Muhammad Sri Wahyudi Suliswanto, David Kaluge


There is no m

ore doubt about the importance of economic growth, which can be calculated from
Gross Domestic Product (GDP). This research analyzes the role of globalization on GDP in
ASEAN-5 by estimating panel data. It uses a fixed effect approach to accommodate various characteristics
in the countries. To accommodate such variation, it assumes that the intercepts varies
across these countries, while the slopes remain similar. Based on the estimation result, it suggests
that net export and foreign direct investment represent the globalization process. Both have positive
and significant influences on GDP in the corresponding countries.

Keywords: Globalization, international trade, foreign direct investment, gross domestic product
JEL classification numbers: E01, F51, F43

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