1,019
Views
16
CrossRef citations to date
0
Altmetric
Original Articles

Economic growth, trade and capital flows: A causal analysis of post-liberalised South Africa

&
Pages 815-836 | Received 14 Nov 2012, Accepted 12 Mar 2013, Published online: 07 May 2013

References

  • Abu-Qarn , A. S. and Abu-Bader , S. 2004 . The Validity of the ELG Hypothesis in the MENA Region: Cointegration and Error Correction Model Analysis . Applied Economics , 36 : 1685 – 1695 . doi: 10.1080/0003684042000266865
  • Adams , S. 2009 . Foreign Direct Investment, Domestic Investment, and Economic Growth in Sub-Saharan Africa . Journal of Policy Modeling , 31 : 939 – 949 . doi: 10.1016/j.jpolmod.2009.03.003
  • Ahmad , J. and Harnhirun , S. 1996 . Cointegration and Causality between Exports and Economic Growth: Evidence from the ASEAN Countries . Canadian Journal of Economics , 29 ( 2 ) : S413 – S416 . doi: 10.2307/136078
  • Al-Yousif , Y. K. 1997 . Exports and Economic Growth: Some Empirical Evidence from the Arab Gulf Countries . Applied Economics , 29 ( 6 ) : 693 – 697 . doi: 10.1080/000368497326624
  • Amin Gutiérrez de Piñeres , S. and Ferrantino , M. 1999 . Export Sector Dynamics and Domestic Growth: The Case of Colombia . Review of Development Economics , 3 ( 3 ) : 268 – 280 . doi: 10.1111/1467-9361.00067
  • Ang , J. B. 2008 . Determinants of Foreign Direct Investment in Malaysia . Journal of Policy Modeling , 30 : 185 – 189 . doi: 10.1016/j.jpolmod.2007.06.014
  • Arndt , C. and Lewis , J. D. 2000 . The Macro Implications of HIV/AIDS in South Africa: A Preliminary Assessment . South African Journal of Economics , 68 ( 5 ) : 856 – 887 . doi: 10.1111/j.1813-6982.2000.tb01283.x
  • Aschauer , D. A. 1989 . Is Public Expenditure Productive? . Journal of Monetary Economics , 23 : 177 – 200 . doi: 10.1016/0304-3932(89)90047-0
  • Awokuse , T. O. 2003 . Is the Export-Led Growth Hypothesis Valid for Canada? . The Canadian Journal of Economics , 36 ( 1 ) : 126 – 136 . doi: 10.1111/1540-5982.00006
  • Awokuse , T. O. 2005 . Exports, Economic Growth and Causality in Korea . Applied Economics Letters , 12 : 693 – 696 . doi: 10.1080/13504850500188265
  • Awokuse , T. O. 2007 . Causality between Exports, Imports, and Economic Growth: Evidence from Transition Economies . Economics Letters , 94 : 389 – 395 . doi: 10.1016/j.econlet.2006.08.025
  • Baharumshah , A. Z. and Rashid , S. 1999 . Exports, Imports and Economic Growth in Malaysia: Empirical Evidence Based on Multivariate Time Series . Asian Economic Journal , 13 ( 4 ) : 389 – 406 . doi: 10.1111/1467-8381.00092
  • Bahmani-Oskooee , M. and Alse , J. 1993 . Export Growth and Economic Growth: An Application of Cointegration and Error-Correction Modeling . Journal of Development Areas , 27 ( 4 ) : 535 – 542 .
  • Bailliu , J. N. 2000 . “ Private Capital Flows, Financial Development, and Economic Growth in Developing Countries ” . In Bank of Canada Working Paper no. 2000-15 , International Department, Bank of Canada .
  • Balassa , B. 1978 . Exports and Economic Growth: Further Evidence . Journal of Development Economics , 5 ( 2 ) : 181 – 189 . doi: 10.1016/0304-3878(78)90006-8
  • Balasubramanyam , V. N. , Salisu , M. and Sapsford , D. 1996 . Foreign Direct Investment and Growth in EP and IS Countries . Economic Journal , 106 : 92 – 105 . doi: 10.2307/2234933
  • Banerjee , A. , Galiani , S. , Levinsohn , J. and Woolard , I. 2006 . “ Why has Unemployment Risen in the New South Africa? ” . In CID Working Paper no. 134 , CID .
  • Barker , F. S. 2003 . The South African Labour Market , 4th ed. , Van Schaik Publishers .
  • Barry , F. and Bradley , J. 1997 . “ FDI and Trade: The Irish Host-Country Experience ” . In Paper presented at the Royal Economics Society Annual Conference, University of Staffordshire, Staffordshire March 24–26 www.tcd.ie/business/staff/fbarry/papers/papers/fdipapej.pdf
  • Begum , S. and Shamsuddin , A. F.M. 1998 . Exports and Economic Growth in Bangladesh . Journal of Development Studies , 35 ( 1 ) : 89 – 114 . doi: 10.1080/00220389808422556
  • Beko , J. 2003 . Causality Analysis of Exports and Economic Growth: Aggregate and Sectoral Results for Slovenia . Eastern European Economics , 41 ( 6 ) : 70 – 92 .
  • Bell , T. and Cattaneo , N. 1997 . “ Foreign Trade and Employment in South African Manufacturing Industry ” . In Occasional Report no. 4 , Employment and Training Department, International Labour Office .
  • Bende-Nabende , A. , Ford , J. , Santoso , B. and Sen , S. 2003 . The Interaction between FDI, Output, and the Spillover Variables: Cointegration and VAR Analyses for APEC, 1965–1999 . Applied Economics Letters , 10 ( 3 ) : 165 – 172 . doi: 10.1080/1350485022000044057
  • Bengoa , M. and Sanchez-Robles , B. 2003 . Foreign Direct Investment, Economic Freedom and Growth: New Evidence from Latin America . European Journal of Political Economy , 19 ( 3 ) : 529 – 545 . doi: 10.1016/S0176-2680(03)00011-9
  • Bhagwati , J. 1978 . Anatomy and Consequences of Exchange Control Regimes: Liberalization Attempts and Consequences , Cambridge , MA : Ballinger .
  • Bhagwati , J. 1998 . The Capital Myth: The Difference between Trade in Widgets and Dollars . Foreign Affairs , 77 ( 3 ) : 7 – 12 . doi: 10.2307/20048871
  • Bhorat , H. 1999 . “ Decomposing Sectoral Employment Trends in South Africa. ” . In ” Paper presented at the Trade and Industrial Policy Secretariat Annual Forum , Muldersdrift .
  • Bhorat , H. and Oosthuizen , M. 2005 . “ The Post-Apartheid South African Labour Market ” . In Working Paper No. 13 , Development Policy Research Unit .
  • Birdi , A. , Dunne , A. and Watson , D. 2002 . “ Labour Demand and Trade in South Africa: A Dynamic Panel Analysis ” . In Trade and Industrial Policy Strategies (TIPS), Annual Forum Johannesburg South Africa http://hdl.handle.net/10625/32106
  • Biswal , B. and Dhawan , U. 1998 . Export-Led Growth Hypothesis: Cointegration and Causality Analysis for Taiwan . Applied Economics Letters , 5 : 699 – 701 . doi: 10.1080/135048598354159
  • Blake , A. and Pain , N. 1994 . “ Investigating Structural Change in UK Export Performance: The Role of Innovation and Direct Investment ” . In NIESR Discussion Paper no.7 , National Institute of Economic and Social Research .
  • Blomstrom , M. , Lipsey , R. E. and Zejan , M. 1994 . “ What Explains Developing Country Growth? ” . In NBER Working Paper no. 4132 , National Bureau of Economic Research .
  • Bogetic , Z. and Fedderke , J. W. 2005 . “ International Benchmarking of South Africa's Infrastructure Performance ” . In Policy Research Working Paper Series no. 3830 , World Bank .
  • Bonin , J. and Wachtel , P. 1999 . “ Towards Market-Oriented Banking in the Economies in Transition ” . In Financial Sector Transformation , Edited by: Blejer , M. and Skerb , M. 93 – 132 . Cambridge University Press .
  • Booysen , F. , Geldenhuys , J. and Marinkov , M. 2003 . “ The Impact of HIV/AIDS on the South African Economy: A Review of Current Evidence ” . In TIPS/DPRU Forum 2003 http://www.tips.org.za/node/329
  • Borensztein , E. , De Gregorio , J. and Lee , J. W. 1998 . How Does Foreign Direct Investment Affect Economic Growth? . Journal of International Economics , 45 : 115 – 135 . doi: 10.1016/S0022-1996(97)00033-0
  • Burger , R. P. and Woolard , I. 2005 . “ The State of the Labour Market in South Africa after the First Decade of Democracy ” . In Working Paper no. 13 , Centre for Social Science Research .
  • Busse , M. and Groizard , J. L. 2006 . “ Foreign Direct Investment, Regulations and Growth ” . In Policy Research Working Paper no. 3882 , World Bank .
  • Cabral , S. 1995 . Comparative Export Behaviour of Foreign and Domestic Firms in Portugal . Economic Bulletin, Banco de Portugal , 36 : 1 – 36 .
  • Chakraborty , C. and Basu , P. 2002 . Foreign Direct Investment and Growth in India: A Cointegration Approach . Applied Economics , 34 : 1061 – 1073 . doi: 10.1080/00036840110074079
  • Chamarbagwala , R. , Ramaswamy , S. and Wunnava , P. V. 2000 . The Role of Foreign Capital in Domestic Manufacturing Productivity: Empirical Evidence from Asian Economies . Applied Economics , 32 : 393 – 398 . doi: 10.1080/000368400322561
  • Coe , T. and Helpman , E. 1995 . International R&D Spillovers . European Economic Review , 39 : 859 – 887 . doi: 10.1016/0014-2921(94)00100-E
  • Collier , P. , Hoeffler , A. and Pattillo , C. 2001 . Flight Capital as a Portfolio Choice . World Bank Economic Review , 15 ( 1 ) : 55 – 80 . doi: 10.1093/wber/15.1.55
  • Contessi , S. , De Pace , P. and Francis , J. 2008 . “ The Cyclical Properties of Disaggregated Capital Flows, Research Division, Federal Reserve Bank of St. Louis ” . In Paper no. 2008-041A http://ssrn.com/abstract=129548
  • Damooei , J. and Tavakoli , A. 2006 . The Effects of Foreign Direct Investment and Imports on Economic Growth: A Comparative Analysis of Thailand and the Philippines (1970–1998) . Journal of Developing Areas , 39 ( 2 ) : 79 – 100 . doi: 10.1353/jda.2006.0002
  • De Gregorio , J. 1992 . Economic Growth in Latin America . Journal of Development Economics , 39 : 59 – 84 . doi: 10.1016/0304-3878(92)90057-G
  • de Mello , L. R. 1997 . Foreign Direct Investment in Developing Countries and Growth: A Selective Survey . Journal of Development Studies , 34 : 1 – 24 . doi: 10.1080/00220389708422501
  • de Mello , L. R. 1999 . Foreign Direct Investment-Led Growth: Evidence from Time Series and Panel Data . Oxford Economic Papers , 51 ( 1 ) : 133 – 151 . doi: 10.1093/oep/51.1.133
  • Deme , M. 2002 . An Examination of the Trade-Led Growth Hypothesis in Nigeria: A Cointegration, Causality and Impulse-Response Analysis . Journal of Developing Areas , 36 ( 1 ) : 1 – 15 .
  • Dickey , D. A. and Fuller , W. A. 1979 . Distribution of Estimators for Time Series Regressions with a Unit Root . Journal of American Statistical Association , 74 ( 366 ) : 427 – 431 . doi: 10.2307/2286348
  • Dickey , D. A. and Fuller , W. A. 1981 . Likelihood Ratio Statistics for Autoregressive Time Series with a Unit Root . Econometrica , 49 : 1057 – 1072 . doi: 10.2307/1912517
  • Doğanlar , M. and Fisunoğlu , M. 1999 . Causality Between Exports and Economic Growth in Asian Countries . Yapı Kredi Economic Review , 10 ( 11 ) : 3 – 11 .
  • Dolado , J. J. and Lutkepohl , H. 1996 . Making Wald Tests Work for Cointegrated VAR Systems . Econometric Reviews , 15 : 369 – 386 . doi: 10.1080/07474939608800362
  • Dunne , P. and Edwards , L. 2006 . “ Trade and Poverty in South Africa: Exploring the Trade-Labour Linkages ” . In Trade and Poverty Project , Southern Africa Labour and Development, Research Unit, University of Cape Town .
  • Dunning , J. H. 1988 . Explaining International Production , Harper and Collins .
  • Durham , J. B. 2004 . Absorptive Capacity and the Effects of Foreign Direct Investment and Equity Foreign Portfolio Investment on Economic Growth . European Economic Review , 48 : 285 – 306 . doi: 10.1016/S0014-2921(02)00264-7
  • Dutt , S. D. and Gosh , D. 1996 . The Export Growth-Economic Growth Nexus: A Causality Analysis . Journal of Developing Areas , 30 : 167 – 181 .
  • Duttaray , M. , Dutt , A. K. and Mukhopadhyay , K. 2008 . Foreign Direct Investment and Economic Growth in Less Developed Countries: An Empirical Study of Causality and Mechanisms . Applied Economics , 40 : 1927 – 1939 . doi: 10.1080/00036840600949231
  • Easterly , W. and Rebelo , S. 1993 . Fiscal Policy and Economic Growth . Journal of Monetary Economics , 32 : 417 – 458 . doi: 10.1016/0304-3932(93)90025-B
  • Edwards , S. 1992 . Trade Orientation, Distortions and Growth in Developing Countries . Journal of Development Economics , 39 ( 1 ) : 31 – 57 . doi: 10.1016/0304-3878(92)90056-F
  • Edwards , S. 2001 . “ Capital Mobility and Economic Performance: Are Emerging Economies Different? ” . In NBER Working Paper no. 8076 , National Bureau of Economic Research .
  • Edwards , L. and Golub , S. S. 2003 . South African Productivity and Capital Accumulation in Manufacturing: An International Comparative Analysis . South African Journal of Economics , 71 ( 4 ) : 659 – 678 . doi: 10.1111/j.1813-6982.2003.tb00091.x
  • Edwards , L. and Golub , S. S. 2004 . South Africa's International Cost Competitiveness and Exports in Manufacturing . World Development , 32 ( 8 ) : 1323 – 1339 . doi: 10.1016/j.worlddev.2004.03.005
  • Edwards , L. and Johnny , B. 2006 . “ South Africa's Export Performance: Determinants of Export Supply.” . In Paper presented at the Economic Research Southern Africa Infrastructure Workshop, May South Africa
  • Edwards , L. and Lawrence , R. 2008 . South African Trade Policy Matters: Trade Performance and Trade Policy . Economics of Transition , 16 ( 4 ) : 585 – 608 . doi: 10.1111/j.1468-0351.2008.00338.x
  • Ekanayake , E. M. 1999 . Exports and Economic Growth in Asian Developing Countries: Cointegration and Error-Correction Models . Journal of Economic Development , 24 ( 2 ) : 43 – 56 .
  • Esfahani , H. S. 1991 . Exports, Imports, and Economic Growth in Semi-Industrialized Countries . Journal of Development Economics , 35 ( 1 ) : 93 – 116 . doi: 10.1016/0304-3878(91)90068-7
  • Esso , J. L. 2010 . Long-Run Relationship and Causality Between Foreign Direct Investment and Growth: Evidence from Ten African Countries . International Journal of Economics and Finance , 2 ( 2 ) : 168 – 177 . doi: 10.5539/ijef.v2n2p168
  • Feder , G. 1983 . On Exports and Economic Growth . Journal of Development Economics , 12 ( 2 ) : 59 – 73 . doi: 10.1016/0304-3878(83)90031-7
  • Federici , D. and Marconi , D. 2002 . On Exports and Economic Growth: The Case of Italy . Journal of International Trade and Economic Development , 11 ( 3 ) : 323 – 340 . doi: 10.1080/09638190210151428
  • Fedderke , J. W. 2000 . “ Investment in Fixed Capital Stock: the South African Manufacturing Industry 1970–97 ” . In ERSA Working Paper no. 16 , Johannesburg : University of Witwatersrand .
  • Fedderke , J. W. 2001 . “ Technology, Human Capital and Growth: Evidence From a Middle Income Country Case Study Applying Dynamic Heterogeneous Panel Analysis ” . In Trade and Industry Policy Strategies , Johannesburg : Economic Research of South Africa, University of Witwatersrand .
  • Fedderke , J. W. 2005 . “ South Africa: Sources and Constraints of Long-Term Growth, 1970–2000 ” . In Paper Series no. 94 , World Bank .
  • Fedderke , J. W. 2010 . “ Sustainable Growth in South Africa ” . In Policy Paper no. 20 , Pretoria: Economic Research Southern Africa .
  • Fedderke , J. W. and Romm , A. T. 2006 . Growth Impacts and Determinants of Foreign Direct Investment into South Africa, 1956-2003 . Economic Modelling , 23 ( 5 ) : 738 – 760 . doi: 10.1016/j.econmod.2005.10.005
  • Fedderke , J. W. , Shin , Y. and Vaze , P. 2003 . “ Trade and Labour Usage: An Examination of the South African Manufacturing Industry ” . In Working Paper no. 15 , ERSA .
  • Ferreira , M. A. and Laux , P. A. 2009 . Portfolio Flows, Volatility, and Growth . Journal of International Trade and Finance , 28 : 271 – 292 .
  • Fielding , D. 1997 . Aggregate Investment in South Africa: A Model With Implications for Political Reform . Oxford Bulletin of Economics and Statistics , 59 ( 3 ) : 349 – 369 . doi: 10.1111/1468-0084.00070
  • Flatters , F. and Stern , M. 2007 . Trade and Trade Policy in South Africa: Recent Trends and Future Prospects , Development Network Africa . http://www.dnaeconomics.com/assets/dlas/FILE_063020080109_FILE_101820070217_Trade_and_Trade_Policy_in_South_Africa.pdf
  • Fosu , A. K. 1990 . Exports and Economic Growth: The African Case . World Development , 18 : 831 – 835 . doi: 10.1016/0305-750X(90)90005-I
  • Giles , J. A. and Mirza , S. 1999 . “ Some Pretesting Issues on Testing for Granger Non-Causality ” . In Mimeo , Department of Economics, University of Victoria .
  • Giles , J. A. and Williams , C. L. 2000a . Export-Led Growth: A Survey of the Empirical Literature and Some Non-Causality Results. Part 1 . Journal of International Trade and Economic Development , 9 : 261 – 337 . doi: 10.1080/09638190050086177
  • Giles , J. A. and Williams , C. L. 2000b . Export-Led Growth: A Survey of the Empirical Literature and Some Non-Causality Results. Part 2 . Journal of International Trade and Economic Development , 9 : 445 – 470 . doi: 10.1080/096381900750056867
  • Goldberg , L. S. and Klein , M. W. 1999 . “ International Trade and Factor Mobility: an Empirical Investigation ” . In NBER Working Paper no. 7196 , National Bureau of Economic Research .
  • Goldin , I. and Reinert , K. A. 2005 . Global Capital Flows and Development: A Survey . Journal of International Trade and Economic Development , 14 ( 4 ) : 453 – 481 . doi: 10.1080/09638190500372610
  • Granger , C. 1969 . Investigating Causal Relations by Econometric Models and Cross Spectral Methods . Econometrica , 37 ( 3 ) : 434 – 448 . doi: 10.2307/1912791
  • Greenway , D. and Kneller , R. 2004 . Exporting and Productivity in the United Kingdom . Oxford Review of Economic Policy , 14 : 358 – 371 . doi: 10.1093/oxrep/grh021
  • Grossman , G. M. and Helpman , E. 1991 . Innovation and Growth in the Global Economy , MIT Press .
  • Gujarati , D. 2003 . Basic Econometrics , 4th ed. , McGraw-Hill .
  • Gumede , V. 2000 . Import Performance and Import Demand Functions for South Africa , Trade and Industrial Policy Strategies . http://www.tips.org.za/files/367.pdf
  • Haddad , M. , De Mello , J. and Horton , B. 1996 . “ Morocco, 1984–1989: Trade Liberalization, Exports and Industrial Performance ” . In Industrial Evolution in Developing Countries: Micro Patterns of Turnover, Productivity and Market Structure , Edited by: Roberts , M. and Tybout , J. 285 – 313 . Oxford University Press .
  • Hausmann , R. , Hwang , J. and Rodrik , D. 2007 . What You Export Matters . Journal of Economic Growth , 12 : 1 – 25 . doi: 10.1007/s10887-006-9009-4
  • Hausmann , R. and Klinger , B. 2008 . South Africa's Export Predicament . Economics of Transition , 16 ( 4 ) : 609 – 637 . doi: 10.1111/j.1468-0351.2008.00337.x
  • Helpman , E. and Krugman , P. 1985 . Market Structure and Foreign Trade , MIT Press .
  • Henriques , I. and Sadorsky , P. 1996 . Export-Led Growth or Growth-Driven Exports? The Canadian Case . Canadian Journal of Economics , 29 ( 3 ) : 541 – 555 . doi: 10.2307/136249
  • Hertzer , D. , Klasen , S. and Nowak-Lehmann , F. 2008 . In Search of FDI-Led Growth in Developing Countries: The Way Forward . Economic Modelling , 25 : 793 – 810 . doi: 10.1016/j.econmod.2007.11.005
  • Huang , T. 2004 . Spillovers from FDI in China . Contemporary Economic Policy , 22 : 13 – 25 . doi: 10.1093/cep/byh002
  • Iscan , T. 1998 . Trade Liberalisation and Productivity: A Panel Study of the Mexican Manufacturing Industry . Journal of Development Studies , 34 ( 5 ) : 123 – 148 . doi: 10.1080/00220389808422539
  • Islam , M. N. 1998 . Exports Expansion and Economic Growth: Testing for Cointegration and Causality . Applied Economics , 30 ( 3 ) : 415 – 425 . doi: 10.1080/000368498325930
  • Iyer , K. , Rambaldi , A. and Tang , K. K. 2009 . How Trade and Foreign Investment Affect the Growth of a Small But Not So Open Economy: Australia . Applied Economics , 41 ( 12 ) : 1525 – 1532 . doi: 10.1080/00036840601032177
  • Jin , J. C. 1995 . Export-Led Growth and the Four Little Dragons . Journal of International Trade and Economic Development , 4 ( 2 ) : 203 – 215 . doi: 10.1080/09638199500000017
  • Jordaan , A. C. and Eita , J. E. 2007 . Export and Economic Growth in Namibia: A Granger Causality Analysis . South African Journal of Economics , 75 ( 3 ) : 540 – 547 . doi: 10.1111/j.1813-6982.2007.00132.x
  • Kavoussi , R. 1984 . Export Expansion and Economic Growth: Further Empirical Evidence . Journal of Development Economics , 14 : 241 – 250 . doi: 10.1016/0304-3878(84)90052-X
  • Khalid , A. and Cheng , B. T. 1997 . Imports, Exports and Economic Growth: Cointegration and Causality Tests for Singapore . Singapore Economic Review , 42 ( 2 ) : 32 – 39 .
  • Kim , S. , Lim , H. and Park , D. 2009 . Imports, Exports and Total Factor Productivity in Korea . Applied Economics , 41 : 1819 – 1834 . doi: 10.1080/00036840601032243
  • Krueger , A. O. 1978 . Foreign Trade Regimes and Economic Development: Liberalization Attempts and Consequences , Cambridge , MA : Ballinger .
  • Laubscher , P. , Smit , B. W. and Visagie , L. 2001 . “ The Macroeconomic Impact of HIV/AIDS in South Africa ” . In Research Note no. 10 , Bureau for Economic Research .
  • Lawrence , R. 1999 . “ Does a Kick in the Pants Get You Going or Does it Just Hurt? The Impact of International Competition on Technological Change in US Manufacturing ” . In Globalisation and Wages , Edited by: Feenstra , R. 197 – 224 . Chicago , IL : University of Chicago Press .
  • Lawrence , R. Z. and Weinstein , D. E. 1999 . “ Trade and Growth: Import-Led or Export-Led? Evidence from Japan and Korea ” . In NBER Working Paper no. 7264 , National Bureau of Economic Research .
  • Lee , K. S , Anas , A. and Oh , G. 1999 . Costs of Infrastructure Deficiencies for Manufacturing in Nigerian, Indonesian and Thai Cities . Urban Studies , 36 ( 12 ) : 2135 – 2149 . doi: 10.1080/0042098992593
  • Liu , X. , Song , H. and Romilly , P. 1997 . An Empirical Investigation of the Causal Relationship between Openness and Economic Growth in China . Applied Economics , 29 : 1679 – 1686 . doi: 10.1080/00036849700000043
  • Lucas , R. J. 1988 . On the Mechanics of Economic Development . Journal of Monetary Economics , 22 ( 3 ) : 3 – 42 . doi: 10.1016/0304-3932(88)90168-7
  • Mahadevan , R. 2007 . New Evidence on the Export-Led Growth Nexus: A Case Study of Malaysia . World Economy , 30 ( 7 ) : 1069 – 1083 . doi: 10.1111/j.1467-9701.2007.01030.x
  • Makki , S. S. and Somwaru , A. 2004 . Impact of Foreign Direct Investment and Trade on Economic Growth: Evidence from Developing Countries . American Journal of Agricultural Economics , 86 ( 3 ) : 795 – 801 . doi: 10.1111/j.0002-9092.2004.00627.x
  • Marin , D. 1992 . Is the Export-Led Growth Hypothesis Valid for Industrialized Countries? . Review of Economics and Statistics , 74 : 678 – 688 . doi: 10.2307/2109382
  • Matthee , M. and Naude , W. 2007 . “ Export Diversity and Regional Growth ” . In UNU-WIDER Research Paper no. 2007/11 , United Nations University – World Institute for Development Economics Research .
  • Mazumdar , J. 2002 . Imported Machinery and Growth in LDCs . Journal of Development Economics , 65 : 209 – 224 . doi: 10.1016/S0304-3878(01)00134-1
  • McCord , A. 2003 . “ An Overview of Performance and Potential of Public Works Programmes in South Africa ” . In Working Paper no. 49 , Centre for Social Science Research, University of Cape Town .
  • McKinnon , R. 1964 . Foreign Exchange Constraint in Economic Development and Efficient Aid Allocation . Economic Journal , 74 : 338 – 409 . doi: 10.2307/2228486
  • Mitra , A. , Varoudakis , A. and Veganzones-Varoudkis , M. 2002 . Productivity and Technical Efficiency in Indian States’ Manufacturing: The Role of Infrastructure . Economic Development and Cultural Change , 50 ( 2 ) : 395 – 426 . doi: 10.1086/321916
  • Mody , A. and Murshid , A. P. 2005 . Growing Up with Capital Flows . Journal of International Economics , 65 : 249 – 266 . doi: 10.1016/j.jinteco.2004.02.003
  • Mohamed , S. and Finnoff , K. 2004 . “ Capital Flight from South Africa, 1980 to 2000 ” . In Forum Paper 2004 , African Development and Poverty Reduction: The Macro-Micro Linkage .
  • Moosa , I. A. 1999 . Is the Export-Led Growth Hypothesis Valid for Australia? . Applied Economics , 31 : 903 – 906 . doi: 10.1080/000368499323869
  • Mortimore , M. 2003 . The Impact of TNC Strategies on Development in Latin America and the Caribbean , 1 – 23 . Overseas Development Institute . March
  • Munnell , A. H. 1990a . “ Why has Productivity Growth Declined? Productivity and Public Investment ” . In New England Economic Review 3 – 22 . January/February
  • Munnell , A. H. 1990b . “ How Does Public Infrastructure Affect Regional Economic Performance? ” . In New England Economic Review 11 – 20 . September/October
  • Narayan , S. and Narayan , P. K. 2010 . Estimating Import and Export Demand Elasticities for Mauritius and South Africa . Australian Economic Papers , 49 ( 3 ) : 241 – 252 . doi: 10.1111/j.1467-8454.2010.00399.x
  • Nattrass , N. 1998 . “ Globalisation, Employment and Labour Market Institutions in South Africa ” . In Working Paper no. 14 , South African Network for Economic Research .
  • Ng , T. H. 2006 . “ Foreign Direct Investment and Productivity: Evidence from East Asian Economies ” . In Staff Working Paper no. 03/2006 , United Nations Industrial Development Organization, Research and Statistics Branch .
  • Njikam , O. 2003 . Exports and Economic Growth in Sub-Saharan Africa: Is there a Connection , Faculty of Economics and Management, University of Yaounde . Accessed October 2009 http://www.csae.ox.ac.uk/conferences/2004-GPRaHDiA/papers/3f-ousmanou-csae2004.pdf
  • Okodua , H. 2009 . Foreign Direct Investment and Economic Growth: Cointegration and Causality Analysis in Nigeria . African Finance Journal , 11 ( 1 ) : 54 – 73 .
  • Oliveira , L. H. 2001 . “ Foreign Direct Investment and Export-led Growth: A Challenge to Brazil ” . In Working Paper , School of Business and Public Management, George Washington University .
  • Olofsdotter , K. 1998 . Foreign Direct Investment, Country Capabilities and Economic Growth . WeltwitschaftHches Archive , 134 ( 3 ) : 534 – 547 . doi: 10.1007/BF02707929
  • Pauw , K. , Oosthuizen , M. and Van Der Westhuizen , C. 2006 . “ Graduate Unemployment in the Face of Skills Shortages: A Labour Market Paradox ” . In Working Paper no. 0/114 , Development Policy Research Unit .
  • Pereira , A. M. 2000 . Is All Public Capital Created Equal? . The Review of Economics and Statistics , 82 ( 3 ) : 513 – 518 . doi: 10.1162/rest.2000.82.3.513
  • Perkins , P. , Fedderke , J. W. and Luiz , J. 2005 . An Analysis of Economic Infrastructure Investment in South Africa . South African Journal of Economics , 73 ( 2 ) : 211 – 228 . doi: 10.1111/j.1813-6982.2005.00014.x
  • Phillips , P. C.B. and Perron , P. 1988 . Testing for a Unit Root in Time Series Regression . Biometrika , 75 ( 2 ) : 335 – 346 . doi: 10.1093/biomet/75.2.335
  • Rahman , M. and Mustafa , M. 1997 . Dynamics of Real Exports and Real Economic Growths in 13 Selected Asian Countries . Journal of Economic Development , 22 ( 2 ) : 81 – 95 .
  • Ram , R. 1987 . Exports and Economic Growth in Developing Countries: Evidence from Time-Series and Cross-Section Data . Economic Development and Cultural Change , 36 ( 1 ) : 51 – 63 . doi: 10.1086/451636
  • Ram , R. and Zhang , K. H. 2002 . Foreign Direct Investment and Economic Growth: Evidence from Cross-Country Data for the 1990s . Economic Development and Cultural Change , 51 : 205 – 215 . doi: 10.1086/345453
  • Rambaldi , A. N. and Doran , H. E. 1996 . “ Testing for Granger Non-Causality in Cointegrated Systems Made Easy ” . In Working Papers in Econometrics and Statistics , Vol. 88 , 1 – 22 . Department of Econometrics, University of New England .
  • Ramirez , M. D. 2000 . Foreign Direct Investment in Mexico: A Cointegration Analysis . Journal of Development Studies , 37 ( 1 ) : 138 – 162 . doi: 10.1080/713600062
  • Reisen , H. 1998 . Sustainable and Excessive Current Account Deficits . Empirica , 25 ( 2 ) : 111 – 131 . doi: 10.1023/A:1006850620095
  • Reisen , H. and Soto , M. 2001 . Which Types of Capital Inflows Foster Developing-Country Growth? . International Finance , 4 ( 1 ) : 1 – 14 . doi: 10.1111/1468-2362.00063
  • Richards , D. G. 2001 . Exports as a Determinant of Long-Run Growth in Paraguay, 1966–1996 . Journal of Development Studies , 38 ( 1 ) : 128 – 46 . doi: 10.1080/00220380412331322211
  • Riezman , R. G. , Summers , P. M. and Whiteman , C. H. 1996 . The Engine of Growth or its Handmaiden? A Time Series Assessment of Export-Led Growth . Empirical Economics , 21 : 177 – 113 . doi: 10.1007/BF01205495
  • Rodrik , D. 2008 . Understanding South Africa's Economic Puzzles . Economies in Transition , 16 ( 4 ) : 769 – 797 . doi: 10.1111/j.1468-0351.2008.00343.x
  • Romer , P. M. 1986 . Increasing Returns and Long-Run Growth . Journal of Political Economy , 94 : 1002 – 1037 . doi: 10.1086/261420
  • Romer , P. M. 1994 . Idea Gaps and Objects Gaps in Economic Development . Journal of Monetary Economy , 99 : 543 – 573 .
  • Shan , J. and Sun , F. 1998 . On the Export-Led Growth Hypothesis for the Little Dragons: An Empirical Reinvestigation . Atlantic Economic Journal , 26 ( 4 ) : 353 – 371 . doi: 10.1007/BF02299449
  • Sharma , A. and Panagiotidis , T. 2003 . “ An Analysis of Exports and Growth in India: Some Empirical Evidence (1971–2001) ” . In SERP no. 2003004 , Sheffield Economic Research Paper Series .
  • Shirazi , N. S. and Manap , T. A.A. 2004 . Export-Led Growth Hypothesis: Further Econometric Evidence from Pakistan . Pakistan Development Review , 43 ( 4 ) : 563 – 581 .
  • Siliverstovs , B. and Herzer , D. 2006 . Export-Led Growth Hypothesis: Evidence for Chile . Applied Economics Letters , 13 : 319 – 324 . doi: 10.1080/13504850500407293
  • Sims , C. , Stock , J. H. and Watson , M. W. 1990 . Inference in Linear Time Series Models with Some Unit Roots . Econometrica , 58 : 113 – 144 . doi: 10.2307/2938337
  • Sjoeholm , F. 1999 . Exports, Imports and Productivity: Results from Indonesian Establishment Data . World Development , 27 : 705 – 715 . doi: 10.1016/S0305-750X(98)00160-0
  • Solow , R. M. 1957 . Technical Change and the Aggregate Production . Review of Economics and Statistics , 39 : 312 – 320 . doi: 10.2307/1926047
  • Soto , M. 2000 . “ Capital Flows and Growth in Developing Countries: Recent Empirical Evidence ” . In Working Paper no. 160 , OECD Development Centre .
  • Soto , M. 2003 . Taxing Capital Flows: An Empirical Comparative Analysis . Journal of Development Economics , 72 : 203 – 221 . doi: 10.1016/S0304-3878(03)00074-9
  • Stilianos , F. 2000 . Some Evidence on the Export-Led Growth Hypothesis for Ireland . Applied Economics Letters , 7 ( 4 ) : 211 – 214 . doi: 10.1080/135048500351528
  • Stocker , H. 1999 . Growth Effects of Foreign Direct Investment: Myth or Reality , Department of Economics, University of Innsbruck .
  • Taban , S. and Aktar , I. 2008 . An Empirical Examination of the Export-Led Growth Hypothesis in Turkey . Journal of Yasar University , 3 ( 11 ) : 1535 – 1551 .
  • Toda , H. Y. and Phillips , P. C.B. 1993 . Vector Autoregressions and Causality . Econometrica , 61 : 1367 – 1393 . doi: 10.2307/2951647
  • Toda , H. Y. and Yamamoto , T. 1995 . Statistical Inference in Vector Autoregressions with Possibly Integrated Processes . Journal of Econometrics , 66 : 225 – 250 . doi: 10.1016/0304-4076(94)01616-8
  • Tybout , J. R. 2000 . Manufacturing Firms in Developing Countries . Journal of Economic Literature , 38 : 11 – 44 . doi: 10.1257/jel.38.1.11
  • Ugur , A. 2008 . Import and Economic Growth in Turkey: Evidence from Multivariate VAR Analysis . Journal of Economics and Business , 11 ( 1–2 ) : 54 – 75 .
  • Ukpolo , V. 1994 . Export Composition and Growth of Selected Low-Income African Countries: Evidence from Time-Series Data . Applied Economics , 26 : 445 – 449 . doi: 10.1080/00036849400000012
  • Van den Berg , H and Schmidt , J. R. 1994 . Foreign Trade and Economic Growth: Time Series Evidence from Latin America . Journal of International Trade and Economic Development , 3 ( 3 ) : 121 – 130 .
  • Van Pottlesberghe de la Potterie , B. and Lichtenberg , F. 2001 . Does Foreign Direct Investment Transfer Technology Across Borders? . The Review of Economics and Statistics , 83 : 490 – 497 . doi: 10.1162/00346530152480135
  • World Bank . 1994 . World Development Report: Infrastructure for Development , Oxford University Press .
  • World Bank . 2010 . South Africa: Second Investment Climate Assessment , World Bank .
  • Xiaohui , L. , Burridge , P. and Sinclair , P. J.N. 2002 . Relationships Between Economic Growth, Foreign Direct Investment and Trade: Evidence from China . Applied Economics , 34 : 1433 – 1440 . doi: 10.1080/00036840110100835
  • Zapata , H. O. and Rambaldi , A. N. 1997 . Monte Carlo Evidence on Cointegration and Causation . Oxford Bulletin of Economics and Statistics , 59 ( 2 ) : 285 – 298 . doi: 10.1111/1468-0084.00065
  • Zhang , K. H. 1999 . How Does FDI Interact with Economic Growth in a Large Developing Country? The Case of China . Economic Systems , 21 : 291 – 304 . doi: 10.1007/s001830050030
  • Zhang , K. H. 2001 . Does Foreign Direct Investment Promote Economic Growth? Evidence from East Asia and Latin America . Contemporary Economic Policy , 19 : 175 – 185 . doi: 10.1111/j.1465-7287.2001.tb00059.x
  • Zhang , Z. 2002 . Productivity and Economic Growth: An Empirical Assessment of the Contribution of FDI to the Chinese Economy . Journal of Economic Development , 27 : 81 – 94 .
  • Ziramba , E. 2011 . Export-Led Growth in South Africa: Evidence from the Components of Exports . Journal of Studies in Economics and Econometrics , 35 ( 1 ) : 1 – 13 .

Reprints and Corporate Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

To request a reprint or corporate permissions for this article, please click on the relevant link below:

Academic Permissions

Please note: Selecting permissions does not provide access to the full text of the article, please see our help page How do I view content?

Obtain permissions instantly via Rightslink by clicking on the button below:

If you are unable to obtain permissions via Rightslink, please complete and submit this Permissions form. For more information, please visit our Permissions help page.