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IS EXPORT-LED INDUSTRIAL DEVELOPMENT A VIABLE POLICY? SOME EMPIRICAL EVIDENCE
Sudesh Mujumdar,Jeffrey A Mills,Peter Cashel Cordo People&Global Business Association 2005 Global Business and Finance Review Vol.10 No.1
This paper re-examines the time-series evidence on the relationship between exports and industrial development for eight newly-industrialized economies in light of recent breakthroughs in time-series analysis. Specifically, the investigation employs the time-series procedure of Toda and Yamamoto (1995) where many shortcomings of the traditional approaches (e.g., the Vector-Error-Correction approach) are overcome. The investigation reveals that for all but one of the economies where a policy of export-led growth was explicitly adopted, there is evidence indicating that current increases in exports produce future increases in industrial output. Such evidence is not found for the economies where the policy was not explicitly adopted. This suggests that for a country without an explicit strategy of export-expansion, it appears unlikely that export-expansion will spontaneously stimulate industrial development.
Strategic Trade Policy with Generalized Social Welfare Functions
Sudesh Mujumdar,Mark D.White 사람과세계경영학회 2012 Global Business and Finance Review Vol.17 No.1
This paper investigates the conduct of strategic trade policy when the government maximizes a generalized social welfare function with variable weights on profit and consumer surplus. We find the unexpected result that increased emphasis on either will tend to favor the use of the subsidy rather than the tariff.
Bilateral Investment Treaties and Foreign Direct Investment
Byung S. Min,Sudesh Mujumdar,Jong C. Rhim 사람과세계경영학회 2011 Global Business and Finance Review Vol.16 No.1
This paper investigates the relationship between bilateral investment treaties (BITs) and foreign direct investment (FDI) inflows using random coefficient panel models, and accounting for the regime shift that occurred with the 1997 Asian Financial Crisis. The estimation results reveal that BITs have a strong positive impact on FDI inflows for the pre- 1997 era. However, the strength of this positive impact diminishes as more BITs are concluded, implying that each additional BIT yields a relatively smaller FDI-payoff. No statistically significant impact of BITs on FDI inflows is found for the period following the Asian Financial Crisis, implying a decline in their relative importance in attracting FDI. Further, BITs do not have a stronger impact on FDI inflows for developing countries in comparison to developed countries.