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Openness And Growth: Still An Open Question?

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  • L. Alan Winters
  • Andrew Masters

Abstract

Abstract We review recent empirical literature on the relationship between openness and the level of national income or, nearly equivalently, trade liberalisation and economic growth. Recent advances reinforce the presumption of a positive causal link from trade to income, especially by solving endogeneity issues more carefully than heretofore and by allowing for heterogeneity between countries. Heterogeneity suggests that low‐income countries may benefit less from trade liberalisation than do other countries, but this is not completely settled. We also argue for analysing policy decisions on trade policy with tools from decision theory rather than those from hypothesis testing. © 2013 Crown copyright. Journal of International Development © 2013 John Wiley & Sons Ltd.

Suggested Citation

  • L. Alan Winters & Andrew Masters, 2013. "Openness And Growth: Still An Open Question?," Journal of International Development, John Wiley & Sons, Ltd., vol. 25(8), pages 1061-1070, November.
    • Handle: RePEc:wly:jintdv:v:25:y:2013:i:8:p:1061-1070
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    File URL: http://hdl.handle.net/10.1002/jid.2973
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    Cited by:

    1. Ding Nan & Pomi Shahbaz & Shamsheer ul Haq & Muhammad Nadeem & Muhammad Imran, 2023. "The Economies’ Ability to Produce Diversified and Complex Goods to Meet the Global Competition: Role of Gross Value Chain, Institutional Quality, and Human Capital," Sustainability, MDPI, vol. 15(8), pages 1-17, April.
    2. Canh Phuc Nguyen & Thanh Dinh Su, 2021. "Financing the economy: The multidimensional influences of financial development on economic complexity," Journal of International Development, John Wiley & Sons, Ltd., vol. 33(4), pages 644-684, May.
    3. Michael Bleaney & Mo Tian, 2023. "The trade‐GDP ratio as a measure of openness," The World Economy, Wiley Blackwell, vol. 46(5), pages 1319-1332, May.
    4. Beverelli, Cosimo & Fiorini, Matteo & Hoekman, Bernard, 2017. "Services trade policy and manufacturing productivity: The role of institutions," Journal of International Economics, Elsevier, vol. 104(C), pages 166-182.
    5. Christopher R. Parsons & L. Alan Winters, 2014. "International migration, trade and aid: a survey," Chapters, in: Robert E.B. Lucas (ed.), International Handbook on Migration and Economic Development, chapter 4, pages 65-112, Edward Elgar Publishing.
    6. Douglas A. Irwin, 2019. "Does Trade Reform Promote Economic Growth? A Review of Recent Evidence," Working Paper Series WP19-9, Peterson Institute for International Economics.
    7. Sugata Marjit & Reza Oladi, 2021. "Vertical Specialization, International Task Fragmentation, and Convergence," CESifo Working Paper Series 9406, CESifo.
    8. Lina Lu, 2017. "Simultaneous Spatial Panel Data Models with Common Shocks," Supervisory Research and Analysis Working Papers RPA 17-3, Federal Reserve Bank of Boston.
    9. Bhushan Praveen Jangam & Badri Narayan Rath, 2021. "Do global value chains enhance or slog economic growth?," Applied Economics, Taylor & Francis Journals, vol. 53(36), pages 4148-4165, August.

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