دانلود رایگان مقاله انگلیسی تاثیر رشد صادرات بر تولید غیر نفتی در کشورهای جنوب صحرای آفریقا - Sage 2017

Abstract

The study examines the growth effect of export promotion strategies on non-oil output in the subSaharan African (SSA) countries between 1970 and 2014. The study employed panel data and three estimation techniques (pooled ordinary least square [OLS], fixed effect, and dynamic generalized moment method [GMM]) to analyze the data. In addition, export promotion policies (EPPs) such as commercial bank credit to private sector, foreign direct investment (FDI) to non-oil sector, real effective exchange rate, and government expenditure were used. Results show that all export promotion policy instruments used have a significant effect on non-oil output in SSA. Also, while bank credit to private sector have positive and significant effect, FDI, government expenditure, and exchange rate will crowd out growth effect of export promotion. The study concluded that favorable EPPs will stimulate non-oil output growth.

Conclusion

Many studies have investigated the effect of EPPs on economic growth, both in developed and developing countries. Most of these studies have focused on specific EPPs such as exchange rate policy, tax policy, incentives by way of subsidies, grants, financial supports, trainings, etc. Some studies have also used a holistic approach on the effect of export promotion on output. This study, therefore, examines the effect of EPPs on non-oil output in SSA. This study is a little different to other studies as it focuses on the effect of EPPs on non-oil output using a holistic approach (i.e., using multiple export promotion instruments) and a quantitative measure. The study used three different estimations, namely the pooled OLS, fixed effect, and GMM to determine the effect of EPPs on non-oil output in SSA. The study used EPPs such as commercial bank credit to private sector (measuring the contribution of private sector), FDI to non-oil sector as a percentage of net inflows, real effective exchange rate, and government expenditure (to capture all government incentive, that is, subsidies, grants, financial supports, institutional effects, etc.), measured by government final consumption expenditure.

The results of this study showed that all the EPPs instruments used have significant effect on non-oil output in SSA. The export promotion instruments we used in this study (i.e., commercial bank’s loans to private sector, FDI, exchange rate, and government expenditure) have significant effect on non-oil output. This, for instance, implies that high exchange rate will have adverse effect on non-oil output in SSA. Thus, we conclude that favorable EPPs (i.e., using the instruments appropriately) will stimulate non-oil output growth. Policymakers should encourage implementation of EPPs in order to stimulate growth in non-oil sectors in SSA. One of the limitations of this study is the inability to capture data of more specific export promotion instruments of countries under consideration. General instruments that were available and could stand as a proxy to capture the export promotion effort by the countries under consideration were used in the study. However, further studies should improve on the comprehensiveness of data to enhance more qualitative results.