hearing loss or other communicative disorders. A number of CAT programs are being marketed to patients and audiologists. The present literature review is an examination of evidence for the effectiveness of CAT in improving speech perception in adults with hearing impairments. Six current CAT programs, used in 9 published studies, were reviewed. In all 9 studies, some benefit of CAT for speech perception was demonstrated. Although these results are encouraging, the overall quality of available evidence remains low, and many programs currently on the market have not yet been evaluated. Thus, caution is needed when selecting CAT programs for specific patients. It is hoped that future researchers will (a) examine a greater number of CAT programs using more rigorous experimental designs, (b) determine which program features and training regimens are most effective, and (c) indicate which patients may benefit from CAT the most.

Economic Growth: New Problems and New Risks

2006 ◽  
pp. 20-37 ◽  
Author(s):  
M. Ershov
Keyword(s):  
Economic Growth ◽  
Foreign Exchange ◽  
Driving Force ◽  
Structural Changes ◽  
Rate Of Growth

The economic growth, which is underway in Russia, raises new questions to be addressed. How to improve the quality of growth, increasing the role of new competitive sectors and transforming them into the driving force of growth? How can progressive structural changes be implemented without hampering the rate of growth in general? What are the main external and internal risks, which may undermine positive trends of development? The author looks upon financial, monetary and foreign exchange aspects of the problem and comes up with some suggestions on how to make growth more competitive and sustainable.

Engineers or Lawyers? Institutions and Demand for Higher Education

2012 ◽  
pp. 30-51 ◽  
Author(s):  
T. Natkhov ◽  
L. Polishchuk
Keyword(s):  
Higher Education ◽  
Public Administration ◽  
Rule Of Law ◽  
Transmission Channel ◽  
Demand For Education ◽  
Fields Of Study ◽  
Quality Of Institutions ◽  
Cross Country ◽  
Rules Of The Game

Law and public administration schools in Russia vastly exceed in their popularity sciences and engineering. We relate such lopsided demand for higher education to the quality of institutions setting “rules of the game” in economy and society. Cross-country and Russian interregional data indicate the quality of institutions (rule of law, protection of property rights etc.) is negatively associated with the demand for education in law, and positively — in sciences and engineering. More gifted younger people are particularly sensitive to the quality of institutions in choosing their fields of study, and such selection is an important transmission channel between institutions and economic growth.

The Quality of Kazakhstan’s Economic Policy and Balance of Payments

2008 ◽  
pp. 120-132
Author(s):  
K. Arystanbekov
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Economic Development ◽  
Balance Of Payments ◽  
Foreign Investors ◽  
Negative Balance ◽  
Macroeconomic Efficiency

Kazakhstan’s economic policy in 1996-2007, its character and the degree of responsibility, the correlation between economic development and balance of current accounts are considered in the article. Special attention is paid to the analysis of their macroeconomic efficiency. It is concluded that in conditions of high rates of economic growth in Kazahkstan in 2000-2007 the net profits of foreign investors are 10-11% of GDP every year. The tendency of negative balance of current accounts in favor of foreign investors is also analyzed.

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