Summary of empirical research
| Author (s)/year published | Study period | Model used | Country/group | Relationship observed |
|---|---|---|---|---|
| Haider and Adil (2017) | 1999–2013 | OLS | India’s export to 5 countries | No effect |
| Hooper and Kohlhagen (1978) | 1965–1975 | OLS | US and German trade | No effect |
| De Grauwe (1988) | 1960–1984 | ARDL | Multiple countries | No effect |
| De Vita and Abbott (2004) | 1993–2001 | ARDL | UK and EU | No effect |
| Aristotelous (2001) | 1889–1999 | Gravity model | Britain and US | No effect |
| Aristeriou et al. (2016) | 1999–2015 | ARDL | Multiple countries | No long term effect |
| Kasman and Kasman (2005) | 1982–2001 | Johansen’s multivariate | Turkey | Positive effect |
| Bilgili et al. (2019) | 2003–2015 | Regime Switching Model and DOLS | Turkey | Positive effect |
| Vieira and Macdonald (2016) | 2000–2011 | GMM | Multiple countries | Positive effect |
| Klein (1990) | 1976–1988 | Fixed effect | Multiple countries | Positive effect |
| Hwang and Lee (2005) | 1990–2000 | GARCH | UK | Positive effect |
| Cheong et al. (2005) | – | VAR | UK | Positive effect |
| Bredin et al. (2003) | 1978–1998 | ECM | Ireland and EU | Positive effect |
| Rey (2006) | 1970–2002 | ARCH | Multiple countries | Positive effect |
| McKenzie and Brooks (1997) | 1973–1992 | ARCH model | Single country (Germany) | Positive effect |
| Hooy et al. (2015) | 1999–2013 | DOLS | Multiple countries | Positive effect |
| Yunusa (2020) | 2006–2019 | GARCH/ARDL | Nigeria | Positive effect |
| Appuhamilage and Senanayake (2010) | 1993–2007 | Panel Regression | Sri Lanka and China | Mixed effects |
| Cheung and Sengupta (2013) | 2000–2010 | OLS | India | Negative effect |
| Dell'Ariccia (1999) | 1975–1994 | Gravity | Multiple countries | Negative effect |
| Kim (2017) | 2000–2015 | ARDL | Korea | Negative effect |
| Serenis and Tsounis (2013) | 1990–2012 | -VECM | Croatia and Cyprus | Negative effect |
| Dada (2021) | 2005 to 2017 | generalised autoregressive | Multiple countries | Negative effect |
| Hall et al. (2010) | 1980–2006 | GMM and TVC | Multiple countries | Negative effect |
| Tenreyro (2007) | 1970–1997 | Gravity | Multiple countries | Negative effect |
| Rose (2000) | 1970–1990 | Gravity | Multiple countries | Negative effect |
| Clark et al. (2004) | 1975–2000 | GARCH | Multiple countries | Negative effect |
| Tarasenko (2021) | 2004–2018 | Gravity | Multiple countries | Negative effect |
| Ekanayake and Dissanayake. (2022) | 1993–2021 | ARDL/ECM | Multiple countries | Negative effect |
| Handoyo et al. (2022) | 2007–2019 | EGARCH/ARDL | Multiple countries | Negative effect |
| Sugiharti et al. (2020) | 2006–2018 | GARCH/ARDL | Indonesia | Negative effect |
| Arize et al. (2021) | 2000–2019 | ARDL | Thailand | Negative effect |
| Author (s)/year published | Study period | Model used | Country/group | Relationship observed |
|---|---|---|---|---|
| 1999–2013 | OLS | India’s export to 5 countries | No effect | |
| 1965–1975 | OLS | US and German trade | No effect | |
| 1960–1984 | ARDL | Multiple countries | No effect | |
| 1993–2001 | ARDL | UK and EU | No effect | |
| 1889–1999 | Gravity model | Britain and US | No effect | |
| 1999–2015 | ARDL | Multiple countries | No long term effect | |
| 1982–2001 | Johansen’s multivariate | Turkey | Positive effect | |
| 2003–2015 | Regime Switching Model and DOLS | Turkey | Positive effect | |
| 2000–2011 | GMM | Multiple countries | Positive effect | |
| 1976–1988 | Fixed effect | Multiple countries | Positive effect | |
| 1990–2000 | GARCH | UK | Positive effect | |
| – | VAR | UK | Positive effect | |
| 1978–1998 | ECM | Ireland and EU | Positive effect | |
| 1970–2002 | ARCH | Multiple countries | Positive effect | |
| 1973–1992 | ARCH model | Single country (Germany) | Positive effect | |
| 1999–2013 | DOLS | Multiple countries | Positive effect | |
| 2006–2019 | GARCH/ARDL | Nigeria | Positive effect | |
| 1993–2007 | Panel Regression | Sri Lanka and China | Mixed effects | |
| 2000–2010 | OLS | India | Negative effect | |
| 1975–1994 | Gravity | Multiple countries | Negative effect | |
| 2000–2015 | ARDL | Korea | Negative effect | |
| 1990–2012 | -VECM | Croatia and Cyprus | Negative effect | |
| 2005 to 2017 | generalised autoregressive | Multiple countries | Negative effect | |
| 1980–2006 | GMM and TVC | Multiple countries | Negative effect | |
| 1970–1997 | Gravity | Multiple countries | Negative effect | |
| 1970–1990 | Gravity | Multiple countries | Negative effect | |
| 1975–2000 | GARCH | Multiple countries | Negative effect | |
| 2004–2018 | Gravity | Multiple countries | Negative effect | |
| 1993–2021 | ARDL/ECM | Multiple countries | Negative effect | |
| 2007–2019 | EGARCH/ARDL | Multiple countries | Negative effect | |
| 2006–2018 | GARCH/ARDL | Indonesia | Negative effect | |
| 2000–2019 | ARDL | Thailand | Negative effect |
Source(s): Table compiled by authors’
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