An Analysis of So-Called Export-Led Growth

44 Pages Posted: 8 Oct 2008

See all articles by Jie Yang

Jie Yang

International Monetary Fund (IMF)

Date Written: September 2008


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".

Keywords: Economic growth, Exports, Real effective exchange rates, Labor productivity, Productivity, Economic models, Working Paper

Suggested Citation

Yang, Jie, An Analysis of So-Called Export-Led Growth (September 2008). IMF Working Paper No. 08/220, Available at SSRN:

Jie Yang (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street, N.W.
Washington, DC 20431
United States

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