External determinants of economic growth in developing countries: Panel data analysis
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In this study, the effects of some exogenous determinants on GDP growth in Brasil, India, China, South Africa and Turkey are analysed over the period 1970- 2011. In this context, current account, export, foreign direct investments and energy import are chosen as exogenous determinants of GDP growth. Firstly, stationary of variables are tested by using LLC and IPS panel unit root tests. Then, existence of long-term relationship between series is analyzed by using Pedroni, Kao and Jhansen Fisher panel co-integration tests. According to results of both three co-integration tests, variables are co-integrated; hence there is a long-term relationship between them.