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Trade Liberalisation and Economic Development: The Asian Experience — Turkey, Malaysia and India

In: Trade and Development

Author

Listed:
  • Subrata Ghatak
  • Utku Utkulu

Abstract

This paper examines, theoretically and empirically, the impact of trade policy on the long-run output growth rate in the context of the new endogenous growth model. In section II, we describe the old and the new views of the relationships between trade and economic growth. Section III reviews the different ways to measure trade liberalisation. Section IV provides the trade liberalisation experiences of Turkey, Malaysia and India since the 1950s which largely followed different strategies (e.g. inward-looking import-substitution industrialisation (ISI) policies via exchange rate distortions and other protectionist measures in the case of India and Turkey,1 and an open, export-led growth (ELG) strategy as in the case of Malaysia2) to promote physical and human capital accumulation and economic growth. Section IV sets out the cointegration and error-correction techniques to analyse the long-run relationship between an index of exchange rate distortions/trade liberalisation and economic growth of Turkey, Malaysia and India. The data and empirical results are described in section V. The final section draws some conclusions.

Suggested Citation

  • Subrata Ghatak & Utku Utkulu, 1996. "Trade Liberalisation and Economic Development: The Asian Experience — Turkey, Malaysia and India," Palgrave Macmillan Books, in: V. N. Balasubramanyam & D. Greenaway (ed.), Trade and Development, chapter 6, pages 81-116, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-349-25040-0_6
    DOI: 10.1007/978-1-349-25040-0_6
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