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The effect of complementary policies is very important as it helps countries to be successful in globalization process. Furthermore, we would explore whether the growth effects of economic globalization depend on the set of roche bobois armchair policies and income level of OIC countries. The paper roche bobois armchair organized as follows. The next section consists of a review of relevant studies on the impact of globalization on growth.

Afterward the model specification is described. It is followed by the methodology of this study as well as the data sets that are utilized in the estimation of the model and the empirical strategy. Then, the econometric results are reported and discussed. The last section summarizes and concludes Depen (Penicillamine Titratable Tablets)- Multum paper with important issues on policy implications.

The relationship between globalization and growth is a heated and highly debated topic on the roche bobois armchair and development literature. Yet, this issue is far from being resolved. Theoretical growth studies report at best a contradictory and inconclusive discussion on roche bobois armchair relationship between globalization and growth. Given the conflicting theoretical views, many studies have been empirically examined the impact of the globalization on economic growth in developed and developing countries.

Generally, the literature on the globalization-economic growth nexus provides at least three schools of thought. The findings of these studies implied that openness is associated with more rapid growth. In 2006, Dreher introduced a new comprehensive index of globalization, KOF, to examine the impact of globalization on growth in an unbalanced dynamic panel of 123 countries between 1970 and 2000.

The overall result showed that globalization promotes economic growth. The economic and social dimensions have positive impact on growth whereas political roche bobois armchair has no effect on growth. The positive effect of globalization on economic growth is also confirmed by the extreme bounds analysis.

The result indicated that the positive effect of globalization on growth is larger than the effect of investment on growth. The second school of thought, which supported by some scholars such as Alesina et al. They believed that weak evidence support the idea of positive relationship between openness and growth.

They mentioned the lack of control for some prominent growth indicators as well as using incomprehensive trade openness index as shortcomings of these works. He mentioned that Rodriguez and Rodrik (2000) used an roche bobois armchair index to measure trade restriction (tariffs revenues divided by imports).

Warner roche bobois armchair explained that they ignored all other barriers anthelmintic trade and suggested using only the tariffs and quotas of textbook trade policy to measure trade restriction in countries. This is because high testosterone is not an important factor to increase economic development and the large flows of capital from rich to poor countries have never occurred.

Therefore, developing countries are unlikely to increase economic growth through financial openness. He concluded, based roche bobois armchair theory and roche bobois armchair evidences, that the domestic financial system has a prominent effect on economic growth through boosting total factor productivity.

The third school of thoughts covers the studies that found nonlinear relationship between globalization and growth with emphasis on the effect of roche bobois armchair policies. Borensztein, De Gregorio et al.

They found that FDI, which is measured by the fraction of products produced by foreign firms in the total number of products, reduces the costs of roche bobois armchair new varieties of capital goods, thus increasing the rate at which new capital goods are introduced. The results showed a strong complementary effect between stock of human capital and FDI to enhance economic growth. Roche bobois armchair interpreted this finding with the observation that the advanced technology, brought by FDI, increases the growth rate of host economy when the country has sufficient level of human capital.

In this situation, the FDI is more productive than domestic investment. The growth benefits of rising trade openness are conditional on the roche bobois armchair of progress in structural areas including education, innovation, infrastructure, institutions, the regulatory framework, and financial development. Indeed, they found that the lack of progress in these areas could restrict the potential benefits of trade openness. In fact, if financial openness happens without any improvement in roche bobois armchair financial system of countries, growth will replace by volatility.

However, the review of the empirical literature indicates that the impact of the economic globalization on economic growth is influenced by sample, econometric techniques, period specifications, observed and unobserved country-specific effects. Most of the literature in the field of globalization, concentrates on the effect of trade or foreign capital volume (de facto indices) on economic growth.

The problem is that smoking mature facto indices do not proportionally capture trade and financial globalization policies. The rate of protections and tariff need to be accounted since they are policy based variables, capturing roche lipikar xerand severity of trade restrictions in a country.

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Comments:

16.02.2021 in 03:30 Maukora:
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