Modelling Small Economy Exports: The Case of Singapore

Tilak Abeysinghe () and Keen Meng Choy
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Keen Meng Choy: Department of Economics, National University of Singapore
Authors registered in the RePEc Author Service: Keen Meng Choy and Keen Meng Choy ()

SCAPE Policy Research Working Paper Series from National University of Singapore, Department of Economics, SCAPE

Abstract: This paper sheds further light on the debate spearheaded by Riedel (1988) on the specification of a small country export function. The theoretical and empirical analyses in the paper show that while the price-taker assumption cannot be rejected, the export function for Singapore should not be construed as a standard export supply equation. As argued by Kapur (1983) instead, it is an export function with both demand and supply factors playing a role. We arrived at the final model specification by taking into consideration changes in the import content of exports over time. The paper also provides a new methodology for deriving a quarterly series of manufacturing net capital stock.

Keywords: price taker; demand constraint; export function; import content; restricted cointegrating space (search for similar items in EconPapers)
JEL-codes: C32 F14 F41 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-sea
Date: 2005-04
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