Investigating the Causal Relationship between Goods Market Efficiency and Economic Success (Case Study: Asian Countries with Poor Competitive Industrial Performance)

market competitiveness is one of the pillars of the global competitiveness index. The purpose of this study is to investigate the causal relationship between commodity market efficiency and economic success variables (economic growth and unemployment). For this purpose, panel vector error correction model (PVECM) and Wald test were used. The findings of this study confirmed the long-term causality from economic growth rate, unemployment rate, technology, trade and investment to commodity market efficiency. In addition, long-term causality from variables such as economic growth rate, unemployment rate, commodity market efficiency, technology and trade to investment was also confirmed. The results of this study also showed that with the exception of commodity market and investment efficiency, other variables such as economic growth, unemployment, technology and trade are not effective in adjusting short-term error to long-term equilibrium. In other words, only for commodity market and investment efficiency, coefficients of error correction were statistically negative and significant. Investment was identified variable as the most effective variable on commodity market efficiency and economic success.