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Exports And Imports, Is There Simultaneity? A Structural Model For Supertrading Economies

Author

Listed:
  • RAÚL Sà NCHEZ-LARRIÓN

    (Universidad Rey Juan Carlos, Paseo Artilleros s/n 28032 Madrid, Spain)

  • MARÃ A ARRAZOLA

    (Universidad Rey Juan Carlos, Paseo Artilleros s/n 28032 Madrid, Spain)

  • JOSÉ DE HEVIA

    (Universidad Rey Juan Carlos, Paseo Artilleros s/n 28032 Madrid, Spain)

Abstract

The determining of exports and imports independently, which is a common assumption in the literature, may be over restrictive for extremely open economies. As an alternative, this study proposes and estimates structural models for the simultaneous determination of trade flows in three extremely open economies (Ireland, Belgium and Singapore). It confirms the existence of an interrelation between exports and imports and, as a result, the existence of a bias in the estimates of trade elasticities when the interrelation is not taken into account.

Suggested Citation

  • Raãšl Sã Nchez-Larriã“N & Marã A Arrazola & Jos㉠De Hevia, 2022. "Exports And Imports, Is There Simultaneity? A Structural Model For Supertrading Economies," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 67(04), pages 1545-1559, June.
    • Handle: RePEc:wsi:serxxx:v:67:y:2022:i:04:n:s0217590819500577
    DOI: 10.1142/S0217590819500577
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    Keywords

    Trade elasticities; imports; exports; simultaneous equation models;
    All these keywords.

    JEL classification:

    • F12 - International Economics - - Trade - - - Models of Trade with Imperfect Competition and Scale Economies; Fragmentation
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade

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