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A semiparametric assessment of export-led growth in the Philippines

Philippine Review of Economics

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Title A semiparametric assessment of export-led growth in the Philippines
 
Creator Amrinto, Lorna E.; Economics Department, University of San Carlos
Zapata, Hector O.; Louisiana State University
 
Subject export-led growth; semiparametric error-correction model; Granger causality
 
Description The export-led growth (ELG) hypothesis for the Philippines is examined by adopting a semiparametric approach under two levels of temporal aggregation. To assess the impact of model specification on the ELG hypothesis, parametric and semiparametric error-correction models (ECMs)are estimated using Philippine annual and quarterly data on gross domestic product (GDP), exports, exchange rates, and gross fixed-capital formation, focusing on the role of exchange rates. The causal relationship between exports and economic growth is examined using the Granger-causality procedure. It can be concluded that for the Philippines, the elg hypothesis is (a) sensitive to model specification and (b) affected by different levels of temporal aggregation and by the inclusion or exclusion of exchange rates. The general results on bidirectional causality between exports and economic growth suggest that the Philippines could enjoy economic prosperity by strengthening its trade and investment policy and gearing it toward opening up the economy. JEL classification: B41, C12, C13, C14, C32, F43
 
Publisher Philippine Review of Economics
 
Contributor
 
Date 2006-12-06
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
 
Format application/pdf
 
Identifier http://www.econ.upd.edu.ph/pre/index.php/pre/article/view/246
 
Source Philippine Review of Economics; Vol 43, No 2 (2006)
1655-1516
 
Language eng
 
Relation http://www.econ.upd.edu.ph/pre/index.php/pre/article/view/246/606
 
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