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Mei-yin Lin
''Foreign Reserves and Economic Growth: Granger Causality Analysis with Panel Data''
( 2011, Vol. 31 No.2 )
This paper will investigate the Granger causality between foreign reserves and economic growth in twenty largest reserves-holding countries ranging from 1980 to 2008. The method of first-differencing each variable is used to estimate the panel data VAR equations for Granger causality test. The results show the foreign reserves unilaterally Granger cause economic growth only in the emerging countries. In the advanced countries, there is no Granger causal relation between foreign reserves and economic growth.
JEL: C3 - Cross-Sectional Models; Spatial Models; Treatment Effect Models; Quantile Regressions
F4 - Macroeconomic Aspects of International Trade and Finance: General
Manuscript Received : Jan 26 2011 Manuscript Accepted : Jun 05 2011

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