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It is generally thought that export has a crucial role in the economic development processes of countries. For instance, it is assumed that increasing level of export contributes to diffusion of technical knowledge. Furthermore, import is accepted to contribute to economic performance providing intermediate and capital goods necessary for export sectors. These ideas are called “export-led growth hypothesis” and “import-led growth hypothesis”, respectively. In this study, it is aimed to explore the relationships between industrial production index, export, import, and real exchange rate using Johansen co-integration method for Turkey over the period 2005(1)-2011(11). The results are in support of export-led growth hypothesis. |
