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Effect of openness on economic growth in ASEAN-6 countries
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The purpose of this study is to explore the impact of openness on economic growth in the ASEAN-6 country group including Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam over the period 2001-2021. Applying the Fully Modified Ordinary Least Square (FMOLS) model for panel data analysis, the findings show that growth of trade openness, FDI stock and social openness foster economic growth while growth of political openness has a negative growth effect. Besides, population growth, rate of capital formation, growth of human capital and improvement in economic freedom show to be growth determinants in these countries. The results draw policy implications that countries should be more open to international trade and social cooperation, provide more favorable incentives and measures to attract FDI and search for effective ways in political cooperation in favor of economic growth.
Keywords: FDI, Trade Openness, Social and Political Openness, Economic Growth, ASEAN.
Title: Effect of openness on economic growth in ASEAN-6 countries
Description:
The purpose of this study is to explore the impact of openness on economic growth in the ASEAN-6 country group including Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam over the period 2001-2021.
Applying the Fully Modified Ordinary Least Square (FMOLS) model for panel data analysis, the findings show that growth of trade openness, FDI stock and social openness foster economic growth while growth of political openness has a negative growth effect.
Besides, population growth, rate of capital formation, growth of human capital and improvement in economic freedom show to be growth determinants in these countries.
The results draw policy implications that countries should be more open to international trade and social cooperation, provide more favorable incentives and measures to attract FDI and search for effective ways in political cooperation in favor of economic growth.
Keywords: FDI, Trade Openness, Social and Political Openness, Economic Growth, ASEAN.
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