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Trade Liberalization and Growth: New Evidence
Abstract
A new data set of on openness indicators and trade liberalization dates allows the 1995 Sachs and Warner study on the relationship between trade openness and economic growth to be extended to the 1990s. New evidence on the time paths of economic growth, physical capital investment, and openness around episodes of trade policy liberalization is also presented. Analysis based on the new data set suggests that over the 1950–98 period, countries that liberalized their trade regimes experienced average annual growth rates that were about 1.5 percentage points higher than before liberalization. Postliberalization investment rates rose 1.5–2.0 percentage points, confirming past findings that liberalization fosters growth in part through its effect on physical capital accumulation. Liberalization raised the average trade to GDP ratio by roughly 5 percentage points, suggesting that trade policy liberalization did indeed raise the actual level of openness of liberalizers. However, these average effects mask large differences across countries.
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Citations
Cites
Economic Reform and the Process of Global Integration
Sachs, J. D., Warner, A., Aslund, A., & Fischer, S. (1995) · Brookings Papers on Economic Activity · doi:10.2307/2534573 · Cited by 4,950
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Baunsgaard, T., & Keen, M. (2010) · Journal of Public Economics · doi:10.1016/j.jpubeco.2009.11.007 · Cited by 684
Volatility and the natural resource curse
van der Ploeg, F., & Poelhekke, S. (2009) · Oxford Economic Papers · doi:10.1093/oep/gpp027 · Cited by 613
Papaioannou, E., & Siourounis, G. (2008) · The Economic Journal · doi:10.1111/j.1468-0297.2008.02189.x · Cited by 470
Bekaert, G., Harvey, C. R., Lundblad, C. T., & Siegel, S. (2011) · Review of Financial Studies · doi:10.1093/rfs/hhr082 · Cited by 394
EICHENGREEN, B., & LEBLANG, D. (2008) · Economics & Politics · doi:10.1111/j.1468-0343.2007.00329.x · Cited by 377
Metadata
- Authors
- Wacziarg, R., & Welch, K. H.
- Venue
- The World Bank Economic Review
- Publisher
- Oxford University Press (OUP)
- Published
- 2008-01-01
- Volume
- 22
- Issue
- 2
- Pages
- 187-231
- ISSN
- 0258-6770 (ISSN-L)
- 1564-698X
- OpenAlex
- W3124873083
- Cited by
- 1,359
- References
- 1
- FWCI
- 181.90
- Type
- journal article
- Language
- en
- Open access
- closed
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