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The sustainability of trade accounts of the ASEAN-5 countries

Author

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  • Olayeni Olaolu Richard
  • Aviral Kumar Tiwari

Abstract

Purpose - – The present study aims to analyse the sustainability of the trade deficits in the Association of Southeast Asian Nations (ASEAN)-5 countries using panel framework during the period from 1965 to 2011. Design/methodology/approach - – The paper applied a battery of first- and second-generation panel unit root tests and Pedroni's, Kao and Chiang's, Westerlund, and Di Iorio and Fachin cointegration tests to achieve the objective. Findings - – The paper found the evidence of sustainable trade deficit in ASEAN-5 countries while utilizing panel unit root tests as well as panel cointegration tests. Research limitations/implications - – The findings have important macroeconomic policies implication for ASEAN-5 countries that these policies had been effective in leading exports and imports to long-run steady-state equilibrium relationship among the ASEAN-5 countries. Originality/value - – The main contribution of the paper is to show that the macroeconomic policies of ASEAN-5 countries had been effective in leading exports and imports to long-run steady-state equilibrium relationship. To the authors' best knowledge, in this area, this is the first study in the panel framework for ASEAN countries.

Suggested Citation

  • Olayeni Olaolu Richard & Aviral Kumar Tiwari, 2014. "The sustainability of trade accounts of the ASEAN-5 countries," Journal of Chinese Economic and Foreign Trade Studies, Emerald Group Publishing Limited, vol. 7(1), pages 51-65, January.
    • Handle: RePEc:eme:jcefts:v:7:y:2014:i:1:p:51-65
    DOI: 10.1108/JCEFTS-06-2013-0023
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