Globalization and WTO: Impact on India’s economic growth and export

Pandey, Alok Kumar (2008): Globalization and WTO: Impact on India’s economic growth and export.

Abstract

The roots of newly emerging forces of globalization exist in specific economic and political development in the late 1980s and early1990s. From other regulatory measures to correct the prevailing distortions in the Indian economy, government of India introduced Structural Adjustment Programmes (SAPs) in July 1991. The World Trade Organization (WTO) which came into existence on January 1, 1995 with a view to ensure global cooperative trade environment, to raise incomes and to create ample job opportunity for the nations through fair and open trade. In order to estimate growth of Indian exports as well as Gross Domestic Product (GDP) for the period 1985-86 to 2004-05 keeping view the structural reform of 1991 and WTO Settlement in 1995, we have employed OLS technique based on dummy variables. The empirical evidences of the present paper has scanned Gross Domestic Product and export performance of the Indian economy for the period 1985-86 to 2004-05 with an attempt to isolate the impacts of Economic reforms and WTO.

• Item Type: MPRA Paper
• Language: English
• Keywords: Dummy Variables, Export, GDP, Growth Rate, WTO
• Subjects: F - International Economics > F1 - Trade > F13 - Trade Policy ; International Trade Organizations; C - Mathematical and Quantitative Methods > C2 - Single Equation Models ; Single Variables > C22 - Time-Series Models ; Dynamic Quantile Regressions ; Dynamic Treatment Effect Models ; Diffusion Processes; F - International Economics > F4 - Macroeconomic Aspects of International Trade and Finance > F43 - Economic Growth of Open Economies

References

Balassa, B., (1978), “Export and Economic Growth-Further Evidence”, Journal of Development Economics, Vol.5, no.2, pp181-9.

Balassa, B., (1985), “Exports Policy choices, and Economic Growth in Developing countries after the 1973 Oil Shock”, Journal of Development Economics, Vol.18, no 1, pp23-35.

Bhattacharyya, B., (2001), “Export Performance: Increasing Competitiveness through New Sources of Productivity Growth”, Working Paper, Indian Institute of Foreign Trade, New Delhi.

Commentary on “WTO: heavy Baggage for Cancun” Economic and Political Weekly, September 6, 2003, pp.3748-49.

Dodaro, S., (1991), “Comparative Advantage, Trade and Growth”, World Development, 19(9), Sept. pp1153-65.

Economic Survey, (various issues since1991), Ministry of Finance, Government of India.

Emery, R. F., (1967), “The Relation of Exports and Economic Growth”, Kyklos, 20, pp. 470-486.

Fajana, O., (1979), “Trade and Growth: The Nigerian Experience”, World Development, 7(1), pp.73-78.

Fosu, K. A., (1990), “Export and Economic Growth: The African Case”, World Development, 18(6), pp.831-835.

Gains of Cancun, Economic and Political Weekly, September 27, 2003 pp. 4071-72.

Gill, S.S. and R.S. Ghuman, (1982), “India’s Agricultural Exports: Performance and Some Policy Issues”, Indian Journal of Agricultural Economics, 37(3), pp294-300.

Gujarati, D. N., (2003), “Basic Econometrics”, McGraw-HILL International.

Hand Book of Statistics on Indian Economy, (2005-06), Reserve Bank of India.

Jin, J. C., (1996), “Export led Growth and the Four Little Dragon”, Journal of International Trade and Development, 4(2).

Kaushik, K.K. and Paras, (2000), “Trade Liberalisation and Export Performance in India: A Statistical Verification”, foreign Trade Review, 35(1), April-June, pp.12-31.

Kavoussi, R. M., (1985), “International trade and Economic Development: The Recent Experience of Developing Countries”, The Developing Economies, 19(3), April, pp.379-392.

Michaely, M., (1977), “Export and Economic Growth: An Empirical Investigation”, Journal of Development Economics, 4, pp.49-53.

Moschos, D., (1989), “Export Expansion, Growth and the Level of Economic Development”, Journal of Development Economics, 30(1), Jan., pp.93-102.

Muralidharan, S., (2003), “The Cancun Checkmate”, Frontline, October10, 2003, pp.4-10.

Nilanjan, B., (2001), “An Analysis of India’s Exports During The 1990s”, Economic and Political Weekly, 36(44), November, pp.4222-4230.

Prasad, H.A.C., (1997), “Impact of Economic Reforms on India’s Major Exports”, Working Paper, Indian Institute of Foreign Trade, New Delhi.

Ram, R., (1985), “Export and Economic Growth: Some Additional Evidence”, Economic Development and Cultural Change, Vol.33, no 2, pp415-25.

Rana, P.B., (1988), “Export Policy Changes and Economic Growth in Developing Countries After the 1973 Oil Shock: Comment”, Journal of Development Economics, 28(2), March, pp.261-4.

Rana, P.B., and J.M. Dowling, (1990), “Foreign Capital and Asian Economic Growth”, Asian Development Review, 8(2), pp. 77-102.

Report on Currency and Finance,(2003), Reserve Bank of India.

Report on India’s trade policies Review, (May 2002), World Trade Organization.

Salvatore, D., (1983), “A Simultaneous Equations Model of Trade and Development with Dynamic Policy simulations”, Kyklos, 36(1), pp.66-90.

Singer, H.W., and P. Gray, (1988), “Trade Policy and Growth of developing Countries: Some New Data” World Development, 16(3), pp.395-403.

Syron, R.F. and B. M. Walsh, (1968), “The Relation of Export and Economic Growth” Kyklos, 21(2), pp.541-5.

Tyler, W.G., (1981), “Growth and Export Expansion in Developing Countries- some empirical evidence”, Journal of Development Economics, Vol.9, no.1, pp121-30.

Wadhva, C.D., (1998), “India’s Export Performance and Policies: An Appraisal”, Vikalapa, 23(1), January, pp.61-74.

Walden Bello, (2003), “The Meaning of Cancun”, Frontline, October10, 2003, pp.16-17.

Watanabe, T., (1985), “Economic Development in Korea Lessons and Challenge” in T. Shishido and R. Sato, eds., Economic policy and Development: New perspective, Mass, London.

Williamson, R.B., (1978), “The Role of Exports and Foreign Capital in Latin American Economic Growth”, Southern Economic Journal, 45(2), Oct, pp.410-20.