Abstract
AbstractThis study investigates the heterogeneous effect of trade globalization, financial globalization and political globalization on economic development in ASEAN+3 countries (Brunei, Cambodia, Laos, Indonesia, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, China, Japan and South Korea) over the period 1990–2016 using Panel quantile cointegration regression approach. The results of long run relationship show the asymmetric effect of trade globalization on economic development with a strong positive effect in low economic development countries but a negative effect in high economic development countries. Meanwhile, political globalization has only the positive effect on economic development for both poorer and richer nations, but the coefficient values vary across quantiles. Finally, financial globalization shows the weak contribution to economic development. Furthermore, the short run relationship between economic development and each globalization variable evidently exists with a weak negative speed of adjustment toward equilibrium.KeywordsTrade globalizationFinancial globalizationPolitical globalizationEconomic developmentASEAN+3Panel quantile cointegration
Sign-in/Register to access full text options 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
