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Time-Series Estimation of Structural Import Demand Equations: A Cross-Country Analysis

Author

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  • Mr. Abdelhak S Senhadji

Abstract

This paper derives a structural import demand equation and estimates it for a large number of countries, using recent time series techniques that address the problem of nonstationarity. Because the statistical properties of the different estimators have been derived only asymptotically, econometric theory does not offer any guidance when it comes to comparing different estimators in small samples. Consequently, the paper derives the small-sample properties of both the ordinary-least-squares (OLS) and the fully-modified (FM) estimators using Monte Carlo methods. It is shown that FM dominates OLS for both the short- and long-run elasticities.

Suggested Citation

  • Mr. Abdelhak S Senhadji, 1997. "Time-Series Estimation of Structural Import Demand Equations: A Cross-Country Analysis," IMF Working Papers 1997/132, International Monetary Fund.
    • Handle: RePEc:imf:imfwpa:1997/132
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    Citations

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    Cited by:

    1. Vittoria Idrisova, 2011. "Application of non-tariff barriers," Research Paper Series, Gaidar Institute for Economic Policy, issue 150P.
    2. Pavel Kadochnikov, 2006. "An Analysis of Import Substitution in Russia after the 1998 Crisis," Research Paper Series, Gaidar Institute for Economic Policy, issue 95, pages 148-148.
    3. Georgy Idrisov, 2010. "Factors of Demand for Imported Goods for Investment Purpose to Russia," Research Paper Series, Gaidar Institute for Economic Policy, issue 138P.
    4. Lawrence Edwards & Robert Lawrence, 2008. "South African trade policy matters Trade performance and trade policy," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 16(4), pages 585-608, October.
    5. AYODOTUN, Ayorinde & FARAYIBI, Adesoji, 2016. "Modelling the Determinants of Import Demand in Sub-Sahara Africa," MPRA Paper 73225, University Library of Munich, Germany.
    6. Lawrence Edwards & Robert Lawrence, 2006. "South African Trade Policy Matters: Trade Performance & Trade Policy," CID Working Papers 135, Center for International Development at Harvard University.
    7. Nadezhda Ivanova, 2007. "Estimation of the Equilibrium Real Exchange Rate in Russia: Trade-Balance Approach," Working Papers w0102, New Economic School (NES).
    8. Sergey Tsukhlo, 2011. "Competition in the Russian Industry in 2003–2009," Research Paper Series, Gaidar Institute for Economic Policy, issue 151P.
    9. Spinanger, Dean & Francois, Joseph F. & Glismann, Hans H., 2000. "The Cost of EU Trade Protection in Textiles and Clothing," Kiel Working Papers 997, Kiel Institute for the World Economy (IfW Kiel).
    10. Vida Bobić, 2010. "Income and Price Elasticities of Croatian Trade – A Panel Data Approach," Working Papers 25, The Croatian National Bank, Croatia.
    11. Nasri Harb, 2005. "Import demand in heterogeneous panel setting," Applied Economics, Taylor & Francis Journals, vol. 37(20), pages 2407-2415.
    12. Nadezhda Ivanova, 2007. "Estimation of the Equilibrium Real Exchange Rate in Russia: Trade-Balance Approach," Working Papers w0102, Center for Economic and Financial Research (CEFIR).
    13. Jan Gottschalk & Carl Miller & Lanieta Rauqeuqe & Isoa Wainiqolo & Yongzheng Yang, 2016. "The Real Exchange Rate: Assessment and Trade Impact in the Context of Fiji and Samoa," IMF Working Papers 2016/168, International Monetary Fund.
    14. Soana Jaupllari (Teka) & Olta Zoto, 2013. "Understanding Industrial Innovation and Upgrade from Modularization’s Perspective," Journal of Knowledge Management, Economics and Information Technology, ScientificPapers.org, vol. 3(6), pages 1-10, December.
    15. Edwards, Lawrence J & Garlick, Robert, 2008. "Trade flows and the exchange rate in South Africa," MPRA Paper 36666, University Library of Munich, Germany.
    16. Storm, Servaas & Naastepad, C.W.M., 2015. "Crisis and recovery in the German economy: The real lessons," Structural Change and Economic Dynamics, Elsevier, vol. 32(C), pages 11-24.
    17. P. K. Mishra, 2012. "The Dynamics of the Relationship between Imports and Economic Growth in India," South Asian Journal of Macroeconomics and Public Finance, , vol. 1(1), pages 57-79, June.
    18. Carlos Guerrero de Lizardi, 2006. "Thirlwall´s law with an emphasis on the ratio of export/import income elasticities in Latin American economies during the Twentieth Century," Estudios Económicos, El Colegio de México, Centro de Estudios Económicos, vol. 21(1), pages 23-44.
    19. International Monetary Fund, 2009. "Republic of Equatorial Guinea: Selected Issues," IMF Staff Country Reports 2009/099, International Monetary Fund.
    20. AYODOTUN, Ayorinde & FARAYIBI, Adesoji, 2016. "An Empirical Analysis of the Structure of Imports in Sub-Sahara Africa," MPRA Paper 73278, University Library of Munich, Germany.
    21. Hugo Oliveros & Luisa Fernanda Silva, 2001. "La Demanda por Importaciones en Colombia," Borradores de Economia 187, Banco de la Republica de Colombia.

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