Dampak keterbukaan perdagangan terhadap pertumbuhan ekonomi di negara-negara Asean+3

Abstract

Openness increases the integration of world goods and capital markets, contributing to potential gains in growth and welfare. Openness promotes the efficient allocation of resources through comparative advantage, allows the dissemination of knowledge and technological progress, and encourages competition in domestic and international markets. This study examines the impact of trade openness on economic growth in ASEAN+3 countries over the period of 1999-2008. This study then presents cross-country, panel data evidence on how the growth effect of openness may depend on a variety of structural characteristics. For this purpose, the empirical section used regression that interacts a proxy of trade openness with foreign direct investment, financial depth, inflation, public infrastructure, educational level, technological progress, and number of employment. The study found that trade openness have a positive impact on economic growth in this region over this period, specially in developed contries group i.e. Singapore, Japan, and South Korea. This positive impact can be significantly improved if some complementary reforms are undertaken.