Revisiting economic globalization‐led growth: The role of economic opportunities

This study empirically tests the existence of complementarities between economic globalization with a comprehensive set of economic opportunities in affecting economic growth. Using System GMM technique for a panel data of 124 countries over the period of 1996 to 2017, this study finds that countries with more productive capabilities get more benefits from economic globalization. From the results of threshold regressions, it is evident that a marginal change in economic globalization will, ceteris paribus, have no effect on growth when HTE is at 4.478, SUP is at 11.0, and TSB is at 33.50. Further, the results suggest that rich countries managed to take more advantage from globalization as compared with poor countries.