Role of Structural Change in Economic Growth: An Empirical Evidence from a Panel of Asian Countries

Economic growth, although being a major quest of all the economies, is not an automatic phenomenon. Among its determinants, structural change in the form of reallocation of labour from low to high productivity sectors is of crucial importance. In view of the remarkable growth performance and unprec...

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Autores principales:	Umar Riaz, Babar Hussain, Arshad Ali Bhatti
Formato:	article
Lenguaje:	EN
Publicado:	IDEA PUBLISHERS 2020
Materias:	Structural change Economic growth Asian countries panel data models System GMM [JEL Classification: L16; O47; O53; C23] Social Sciences H Political science J
Acceso en línea:	https://doaj.org/article/f410d99d7bf34022b6db5288470a5814
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spelling	oai:doaj.org-article:f410d99d7bf34022b6db5288470a58142021-11-04T15:45:44ZRole of Structural Change in Economic Growth: An Empirical Evidence from a Panel of Asian Countries10.47264/idea.lassij/4.2.272664-8148https://doaj.org/article/f410d99d7bf34022b6db5288470a58142020-12-01T00:00:00Zhttps://ideapublishers.org/index.php/lassij/article/view/166https://doaj.org/toc/2664-8148 Economic growth, although being a major quest of all the economies, is not an automatic phenomenon. Among its determinants, structural change in the form of reallocation of labour from low to high productivity sectors is of crucial importance. In view of the remarkable growth performance and unprecedented structural change of Asia in the last couple of decades, this paper empirically investigated the case of 20 selected Asian countries. By employing the data spanning from 1991 to 2018, the study shows three main results. First, by employing Shift Share Analysis framework, it reaffirms the findings of previous literature that structural change contributes to the aggregate productivity growth. Second, by utilizing Generalized Methods of Moments technique, the results find it to be an important booster of growth. Third, the results are reliable and consistent with alternative measures of structural change like Norm of Absolute Values and Modified Lilien Index. Taken together, these findings suggest that the governments in Asia (other regions like Africa and Latin America may alike) must chalk out policies for structural change promotion. Umar RiazBabar HussainArshad Ali BhattiIDEA PUBLISHERSarticleStructural changeEconomic growthAsian countriespanel data modelsSystem GMM[JEL Classification: L16; O47; O53; C23]Social SciencesHPolitical scienceJENLiberal Arts and Social Sciences International Journal, Vol 4, Iss 2 (2020)
institution	DOAJ
collection	DOAJ
language	EN
topic	Structural change Economic growth Asian countries panel data models System GMM [JEL Classification: L16; O47; O53; C23] Social Sciences H Political science J
spellingShingle	Structural change Economic growth Asian countries panel data models System GMM [JEL Classification: L16; O47; O53; C23] Social Sciences H Political science J Umar Riaz Babar Hussain Arshad Ali Bhatti Role of Structural Change in Economic Growth: An Empirical Evidence from a Panel of Asian Countries
description	Economic growth, although being a major quest of all the economies, is not an automatic phenomenon. Among its determinants, structural change in the form of reallocation of labour from low to high productivity sectors is of crucial importance. In view of the remarkable growth performance and unprecedented structural change of Asia in the last couple of decades, this paper empirically investigated the case of 20 selected Asian countries. By employing the data spanning from 1991 to 2018, the study shows three main results. First, by employing Shift Share Analysis framework, it reaffirms the findings of previous literature that structural change contributes to the aggregate productivity growth. Second, by utilizing Generalized Methods of Moments technique, the results find it to be an important booster of growth. Third, the results are reliable and consistent with alternative measures of structural change like Norm of Absolute Values and Modified Lilien Index. Taken together, these findings suggest that the governments in Asia (other regions like Africa and Latin America may alike) must chalk out policies for structural change promotion.
format	article
author	Umar Riaz Babar Hussain Arshad Ali Bhatti
author_facet	Umar Riaz Babar Hussain Arshad Ali Bhatti
author_sort	Umar Riaz
title	Role of Structural Change in Economic Growth: An Empirical Evidence from a Panel of Asian Countries
title_short	Role of Structural Change in Economic Growth: An Empirical Evidence from a Panel of Asian Countries
title_full	Role of Structural Change in Economic Growth: An Empirical Evidence from a Panel of Asian Countries
title_fullStr	Role of Structural Change in Economic Growth: An Empirical Evidence from a Panel of Asian Countries
title_full_unstemmed	Role of Structural Change in Economic Growth: An Empirical Evidence from a Panel of Asian Countries
title_sort	role of structural change in economic growth: an empirical evidence from a panel of asian countries
publisher	IDEA PUBLISHERS
publishDate	2020
url	https://doaj.org/article/f410d99d7bf34022b6db5288470a5814
work_keys_str_mv	AT umarriaz roleofstructuralchangeineconomicgrowthanempiricalevidencefromapanelofasiancountries AT babarhussain roleofstructuralchangeineconomicgrowthanempiricalevidencefromapanelofasiancountries AT arshadalibhatti roleofstructuralchangeineconomicgrowthanempiricalevidencefromapanelofasiancountries
_version_	1718444750249394176

Role of Structural Change in Economic Growth: An Empirical Evidence from a Panel of Asian Countries

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