Does trade openness affect economic growth in India? Evidence from threshold cointegration with asymmetric adjustment

References

• Agrawal, P. (2015). The role of exports in India’s economic growth. The Journal of International Trade & Economic Development, 24(6), 835–26. https://doi.org/10.1080/09638199.2014.968192
   Web of Science ®Google Scholar
• Almeida, R., & Fernandes, A. M. (2008). Openness and technological innovations in developing countries: Evidence from firm-level surveys. The Journal of Development Studies, 44(5), 701–727. https://doi.org/10.1080/00220380802009217
   Web of Science ®Google Scholar
• Al-Shayeb, A., & Hatemi-J, A. (2016). Trade openness and economic development in the UAE: An asymmetric approach. Journal of Economic Studies, 43(4), 587–597. https://doi.org/10.1108/JES-06-2015-0094
   Web of Science ®Google Scholar
• Anderson, J. E., & Neary, J. P. (1992). Trade reform with quotas, partial rent retention, and tariffs. Econometrica, 60(1), 57–76. https://doi.org/10.2307/2951676
   Web of Science ®Google Scholar
• Bahmani-Oskooee, M., & Niroomand, F. (1999). Openness and economic growth: An empirical investigation. Applied Economics Letters, 6(9), 557–561. https://doi.org/10.1080/135048599352592
   Web of Science ®Google Scholar
• Balke, N. S., & Fomby, T. B. (1997). Threshold cointegration. International Economic Review, 38(3), 627–645. https://doi.org/10.2307/2527284
   Web of Science ®Google Scholar
• Birinci, S. (2013). Trade openness, growth, and informality: Panel VAR evidence from OECD economies. Economics Bulletin, 33(1), 694–705. http://www.accessecon.com/Pubs/EB/2013/Volume33/EB-13-V33-I1-P66.pdf
   Google Scholar
• Bond, E. W., Jones, R. W., & Wang, P. (2005). Economic takeoffs in a dynamic process of globalization. Review of International Economics, 13(1), 1–19. https://doi.org/10.1111/j.1467-9396.2005.00489.x
   Google Scholar
• Chan, K. S. (1993). Consistency and limiting distribution of the least squares estimator of a threshold autoregressive model. The Annals of Statistics, 21(1), 520–533. https://doi.org/10.1214/aos/1176349040
   Web of Science ®Google Scholar
• Chandra, R. (2003). Reinvestigating export-led growth in India using a multivariate cointegration framework. The Journal of Developing Areas, 37(1), 73–86. https://doi.org/10.1353/jda.2004.0005
   Google Scholar
• Chang, R., Kaltani, L., & Loayza, N. V. (2009). Openness can be good for growth: The role of policy complementarities. Journal of Development Economics, 90(1), 33–49. https://doi.org/10.1016/j.jdeveco.2008.06.011
   Web of Science ®Google Scholar
• Clemente, J., Montanes, A., & Reyes, M. (1998). Testing for a unit root in variables with a double change in the mean. Economics Letters, 59(2), 175–182. https://doi.org/10.1016/S0165-1765(98)00052-4
   Web of Science ®Google Scholar
• Das, A., & Paul, B. P. (2011). Openness and growth in emerging Asian economies: Evidence from GMM estimations of a dynamic panel. Economics Bulletin, 31(3), 2219–2228. http://www.accessecon.com/Pubs/EB/2011/Volume31/EB-11-V31-I3-P201.pdf
   Google Scholar
• Dedeoglu, D., & Ogut, K. (2017). Asymmetric cointegration with threshold adjustment model of exchange rates and the trade balance in Turkey. The Journal of International Trade & Economic Development, 26(2), 174–194. https://doi.org/10.1080/09638199.2016.1233288
   Web of Science ®Google Scholar
• Dollar, D. (1992). Outward-oriented developing economies really do grow more rapidly: Evidence from 95 LDCs, 1976–1985. Economic Development and Cultural Change, 40(3), 523–544. https://doi.org/10.1086/451959
   Web of Science ®Google Scholar
• Dollar, D., & Kraay, A. (2004). Trade, growth, and poverty. The Economic Journal, 114(493), F22–F49. https://doi.org/10.1111/j.0013-0133.2004.00186.x
   Web of Science ®Google Scholar
• Edwards, S. (1993). Openness, trade liberalization, and growth in developing countries. Journal of Economic Literature, 31(3), 1358–1393. https://www.jstor.org/stable/2728244
   Web of Science ®Google Scholar
• Enders, W., & Granger, C. W. J. (1998). Unit-Root tests and asymmetric adjustment with an example using the term structure of interest rates. Journal of Business & Economic Statistics, 16(3), 304–311. https://www.jstor.org/stable/1392506
   Web of Science ®Google Scholar
• Enders, W., & Siklos, P. L. (2001). Cointegration and Threshold Adjustment. Journal of Business & Economic Statistics, 19(2), 166–176. https://doi.org/10.1198/073500101316970395
   Web of Science ®Google Scholar
• Engle, R. F., & Granger, C. W. (1987). Co-integration and error correction: Representation, estimation, and testing. Econometrica, 55(2), 251–276. https://doi.org/10.2307/1913236
   Web of Science ®Google Scholar
• Eriṣ, M. N., & Ulaṣan, B. (2013). Trade openness and economic growth: Bayesian model averaging estimate of cross-country growth regressions. Economic Modelling, 33(C), 867–883. https://doi.org/10.1016/j.econmod.2013.05.014
   Google Scholar
• Frankel, J. A., & Romer, D. H. (1999). Does trade cause growth? American Economic Review, 89(3), 379–399. https://doi.org/10.1257/aer.89.3.379
   Web of Science ®Google Scholar
• Freund, C., & Bolaky, B. (2008). Trade, regulations, and income. Journal of Development Economics, 87(2), 309–321. https://doi.org/10.1016/j.jdeveco.2007.11.003
   Web of Science ®Google Scholar
• Frey, G., & Manera, M. (2007). Econometric models of asymmetric price transmission. Journal of Economic Surveys, 21(2), 349–415. https://doi.org/10.1111/j.1467-6419.2007.00507.x
   Web of Science ®Google Scholar
• Goldberg, P., Khandelwal, A., Pavcnik, N., & Topalova, P. (2010). Imported intermediate inputs and domestic product growth: Evidence from India. The Quarterly Journal of Economics, 125(4), 1727–1767. https://doi.org/10.1162/qjec.2010.125.4.1727
   Web of Science ®Google Scholar
• Granger, C. W., & Yoon, G. (2002). Hidden cointegration. U of California, Economics Working Paper, ( 2002–02). https://doi.org/10.2139/ssrn.313831
   Google Scholar
• Gries, T., Kraft, M., & Meierrieks, D. (2009). Linkages between financial deepening, trade openness, and economic development: Causality evidence from Sub-Saharan Africa. World Development, 37(12), 1849–1860. https://doi.org/10.1016/j.worlddev.2009.05.008
   Web of Science ®Google Scholar
• Grossman, G. M., & Helpman, E. (1991). Trade, knowledge spillovers, and growth. European Economic Review, 35(2–3), 517–526. https://doi.org/10.1016/0014-2921(91)90153-A
   Web of Science ®Google Scholar
• Hamdi, H., & Sbia, R. (2013). The relationship between natural resources rents, trade openness, and economic growth in Algeria. Economics Bulletin, 33(2), 1649–1659. http://www.accessecon.com/Pubs/EB/2013/Volume33/EB-13-V33-I2-P154.pdf
   Google Scholar
• Harrison, A. (1996). Openness and growth: A time-series, cross-country analysis for developing countries. Journal of Development Economics, 48(2), 419–447. https://doi.org/10.1016/0304-3878(95)00042-9
   Web of Science ®Google Scholar
• Hye, Q., Lau, W.-Y., & Tourres, M.-A. (2014). Does economic liberalization promote economic growth in Pakistan? An empirical analysis. Quality & Quantity, 48(4), 2097–2119. https://doi.org/10.1007/s11135-013-9882-9
   Google Scholar
• Hye, Q. M. A., & Lau, W.-Y. (2014). Trade openness and economic growth: Empirical evidence from India. Journal of Business Economics and Management, 16(1), 188–205. https://doi.org/10.3846/16111699.2012.720587
   Web of Science ®Google Scholar
• Irwin, D. A., & Terviö, M. (2002). Does trade raise income? Evidence from the twentieth century. Journal of International Economics, 58(1), 1–18. https://doi.org/10.1016/S0022-1996(01)00164-7
   Web of Science ®Google Scholar
• Jibrilla Aliyu, A., & Mohammed, T. S. (2015). Asymmetric cointegration between exchange rate and trade balance in Nigeria. Cogent Economics & Finance, 3(1), 1045213. https://doi.org/10.1080/23322039.2015.1045213
   Web of Science ®Google Scholar
• Jin, J. C. (2000). Openness and growth: An interpretation of empirical evidence from East Asian countries. The Journal of International Trade & Economic Development, 9(1), 5–17. https://doi.org/10.1080/096381900362517
   Google Scholar
• Jin, J. C. (2004). On the relationship between openness and growth in China: Evidence from provincial time series data. World Economy, 27(10), 1571–1582. https://doi.org/10.1111/j.1467-9701.2004.00667.x
   Web of Science ®Google Scholar
• Johansen, S., & Juselius, K. (1990). Maximum likelihood estimation and inference on cointegration—with applications to the demand for money. Oxford Bulletin of Economics and Statistics, 52(2), 169–210. https://doi.org/10.1111/j.1468-0084.1990.mp52002003.x
   Web of Science ®Google Scholar
• Jouini, J. (2015). Linkage between international trade and economic growth in GCC countries: Empirical evidence from PMG estimation approach. The Journal of International Trade & Economic Development, 24(3), 341–372. https://doi.org/10.1080/09638199.2014.904394
   Web of Science ®Google Scholar
• Kim, D. H., & Lin, S. C. (2009). Trade and growth at different stages of economic development. Journal of Development Studies, 45(8), 1211–1224. https://doi.org/10.1080/00220380902862937
   Web of Science ®Google Scholar
• Kim, D.-H., Lin, S.-C., & Suen, Y.-B. (2011). Nonlinearity between trade openness and economic development. Review of Development Economics, 15(2), 279–292. https://doi.org/10.1111/j.1467-9361.2011.00608.x
   Web of Science ®Google Scholar
• Krueger, A. O. (1978). Foreign Trade Regimes and Economic Development: Liberalization Attempts and Consequences. MA: Ballinger for NBER. Cambridge, Mass. (Ballinger). https://EconPapers.repec.org/RePEc:nbr:nberbk:krue78-1
   Google Scholar
• Le Goff, M., & Singh, R. J. (2014). Does trade reduce poverty? A view from Africa. Journal of African Trade, 1(1), 5–14. https://doi.org/10.1016/j.joat.2014.06.001
   Google Scholar
• Leamer, E. E. (1988). Measures of openness. In R. E. Baldwin (Ed..), Trade Policy Issues, and Empirical Analysis (pp. 145–204). The University of Chicago Press. http://www.nber.org/chapters/c5850.pdf
   Google Scholar
• Lee, H. Y., Ricci, L. A., & Rigobon, R. (2004). Once again, is openness good for growth? Journal of Development Economics, 75(2), 451–472. https://doi.org/10.1016/j.jdeveco.2004.06.006
   Web of Science ®Google Scholar
• Liu, X., Song, H., & Romilly, P. (1997). An empirical investigation of the causal relationship between openness and economic growth in China. Applied Economics, 29(12), 1679–1686. https://doi.org/10.1080/00036849700000043
   Web of Science ®Google Scholar
• Lucas, R. E. (1988). On the mechanics of economic development. Journal of Monetary Economics, 22(1), 3–42. https://doi.org/10.1016/0304-3932(88)90168-7
   Web of Science ®Google Scholar
• Mallick, L., Behera, S. R., & Dash, D. P. (2020). Does CPI Granger Cause WPI? Empirical Evidence from Threshold Cointegration and Spectral Granger Causality Approach in India. The Journal of Developing Areas, 54(2), 109–125. https://doi.org/10.1353/jda.2020.0019
   Google Scholar
• Manole, V., & Spatareanu, M. (2010). Trade openness and income: A re-examination. Economics Letters, 106(1), 1–3. https://doi.org/10.1016/j.econlet.2009.06.021
   Web of Science ®Google Scholar
• Marelli, E., & Signorelli, M. (2011). China and India: Openness, trade, and effects on economic growth. The European Journal of Comparative Economics, 8(1), 129–154. http://ejce.liuc.it/18242979201101/182429792011080106.pdf
   Google Scholar
• Menyah, K., Nazlioglu, S., & Wolde-Rufael, Y. (2014). Financial development, trade openness, and economic growth in African countries: New insights from a panel causality approach. Economic Modelling, 37(February), 386–394. https://doi.org/10.1016/j.econmod.2013.11.044
   Google Scholar
• Perron, P. (1989). The great crash, the oil price shock, and the unit root hypothesis. Econometrica: Journal of the Econometric Society, 57(6), 1361–1401. https://doi.org/10.2307/1913712
   Web of Science ®Google Scholar
• Perron, P., & Vogelsang, T. J. (1992). Nonstationarity and level shifts with an application to purchasing power parity. Journal of Business & Economic Statistics, 10(3), 301–320. https://www.jstor.org/stable/1391544
   Web of Science ®Google Scholar
• Rodriguez, F., & Rodrik, D. (2001). Trade policy and economic growth: A skeptic’s guide to the cross-national evidence. In B. Bernanke & K. S. Rogoff. (Eds.), Macroeconomics Annual 2000. MIT Press. http://www.nber.org/chapters/c11058.pdf
   Google Scholar
• Sachs, J. D., Warner, A., Åslund, A., & Fischer, S. (1995). Economic reform and the process of global integration. Brookings Papers on Economic Activity, 26(1), 1–118. https://doi.org/10.2307/2534573
   Google Scholar
• Sharma, A., & Panagiotidis, T. (2005). An analysis of exports and growth in India: Cointegration and causality evidence (1971–2001). Review of Development Economics, 9(2), 232–248. https://doi.org/10.1111/j.1467-9361.2005.00273.x
   Web of Science ®Google Scholar
• Stigler, M. (2012). Threshold cointegration: Overview and implementation in R, Vignette (tsDyn), R package version 0.8-1, Revision 4. http://www.sciepub.com/reference/207678
   Google Scholar
• Sun, C. (2011). Price dynamics in the import wooden bed market of the United States. Forest Policy and Economics, 13(6), 479–487. https://doi.org/10.1016/j.forpol.2011.05.009
   Web of Science ®Google Scholar
• Temple, J. (1999). The new growth evidence. Journal of Economic Literature, 37(1), 112–156. https://doi.org/10.1257/jel.37.1.112
   Web of Science ®Google Scholar
• Ulaşan, B. (2014). Trade openness and economic growth: Panel evidence. Applied Economics Letters, 22(2), 163–167. https://doi.org/10.1080/13504851.2014.931914
   Web of Science ®Google Scholar
• Vlastou, L. (2010). Forcing Africa to open up to trade: Is it worth it? The Journal of Developing Areas, 44(1), 25–39. https://doi.org/10.1353/jda.0.0086
   Google Scholar
• World Bank. (2018). World Development Indicators [Data file]. Retrieved from https://datacatalog.worldbank.org/dataset/world-development-indicators
   Google Scholar
• Yanikkaya, H. (2003). Trade openness and economic growth: A cross-country empirical investigation. Journal of Development Economics, 72(1), 57–89. https://doi.org/10.1016/S0304-3878(03)00068-3
   Web of Science ®Google Scholar
• Zahonogo, P. (2016). Trade and economic growth in developing countries: Evidence from sub-Saharan Africa. Journal of African Trade, 3(1–2), 41–56. https://doi.org/10.1016/j.joat.2017.02.001
   Google Scholar