CHENERY AND STROUT 1966 PDF

Achieving higher level of economic growth in order to enhance social welfare is one of the primary motives of every country. However, developing countries have yet not achieved the desirable level of economic growth due to several socioeconomic and political factors prevailing domestically as well as globally. Therefore, the main purpose of this study is to empirically examine the effects of various external sources namely foreign remittances, foreign direct investment FDI and some other notable variables exports and investment on economic growth measured by real GDP per capita in 12 countries from Europe and Central Asia ECA. This study utilizes annual panel data over the period of — for empirical investigation. Empirical result reveals that foreign remittances and FDI inflows have significant positive effects on economic growth in ECA during the period under the study.

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Scientific Research An Academic Publisher. Chenery, H. American Economic Review, 56, ABSTRACT: This article uses a sample of 44 countries to assess their export performance over the period , using the single-index model, a part of the modern portfolio theory.

The article builds four clusters of countries classified by the dominance of exports of 1 fuel products, 2 manufactured products, 3 food items and agricultural products and 4 ores and minerals. All countries in the sample obtain a dominant majority of their export earnings from these broad categories of products. The results are that the export portfolios comprised of manufactured products have a superior performance than export portfolios comprised of non-manufactured products.

In particular, from a risk-return perspective the export portfolio of manufactured products dominates the export portfolio of food items and agricultural products which in turn dominates the export portfolio of fuel products and of ores and minerals.

This domination validates a priori belief that manufacturing goods and exports is the best strategy for development of exports of a country. An important caveat is that this rosy scenario is unlikely to last.

The implications for countries and firms are also discussed. Related Articles:. Date: January 28, Date: April 6, Date: March 22, Date: March 20, Date: April 23, Why Us? All Rights Reserved.

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Foreign Assistance, Debt and Development

Growth and Development pp Cite as. In an open economy domestic savings can be supplemented by many kinds of external assistance. Later, we shall consider types of foreign assistance including bilateral assistance from the developed countries, multilateral assistance from the World Bank, and private foreign investment. The criticisms of foreign assistance will come under close scrutiny. In this chapter the emphasis is on longer-term resource flows to developing countries rather than on the provision of short-term balance-of-payments support which is the traditional function of the International Monetary Fund which we consider in Chapter Unable to display preview.

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