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Correlations-Adjusted Export Market Diversification

Author

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  • La, Jung Joo

    (Center for International Commerce and Finance)

Abstract

This paper introduces new export market diversification indices incorporated with correlations of business cycles among export partners to identify the actual effects of export market diversification on export instability. Three existing export market diversification indices reflect the dispersion level in terms of the number of export partners and their export shares, without a clear control for correlations among export earnings from export partners. In addition, they are underestimated or overestimated in illuminating the negative relationship with export instability. Correlations-Adjusted export market diversification indices help their normalization. Their superiority is also proven through the regression analysis in investigating the effects of export market diversification on export instability.

Suggested Citation

  • La, Jung Joo, 2011. "Correlations-Adjusted Export Market Diversification," East Asian Economic Review, Korea Institute for International Economic Policy, vol. 15(1), pages 33-53, March.
    • Handle: RePEc:ris:eaerev:0095
    DOI: 10.11644/KIEP.JEAI.2011.15.1.225
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    Keywords

    Correlations-Adjusted Export Market Diversification; Export Instability;

    JEL classification:

    • C82 - Mathematical and Quantitative Methods - - Data Collection and Data Estimation Methodology; Computer Programs - - - Methodology for Collecting, Estimating, and Organizing Macroeconomic Data; Data Access
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations

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