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Does Trade Liberalisation Promote Economic Development?

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  • David SGreenaway

Abstract

The last twenty years have seen an extraordinary number of trade liberalisation episodes in developing countries. Some have been voluntary, most have been policy conditioned under the aegis of the Bretton Woods agencies. This paper begins by setting out the background to these trade reform programmes and details their ingredients. It then goes on to review the evidence extant on liberalisation and growth and reports new evidence. The latter suggests that liberalisation does tend to enhance growth, albeit with a lag. The paper concludes with an analysis of the lessons learned from experience with liberalisation in terms of credibility, timing and sequencing.

Suggested Citation

  • David SGreenaway, 1998. "Does Trade Liberalisation Promote Economic Development?," Scottish Journal of Political Economy, Scottish Economic Society, vol. 45(5), pages 491-511, November.
    • Handle: RePEc:bla:scotjp:v:45:y:1998:i:5:p:491-511
    DOI: 10.1111/1467-9485.00109
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    Cited by:

    1. Nomman Ahmed, Mirza & Maas, Sarah & Schmitz, P. Michael, 2010. "Analysing agricultural productivity growth in a framework of institutional quality," IAMO Forum 2010: Institutions in Transition – Challenges for New Modes of Governance 52695, Leibniz Institute of Agricultural Development in Central and Eastern Europe (IAMO).
    2. Sena Kimm Gnangnon, 2019. "Fiscal Space for Trade: How Could the International Trade Community Help?," Journal of International Commerce, Economics and Policy (JICEP), World Scientific Publishing Co. Pte. Ltd., vol. 10(01), pages 1-42, February.
    3. Falvey, Rod & Foster, Neil & Greenaway, David, 2012. "Trade Liberalization, Economic Crises, and Growth," World Development, Elsevier, vol. 40(11), pages 2177-2193.
    4. 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.
    5. Shujie Yao & Zongyi Zhang, 2003. "Openness and Economic Performance: A Comparative Study of China and the Asian NIEs," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 1(1), pages 71-95.
    6. Neil Foster, 2008. "The Impact of Trade Liberalisation on Economic Growth: Evidence from a Quantile Regression Analysis," Kyklos, Wiley Blackwell, vol. 61(4), pages 543-567, November.
    7. Curt J. Harris & Kishore G. Kulkarni, 2004. "The Role of International Trade Policy in Economic Growth: A Case of Tanzania," Global Business Review, International Management Institute, vol. 5(2), pages 171-185, August.
    8. Shujie Yao, 2006. "On economic growth, FDI and exports in China," Applied Economics, Taylor & Francis Journals, vol. 38(3), pages 339-351.
    9. Gilles Dufrenot & Valerie Mignon & Charalambos Tsangarides, 2010. "The trade-growth nexus in the developing countries: a quantile regression approach," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 146(4), pages 731-761, December.
    10. Paresh Narayan & Russell Smyth, 2005. "Trade Liberalization and Economic Growth in Fiji. An Empirical Assessment Using the ARDL Approach," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 10(1), pages 96-115.
    11. Egger, Peter & Larch, Mario, 2011. "An assessment of the Europe agreements' effects on bilateral trade, GDP, and welfare," European Economic Review, Elsevier, vol. 55(2), pages 263-279, February.
    12. Rod Falvey & Neil Foster-McGregor & Ahmed Khalid, 2013. "Trade liberalisation and growth: a threshold exploration," Journal of the Asia Pacific Economy, Taylor & Francis Journals, vol. 18(2), pages 230-252.
    13. Manwa, Farai & Wijeweera, Albert & Kortt, Michael A., 2019. "Trade and growth in SACU countries: A panel data analysis," Economic Analysis and Policy, Elsevier, vol. 63(C), pages 107-118.

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