Academic journal article IUP Journal of Applied Economics

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Academic journal article IUP Journal of Applied Economics

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Article excerpt

This issue contains five papers covering topics such as relationship between exports and economic growth, estimation of export equations for developing countries, fiscal synchronization hypothesis, relationship between transparency in economic and political system and Foreign Direct Investment (FDI), and Japanese consumers' valuation of genetically modified foods.

The first paper, "Exports and Economic Growth in ASEAN Countries: Evidence from Panel Data Analysis", examines the relationship between exports and economic growth in five ASEAN countries, i.e., Malaysia, Indonesia, the Philippines, Singapore and Thailand, using pooled Ordinary Least Squares (OLS), one-way fixed/random effects, and two-way fixed/random effects. The paper concludes that the one-way fixed effects analysis is the best model among all the models. As the one-way fixed effects model shows, there exists a significant positive relationship between exports and economic growth in the five ASEAN countries. Panel cointegration test, however, implies that there is no cointegrating relationship between the two variables.

The second paper, "Estimating Export Equations for Developing Countries", estimates using time series data, the price and income elasticities of export demand for three developing countries, viz., Fiji, Papua New Guinea and Bangladesh. The relative price and income elasticities obtained in this study suggest the scope for export growth policies for the three developing countries, which will allow exports to act as an engine of growth, by directly contributing to the GDP. Thus, the study concludes that export promotion policies are necessary to improve trade balance and achieve greater export-based growth.

The third paper, "Fiscal Synchronization Hypothesis in Andhra Pradesh: An Empirical Testing", estimates, using causality and cointegration technique, the relationship between total government expenditure and total government revenue in the case of Andhra Pradesh. …

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