TRADE OPENNESS, GROWTH AND DEVELOPMENT: EVIDENCE FROM HETEROGENEOUS PANEL COINTEGRATION ANALYSIS FOR MIDDLE-INCOME COUNTRIES

Abstract

According to economic analysis, one of the most important benefits associated with trade openness is the achievement of a faster and less volatile process of economic growth and development (Winters, 2004).For the developing countries to catch up with the more advanced ones, a higher and more sustained economic growth is required in the former (Mobarak, 2005).This implies that these countries require a huge amount of resources, which, to a certain extent, have to be acquired from advanced economies.The need for developing countries to get these 1 Ph.

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