TY - JOUR
T1 - Diversifying the export basket of creative products and accelerating economic growth
AU - Chang, Tin Chang
AU - Lyu, Yiming
AU - Chang, Tsangyao
AU - Ranjbar, Omid
AU - Saboori, Behnaz
N1 - Publisher Copyright:
© 2024 Informa UK Limited, trading as Taylor & Francis Group.
PY - 2024/3/5
Y1 - 2024/3/5
N2 - Export product diversification accelerates economic growth by helping the nations to escape the commodity dependence trap, reducing the volatility of terms of trade, and stabilizing export revenues. Creative industries are the emerging and evolving industrial sectors that affect the export basket's composition of nations and its growth effects. In this paper, for the first time, we calculated the diversification level of creative products’ export basket using three measures including Theil and GINI inequality indices and Herfindahl–Hirschman concentration index for the top ten exporters including China, the US, France, Italy, the UK, Germany, India, Switzerland, Singapore, and the Netherlands. In addition, we analyzed the effects of diversification of creative products’ export basket on the economic growth of the countries over the period 2002–2020. Our results indicate the diversification level of the creative products’ basket in Switzerland, the US, France, and China decreased over the period, while for Germany and the Netherlands, it increased over recent years. For other countries, the indexes do not show significant fluctuations. By estimating a Barro-type growth regression model and also panel Granger non-causality test, we found creative products’ diversification acts as a pro-growth factor in the countries.
AB - Export product diversification accelerates economic growth by helping the nations to escape the commodity dependence trap, reducing the volatility of terms of trade, and stabilizing export revenues. Creative industries are the emerging and evolving industrial sectors that affect the export basket's composition of nations and its growth effects. In this paper, for the first time, we calculated the diversification level of creative products’ export basket using three measures including Theil and GINI inequality indices and Herfindahl–Hirschman concentration index for the top ten exporters including China, the US, France, Italy, the UK, Germany, India, Switzerland, Singapore, and the Netherlands. In addition, we analyzed the effects of diversification of creative products’ export basket on the economic growth of the countries over the period 2002–2020. Our results indicate the diversification level of the creative products’ basket in Switzerland, the US, France, and China decreased over the period, while for Germany and the Netherlands, it increased over recent years. For other countries, the indexes do not show significant fluctuations. By estimating a Barro-type growth regression model and also panel Granger non-causality test, we found creative products’ diversification acts as a pro-growth factor in the countries.
KW - Barro-type growth model
KW - Creative industries
KW - export products’ diversification
KW - Granger non-causality
KW - panel data
KW - system-GMM estimator
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UR - https://www.mendeley.com/catalogue/9a1b4cd3-f83d-3e1b-9a61-025d9210ad08/
U2 - 10.1080/09638199.2024.2323047
DO - 10.1080/09638199.2024.2323047
M3 - Article
AN - SCOPUS:85186894545
SN - 0963-8199
JO - Journal of International Trade and Economic Development
JF - Journal of International Trade and Economic Development
ER -