外文翻译--贸易及经济增长在日本和韩国的实证分析(编辑修改稿)

外文翻译--贸易及经济增长在日本和韩国的实证分析(编辑修改稿)内容摘要：

periphery represented a significant drag on economic growth during those seven decades. Furthermore, there is asymmetry between the core and the periphery. Terms of trade or terms of trade volatility seem to have played little role in the core, despite the fact that terms of trade volatility were almost as high in the core as on the However, terms of trade appear to have played an important role in explaining the economic growth of the periphery. The core could escape the damaging consequences of terms of trade instability, an escape that was apparently unavailable to primary product exporters of the periphery. Blattman et al. employ a panel data analysis for 35 countries for the period 1870–1939. They report the same conclusions they obtained earlier. They find that terms of trade secular change or longrun change have a significant impact on economic The impact of terms of trade secular change is more important on the periphery than in the core. Noheless, terms of trade secular change is less important than terms of trade volatility for economic growth. The impact of terms of trade differs between the core and the periphery. Turnovsky and Chattopadhyay examine the impact of various sources of volatility on economic growth in a sample of 61 less developed countries for the period 1975–1992. The data analysed are annually. They also separate the sample into two subsamples, namely 31 high volatility countries and 30 low volatility countries. An increase in terms of trade is found to have a weak impact on economicgrowth, and there is no significant evidence that governmentexpenditure or moary growth has any impact. However, they find that terms of trade volatility, govrnment expenditure volatility and moary volatility have a strong negative impact on economic growth. The volatility may reduce capital intensity, particularly where a country faces an upward sloping supply curve of mean growth rate of terms of trade has a weak positive impact on the mean economic growth rate. Grimes examines the impact of terms of trade on economic growth in New Zealand. The results show that approximately half the variance in annual GDP growth over 45 years can be explained by the level and volatility of terms of trade. The relationship is robust across four economic regimes. Urban (2020, p. 471) examines theoretically and empirically the medium and longrun relationship between terms of trade and ine in industrialised countries. The study offers two theoretical channels, which relate the terms of trade to ine growth in a stochastic and dynamic general equilibrium model with flexible terms of home market effect predicts that countries with a faster economic growth will have real appreciation of their terms of trade. The productivity shock effect predicts that countries with a faster economic growth will have real depreciation of their terms of trade. 3 .Methodology and data In this study, the impact of terms of trade on economic growth is examined based on an augmented production More specifically, this study examines three vectors. The first vector includes real GDP per capita, labour。