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Title: Revisiting Globalization Led Growth in a Cross Section of Countries: The Role of Complementarities
Authors: Ali, Shahid
Keywords: Business Education
Issue Date: 2020
Publisher: University of Peshawar, Peshawar.
Abstract: It is generally believed that globalization provides greater opportunities to countries to follow higher output growth. Globalization presents new opportunities to countries, contributing in the process, for improving their growth and development but, at the same time, it gives birth to disputes for, and imposes limitations on, policy makers in managing global, regional and national economic systems. Although the opportunities provided by globalization might be great but there arises a question about whether the allocation of gains is equitable and in particular, whether the poor benefit proportionally less from globalization. This study examines the effects of economic globalization on economic growth for selected countries of different regions of the World. Moreover, the study examines the complementarities between economic globalization with certain country’s characteristics in affecting economic growth for sample countries. Further, this study finds out the minimum threshold stock of income and absorptive capability of the advanced technologies above which globalization positively affects economic growth. Using panel data from 124 countries over the period 1996-2017, this study employs System GMM econometric technique to provide some evidence regarding the existence of complementarities between economic globalization with a comprehensive set of institutional and structural factors (such as quality of life, economic opportunities, financial development and innovation) in affecting economic growth. The results suggest that economic globalization contributing to output growth. However, the relationship between economic globalization and growth depends on certain level of structural and institutional characteristics. Hence, countries with more economic opportunities, well-developed financial systems, high quality of life, high quality institutions and high rate of innovation get more benefited from globalization. Therefore, policy complementarity is pre-requisite for economic growth. The results are robust to other proxies of globalization. The implication for policy sequencing is that the countries, where policy complementarities are weak, must have a strategy in place to improve their structural and institutional quality. These results support the hypothesis that policy complementarities are pre-requisites for the relationship between economic globalization and growth. This study contributes to the globalization led growth debate by examining the role of complementarities in globalization growth nexus.
Gov't Doc #: 21733
Appears in Collections:PhD Thesis of All Public / Private Sector Universities / DAIs.

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