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investment into local industries ( EH Economic
Intelligence, 2003).

Colman and Nixson (1986) argued that, "in more
successful LDCs the changing composition of exports to
include a higher proportion of manufactures, is positively
linked to growth of exports (as a ratio to GDP) and growth
of GDP. In contrast, it's also argued that exports do not it is
appear to provide a stronger stimulus for growth in the
poorer LDCs, particularly in African countries, which
remain overwhelmingly depending upon primary
commodity exports.

Hataiseree and Rhipps (1986) examined the key link
between money and nominal income in Thailand during the
1980s. The main points that emerged from the empirical
work were that firstly the monetary aggregates (M I and
M2) were each found to be integrated with nominal
income, secondly, government expenditure and exports
seem to have a significant impact on dynamic and short-run
models of change in nominal income, and thirdly there is
no evidence to support the existence of co-integration for
monetary base (MB) and credit (Cr) with income that are

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