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An Analysis of So-Called Export-led Growth

An Analysis of So-Called Export-led Growth by Jie Yang
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The stylized fact that strong economic growth is usually accompanied with strong export growth leads many people to conclude that the export sector is the main driving force behind those episodes. The model in this paper, however, shows that the non-tradable sector may also generate high economic growth together with high export growth. Evidence shows that out of 71 "so-called" export-led growth episodes, only 37 of them are consistent with the "exports driving growth" hypothesis. Most of the remaining episodes (24 cases) experienced significant real exchange rate depreciation and are more likely to be characterized by "growth driving exports".
International Monetary Fund; September 2008
42 pages; ISBN 9781451992328
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Title: An Analysis of So-Called Export-led Growth
Author: Jie Yang