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Industrialisation and Macroeconomic Performance in Developing Countries under Alternative Trade Strategies

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  • DAVID GREENAWAY
  • CHONG HYUN NAM

Abstract

SUMMARY The role of international trade in industrialisation and the impact of foreign trade regime on macroeconomic performance has been a source of lasting controversy over the post war period. This paper analyses the experience of 41 less developed countries, some of which have followed inward oriented strategies, others of which have followed outward oriented strategies. Various criterion are used to distinguish between alternative strategies and a variety of indicators of industrialisation and macroeconomic performance examined. The findings suggest that outward oriented economies have generally performed better than inward oriented economies. ZUSAMMENFASSUNG Die Rolle des Welthandels in der Industrialisierung und die Einwirkung des Aussenhandels auf makroökonomische Leistung sind während der Nachkriegszeit eine andauernde Streitfrage geblieben. Diese Arbeit untersucht die Erfahrungen von 41 weniger entwickelten Ländern, von denen einige einfuhr‐ und andere ausfuhrorien‐tierte Strategien verfolgt haben. Dabei werden unterschiedliche Massstabe angelegt, um zwischen Alternativstrategien zu unterscheiden und verschiedene Indikatoren der Industrialisierung und der makroökonomischen Leistung untersucht. Die Ergebnisse deuten darauf hin, dass die ausfuhrorientierten Wirtschaftsordnungen im allgemeinen höhere Leistungen erbracht haben als die einfuhrorientierten. RÉSUMÉ Le ro̧le du commerce international dans l“industrialisation et l'impact du régime de commerce extérieur sur la performance macroéconomique a été source de controverses soutenues pendant la période d'après‐guerre. Cet article analyse l'expérience de 41 pays moins développés, dont certains ont suivi des stratégies orientées vers l'intérieur et d'autres ont suivi des stratégies orientées vers l'extérieur. Divers criterès sont employés pour distinguer entre les stratégies alternatives et divers indicateurs de l'industrialisation et de la performance macroeconomique sont examines. Les conclusions suggerent que les resultats des economies orientees vers l'exterieur sont en general meilleurs que ceux des economies orientees vers l'interieur.

Suggested Citation

  • David Greenaway & Chong Hyun Nam, 1988. "Industrialisation and Macroeconomic Performance in Developing Countries under Alternative Trade Strategies," Kyklos, Wiley Blackwell, vol. 41(3), pages 419-435, August.
    • Handle: RePEc:bla:kyklos:v:41:y:1988:i:3:p:419-435
    DOI: 10.1111/j.1467-6435.1988.tb01263.x
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    Cited by:

    1. Arvind Panagariya, 2004. "Miracles and Debacles: In Defence of Trade Openness," The World Economy, Wiley Blackwell, vol. 27(8), pages 1149-1171, August.
    2. Ram Mudambi, 1999. "Multinational Investment Attraction: Principal-Agent Considerations," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 6(1), pages 65-79.
    3. Weede Erich, 2001. "Südkorea und Rußland: Wie man Wohlstand erarbeitet oder verspielt," ORDO. Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft, De Gruyter, vol. 52(1), pages 175-188, January.
    4. Edwards, Sebastian, 1998. "Openness, Productivity and Growth: What Do We Really Know?," Economic Journal, Royal Economic Society, vol. 108(447), pages 383-398, March.
    5. Kim, Kwan S., 1994. "Foreign Trade Regimes, Employment, and Income Distribution―Selected Developing Country Studies―," Economic Review, Hitotsubashi University, vol. 45(3), pages 218-229, July.
    6. Helena Johansson, 1994. "The Economics of Export Processing Zones Revisited," Development Policy Review, Overseas Development Institute, vol. 12(4), pages 387-402, December.
    7. Zoran Aralica & Nebojša Stojčić, 2015. "Regional Patterns of Deindustrialization and Prospects for Reindustrialization in South and Central East European Countries," wiiw Balkan Observatory Working Papers 118, The Vienna Institute for International Economic Studies, wiiw.
    8. Henrekson, Magnus & Torstensson, Johan & Torstensson, Rasha, 1997. "Growth effects of European integration," European Economic Review, Elsevier, vol. 41(8), pages 1537-1557, August.
    9. Don Clark & W. Charles Sawyer & Richard Sprinkle, 1999. "Openness and industrialization in developing countries," Applied Economics Letters, Taylor & Francis Journals, vol. 6(3), pages 161-164.
    10. A. A. Gnidchenko, 2017. "Import substitution as a complementary strategy," Studies on Russian Economic Development, Springer, vol. 28(6), pages 593-599, November.
    11. V. N. Balasubramanyam & M. Salisu & David Sapsford, 1999. "Foreign direct investment as an engine of growth," The Journal of International Trade & Economic Development, Taylor & Francis Journals, vol. 8(1), pages 27-40.
    12. Umoh, Okon J. & Onye, Kenneth U., 2013. "The Growth Implication of Trade Liberalization in West Africa," MPRA Paper 88371, University Library of Munich, Germany.
    13. van den Berg, Hendrik, 1997. "The relationship between international trade and economic growth in Mexico," The North American Journal of Economics and Finance, Elsevier, vol. 8(1), pages 1-21.
    14. Yao, Shujie & Wei, Kailei, 2007. "Economic growth in the presence of FDI: The perspective of newly industrialising economies," Journal of Comparative Economics, Elsevier, vol. 35(1), pages 211-234, March.
    15. Marius Brülhart & Mary J. Kelly, 1999. "Ireland’s Trading Potential with Central and Eastern European Countries - A Gravity Study," The Economic and Social Review, Economic and Social Studies, vol. 30(2), pages 159-174.
    16. Maurice Obstfeld & Kenneth Rogoff, 2001. "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?," NBER Chapters, in: NBER Macroeconomics Annual 2000, Volume 15, pages 339-412, National Bureau of Economic Research, Inc.
    17. Mohsen Bahmani-Oskooee & Farhang Niroomand, 1999. "Openness and economic growth: an empirical investigation," Applied Economics Letters, Taylor & Francis Journals, vol. 6(9), pages 557-561.
    18. Christos N. Pitelis, 2009. "The Sustainable Competitive Advantage and Catching-up of Nations: FDI, Clusters and the Liability (Asset) of Smallness," Management International Review, Springer, vol. 49(1), pages 95-120, February.
    19. Obstfeld, Maurice & Rogoff, Kenneth, 2000. "The Six Major Puzzles in International Macroeconomics: Is There a Common Cause?," Department of Economics, Working Paper Series qt0sx02651, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
    20. Amelia U. Santos‐Paulino, 2005. "Trade Liberalisation and Economic Performance: Theory and Evidence for Developing Countries," The World Economy, Wiley Blackwell, vol. 28(6), pages 783-821, June.
    21. Young Seok Ahn & Slamet Seno Adji & Thomas Willett, 1998. "The Effects of Inflation and Exchange Rate Policies on Direct Investment to Developing Countries," International Economic Journal, Taylor & Francis Journals, vol. 12(1), pages 95-104.
    22. Onafowora, Olugbenga A. & Owoye, Oluwole, 1998. "Can Trade Liberalization Stimulate Economic Growth in Africa?," World Development, Elsevier, vol. 26(3), pages 497-506, March.
    23. Johansson, Helena & Nilsson, Lars, 1997. "Export processing zones as catalysts," World Development, Elsevier, vol. 25(12), pages 2115-2128, December.

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