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The original version of this article was revised: In the original version of this article, equations 5, 15 – 27 and 29 – 34 were displayed erroneously. These mistakes happened during the production process of the article and unfortunately remained unnoticed. The publisher apologizes for any inconvenience caused.
A correction to this article is available online at https://doi.org/10.1007/s40821-017-0094-4.
The principal question that this research addresses is the validity of the Export-Led Growth hypothesis (ELG) in the United Arab Emirates (UAE) over the period 1981–2012, focusing on the causality between primary exports, manufactured exports and economic growth. Unit root tests are applied to examine the time-series properties of the variables, while the Johansen cointegration test is performed to confirm or not the existence of a long-run relationship between the variables. Moreover, the multivariate Granger causality test and a modified version of Wald test are applied to examine the direction of the short-run and long-run causality respectively. The cointegration analysis reveals that manufactured exports contribute more to economic growth than primary exports in the long-run. In addition, this research provides evidence to support a bi-directional causality between manufactured exports and economic growth in the short-run, while the Growth-Led Exports (GLE) hypothesis is valid in the long-run for UAE.
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- Export-led growth in the UAE: multivariate causality between primary exports, manufactured exports and economic growth
Athanasia S. Kalaitzi
- Springer International Publishing
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