Empirical literature survey
| Study | Sample period | Estimation strategy | Results (trade/export) |
|---|---|---|---|
| Chit et al. (2010) | 1982–2006, Q | FE, RE, GMM, gravity | Negative, significant |
| Hooy and Choong (2010) | 1981–2005, A | EGARCH, bound test | Positive, significant |
| Hall et al. (2010) | 1980–2006,Q | GMM, TVC | Positive, significant |
| Olayungbo et al. (2011) | 1986–2005, A | OLS, FE, GMM, gravity | Positive, significant |
| Umaru et al. (2013) | 1970–2009, A | OLS, ARCH, GARCH | Positive, significant |
| Nishimura and Hirayam (2013) | 2002–2011, M | ARCH, ARDL | Mixed effects |
| Serenis and Tsounis (2013) | 1990–2012, Q | VECM | Negative, significant |
| Vieira and MacDonald (2016) | 2000–2011, A | System GMM | Negative, significant |
| Asteriou et al. (2016) | 1995–2012, M | ARDL, GARCH | Mixed effects |
| Chi and Cheng (2016) | 2000–2013, Q | GARCH | Positive, significant |
| Kang (2016) | 2003–2015, A | FE, gravity model | Positive, significant |
| Aftab et al. (2017) | 2000–2013, M | GARCH, ARDL | Negative effects |
| Senadza and Diaba (2017) | 1993–2014, A | GARCH, EGARCH | Mixed effects |
| Nguyen and Vo (2017) | 2002–2015, A | OLS, FE, GMM | No clear evidence |
| Lin et al. (2018) | 1970–2000, A | FE, 2SLS, gravity | Negative, significant |
| Vo et al. (2019) | 2000–2015, A | GARCH, OLS, ECM | Negative, significant |
| Bajo-Rubio et al. (2019) | 1994–2014, Q | GARCH, OLS | No clear evidence |
| Sugiharti et al. (2020) | 2006–2018 M | ARDL, NARDL | Negative, significant |
| Kumar et al. (2020) | 1981–2017, A | Panel ARDL, ECM | Negative, significant |
| Study | Sample period | Estimation strategy | Results (trade/export) |
|---|---|---|---|
| 1982–2006, Q | FE, RE, GMM, gravity | Negative, significant | |
| 1981–2005, A | EGARCH, bound test | Positive, significant | |
| 1980–2006,Q | GMM, TVC | Positive, significant | |
| 1986–2005, A | OLS, FE, GMM, gravity | Positive, significant | |
| 1970–2009, A | OLS, ARCH, GARCH | Positive, significant | |
| 2002–2011, M | ARCH, ARDL | Mixed effects | |
| 1990–2012, Q | VECM | Negative, significant | |
| 2000–2011, A | System GMM | Negative, significant | |
| 1995–2012, M | ARDL, GARCH | Mixed effects | |
| 2000–2013, Q | GARCH | Positive, significant | |
| 2003–2015, A | FE, gravity model | Positive, significant | |
| 2000–2013, M | GARCH, ARDL | Negative effects | |
| 1993–2014, A | GARCH, EGARCH | Mixed effects | |
| 2002–2015, A | OLS, FE, GMM | No clear evidence | |
| 1970–2000, A | FE, 2SLS, gravity | Negative, significant | |
| 2000–2015, A | GARCH, OLS, ECM | Negative, significant | |
| 1994–2014, Q | GARCH, OLS | No clear evidence | |
| 2006–2018 M | ARDL, NARDL | Negative, significant | |
| 1981–2017, A | Panel ARDL, ECM | Negative, significant |
Note(s): A = Annual, Q = Quarterly, M = Monthly
Source(s): Authors' Compilation
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