关键词: 全球化, 经济增长, 截面相关, 面板数据误差修正模型

Abstract: Based on annual panel data on a sample of 93 countries over the period 1970-2014, this paper investigates the long-run and short-run effect of globalization on economic growth, by using unbalanced panel data error correction model with cross-sectional dependence. Results indicate that there exists a long-run and steady cointegration relationship between globalization and economic growth. On average, there is a significant positive long-run effect of globalization on economic growth, but the short-run effect is not significant. What’s more, the long-run effect becomes even stronger along with the improvement of globalization, economic development, human capital and financial development. This implies that globalization contribute to promoting economic growth in the long-run, the higher the globalization, economic development, human capital and financial development is, the greater the degree of promotion is.

Key words: Globalization, Economic Growth, Cross-sectional Dependence, Panel Data Error Correction Model