Trade Openness and Income: A Tale of Two Regions
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Other documents of the author: Camarero, Mariam; Martinez-Zarzoso, Inmaculada; Nowak-Lehmann D., Felicitas; Tamarit, Cecilio
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Title
Trade Openness and Income: A Tale of Two RegionsAuthor (s)
Date
2015-08-18xmlui.dri2xhtml.METS-1.0.item-edition
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John Wiley & Sons LtdBibliographic citation
CAMARERO, Mariam, et al. Trade Openness and Income: A Tale of Two Regions. The World Economy, 2015.Type
info:eu-repo/semantics/articlePublisher version
http://onlinelibrary.wiley.com/doi/10.1111/twec.12306/fullVersion
info:eu-repo/semantics/submittedVersionSubject
Abstract
In this article we present evidence of the long-run effect of trade openness on
income per worker for two regions that have followed different liberalization strategies,
namely Asia and Latin America. A model that ... [+]
In this article we present evidence of the long-run effect of trade openness on
income per worker for two regions that have followed different liberalization strategies,
namely Asia and Latin America. A model that re-examines these questions is estimated for
two panels of Asian and Latin American countries over the 1980-2008 period using a novel
empirical approach that accounts for endogeneity as well as for the time series properties of
the variables involved. From an econometric point of view, we apply recent panel
cointegration techniques based on factor models that account for two additional elements
usually neglected in previous empirical literature: cross-dependence and structural breaks.
The results point to a positive impact of trade openness in both Asia and Latin America
although the size is smaller in the second region. We associate this finding with the degree to
which trade was managed in both regions of the developing world. [-]
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