By Xiaolan Fu
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Extra resources for Exports, Foreign Direct Investment and Economic Development in China
For most developing countries, exports are a vital and often the sole source of foreign exchange. Exports provide a source of finance for imports and enable the country to import advanced production equipment and scarce resources. Fluctuations in export earnings may destabilize the growth process. Empirical evidence from time series and country modelling clearly suggests that fluctuations in commodity export prices or earnings would have important effects on both the export and nonexport sectors of the economy.
Here exports are looked upon as a dynamic force that raises the skill and dexterity of the labour force, and permits economies of scale (Mill, 1848; Myint, 1958; Kindleberger, 1962; Bhagwati, 1978; Krueger, 1978). Second, trade could be a conduit for the international transmission of know-how (Grossman and Helpman, 1991; Edwards, 1992). Marketing contacts with other nations may provide ideas for product differentiation, for instance. Third, the pressures of strong international competition may force firms to cut costs and eliminate managerial and organizational inefficiencies (Clerides, Laul and Tybout, 1998; Egan and Mody, 1992; Grossman and Helpman, 1991; Baldwin and Caves, 1997).
They conclude that the evidence points to a J-curve-type response and this finding is robust to changes in specification, sample size and data period. Fourth, the widely used cross-country aggregate data sets may have little information regarding the relationship between trade policy and growth (Edwards, 1993). In a review of the theoretical and empirical studies on trade policy and development linkages, Srinivasan and Bhagwati (1999) argue that the cross-country regression methodology should be rejected ‘for reasons of [its] weak theoretical foundation, poor quality of [its] data base and [its] inappropriate econometric methodologies’.