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• W89926322 abstract "This paper examines the relationship between merchandise exports and non-export sector GDP both at aggregate and disaggregate levels in the Indian context for the period 1988-2012. The findings of the study indicate that there exists a long-run relationship between non-export GDP and capital, labor, capital goods imports, manufactured exports, primary exports, and petroleum product exports. Further, at aggregate level, merchandise exports have a positive effect on the output of non-export sector, thereby supporting export-led growth, while at disaggregate level, primary product and petroleum product exports are found to have a statistically negative impact, whereas manufactured product exports have a statistically positive impact on non-export GDP. Thus, it is not the case that India can simply increase its exports per se and be sure of witnessing economic growth, but instead it is the composition and concentration of these exports that matters.(ProQuest: ... denotes formulae omitted.)IntroductionThe theoretical relationship between trade and economic growth has been discussed for over two centuries. Originating in Adam Smith's explanation of absolute advantage in the late 18th century and David Ricardo's comparative advantage shortly thereafter, economists over the years have developed strong logical arguments to justify the favorable arguments with respect to trade. Nevertheless, controversy still persists regarding the dynamics of their association. There is substantial literature on the relation between exports and economic growth in India. The evidence derived from these studies, despite being often conflicting in nature, is also questionable.1 A major part of the problem arises because of flaws in the methodology followed and the proxy used to represent a given variable. For example, causality tests are extremely sensitive to omitted variables. Even if exports are observed not to cause growth in bivariate models, the same inference does not necessarily hold in the context of broader economic models which include additional relevant variables like capital and labor (Awokuse, 2003). Indeed, quite a few studies estimate an export-augmented production function, yet quite often they ignore imports as an additional explanatory variable in their production function estimates.2 As reported by Riezman et al. (1996), omitting the import variable can result in spurious conclusions regarding the Export-Led Growth (ELG) hypothesis, because capital goods imports are inputs for domestic production. Secondly, exports, by means of the national income accounting identity, are themselves an element of Gross Domestic Product (GDP).3 Consequently, exports are partly endogenous in an output equation. The outcome of this is a strong bias in favor of a correlation between these two variables, no matter what actual causal relationship may exist between them (Greenaway and Sapsford, 1994). Finally, it should be mentioned that many of the recent time series literature focus on 'aggregate' exports only (Pandey, 2006; and Pradhan, 2010). This might disguise the essential differences between different export categories. Even when there is evidence in favor of the ELG hypothesis with regard to certain export categories, this may not be mirrored at the aggregate level, and spurious conclusions might be drawn whenever disaggregated exports are not examined (Ghatak and Price, 1997).However, much of the limitations discussed so far have been addressed and somewhat corrected by Ghatak and Price (1997), but then their study itself has its own limitations.4 Given this background, the present study is a cautious attempt to re-examine the ELG hypothesis in India both at aggregate and disaggregate levels. The rest of the paper is structured as follows: a brief discussion of the magnitude and trend of India's exports in empirical context is followed by a discussion of the theoretical model to explain the growth effect of export. Subsequently, the data and methodology used in the study are discussed, followed by the empirical examination of the growth impact of export. …" @default.
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• W89926322 date "2013-10-01" @default.
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• W89926322 title "Spillover Effects of Merchandise Export on Non-Export Sector in India: Does Composition of Export Matter?" @default.
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