Effects of Terms of Trade and its Volatility on Economic Growth: A Cross Country Empirical Investigation |
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Authors: | Syed Tehseen Jawaid Abdul Waheed |
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Institution: | (1) IQRA University, Karachi, Pakistan;(2) Department of Economics, University of Karachi, Karachi, Pakistan |
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Abstract: | This study examines the effects of terms of trade and its volatility on economic growth for a sample of 94 developed and developing
countries, using 5 year average annual data from 2004 to 2008. The cross country ordinary least square estimation results
indicate significant positive effect of terms of trade on economic growth. Furthermore, volatility of terms of trade has significant
positive effect on economic growth. To test the robustness of initial results, sensitivity analysis has been performed using
different additional variables, sample size and various proxies of volatility variable. The initial results were found robust
despite the inclusion of various variables in the basic model and use of various proxies for volatility of terms of trade. |
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Keywords: | |
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