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On the Impacts of Economic Freedom on International Trade Flows: Asymmetries and Freedom Components

Author

Listed:
  • Robert J. Sonora

    (Department of Economics, School of Business Administration, Fort Lewis College)

Abstract

This paper employs a gravity equation to estimate the effects of economic freedom on U.S. consumer exports and imports for 131 countries over the years 2000 - 2005. Using the newly updated Fraser Institute's Economic Freedom of the World Index, we find that increased economic freedom in the rest of the world would increase the United States' overall trade volume. We also consider whether imports and exports are affected asymmetrically with respect to income, transaction costs, and economic freedom. We find considerable differences in how these variables affect imports and exports of consumer goods. Our results also give some insight into how economic freedom might affect the U.S. trade position.

Suggested Citation

  • Robert J. Sonora, 2008. "On the Impacts of Economic Freedom on International Trade Flows: Asymmetries and Freedom Components," EFZG Working Papers Series 0805, Faculty of Economics and Business, University of Zagreb.
    • Handle: RePEc:zag:wpaper:0805
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    File URL: http://web.efzg.hr/repec/pdf/Clanak%2008-05.pdf
    File Function: First version, 2008
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    Citations

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    Cited by:

    1. Serkan Cahit Dinc & Necati Alp Erilli, 2022. "Hybrid Ranking Proposal Based on Spatial Econometrics: An Example of European Economic Freedoms," EKOIST Journal of Econometrics and Statistics, Istanbul University, Faculty of Economics, vol. 0(36), pages 205-233, June.
    2. Jiang, Yushi & Borojo, Dinkneh Gebre, 2018. "The impacts of institutional quality and infrastructure on overall and intra-Africa trade," Economics Discussion Papers 2018-75, Kiel Institute for the World Economy (IfW Kiel).

    More about this item

    Keywords

    gravity model; trade flows; trade balance;
    All these keywords.

    JEL classification:

    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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