Abstract
The present study has investigated the effects of the trade liberalization on the EconomicGrowth of ASIAN economies. For the sake of investigation, we took the data from 1985 to2014 for empirical analysis, which is based on a panel of 34 countries. We have estimated the dynamic panel estimation was performed and for this purpose Generalized Method of Moment (GMM) was used. The findings of the current study have confirmed that the openness impact on the growth of economics is positive. As the openness allow utilization of comparative advantage, diffusion of knowledge, increasing scale of economies, technology transfer and exposure to competition. It is therefore, suggestedthat government should take prudent steps to further liberalize the trade to gain from trade
Highlights
The discovery of trade routes and improvement in transport technology increases world trade for centuries (David and Scott, 2005)
Economic theories are no short to put forward many reasons why liberal trade is the cause of economic growth (Winters, (2002); Stern, (2001); Mackay and Winters, (2004)
The present work attempts to research the issue of liberal trade and economic growth in case of ASIAN economies which is mostly neglected by the literature
Summary
The discovery of trade routes and improvement in transport technology increases world trade for centuries (David and Scott, 2005). Trade between integrated countries is on unprecedented level (Stern, (2001) and openness in is considered an important component of a liberal policy of economics (Obstfled and Rogoff, (1996); Winters, (2001); and Mackay and Winters, (2004)]. Economic theories are no short to put forward many reasons why liberal trade is the cause of economic growth (Winters, (2002); Stern, (2001); Mackay and Winters, (2004) It allows easier imports, knowledge and technological spillovers, allocative efficiency while an increased competition as well. The present work attempts to research the issue of liberal trade and economic growth in case of ASIAN economies which is mostly neglected by the literature
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