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Handbook of Trade Policy for Development$
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Arvid Lukauskas, Robert M. Stern, and Gianni Zanini

Print publication date: 2013

Print ISBN-13: 9780199680405

Published to Oxford Scholarship Online: January 2014

DOI: 10.1093/acprof:oso/9780199680405.001.0001

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Miracles and Debacles: An Extension *

Miracles and Debacles: An Extension *

Chapter:
(p.417) Chapter 13 Miracles and Debacles: An Extension*
Source:
Handbook of Trade Policy for Development
Author(s):

Arvind Panagariya

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199680405.003.0013

Arvind Panagariya reviews recent evidence on the relationship between trade openness and economic growth and finds strong confirmation of the view that “trade is an engine of growth.” The fastest growing countries in the 1980s and 1990s experienced rapid increases in both exports and imports; whereas countries with the worst growth record had slow growth in exports and imports. He finds little evidence that growth debacles were associated with import surges as some critics of trade liberalization claim. Panagariya complements his large-n econometric study with several brief case studies. He compares Indian and South Korean trade policies and contends that even if Korea’s growth was driven by the government’s efforts to coordinate investment activities, it succeeded because these efforts took place in the context of outward-oriented trade policies; India attempted similar policies but failed because it adopted a fiercely inward orientation.

Keywords:   Openness, growth, econometrics, import surges, case study, India, South Korea

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