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Explaining the trade-growth link: Assessing diffusion-based and structure-based models of exchange.
1University of Oklahoma, Department of Sociology, Kaufman Hall 331, Norman, OK 73019, United States.
Social Science Research
|January 26, 2013
Summary
International trade significantly impacts economic growth. This study reveals that trading with isolated partners, rather than integrated ones, maximizes a nation's growth potential and bargaining power.
Area of Science:
- Economics
- International Relations
- Network Analysis
Background:
- Scholars debate whether trade with integrated or isolated partners drives economic growth.
- Diffusion models posit integrated trade enhances knowledge transfer.
- Structure models suggest isolated trade offers a bargaining advantage.
Purpose of the Study:
- To empirically test competing theories on trade and economic growth.
- To determine the network structure that best predicts growth.
- To apply network centrality measures to international trade.
Main Methods:
- Utilized Bonacich's power centrality measure on the international trade network.
- Manipulated the attenuation factor (β) to assess centrality from different network positions.
- Employed difference-of-logs models on a sample of 101 states (1980-2000).
Main Results:
- Trade centrality positively correlates with economic growth.
- The growth impact is maximized when centrality is derived from trade with isolated peripheral states.
- Network structure significantly moderates the trade-growth relationship.
Conclusions:
- Trading with isolated partners is more beneficial for economic growth than trading with integrated partners.
- Network position and partner isolation are critical factors in international trade's effect on development.
- Findings support structure-based models over diffusion-based models in this context.
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