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

Abdelhak Senhadji
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Abdelhak Senhadji: International Monetary Fund

IMF Staff Papers, 1998, vol. 45, issue 2, 236-268

Abstract: A structural import demand equation is derived and estimated for a large number of countries, using recent time-series techniques that address the problem of nonstationarity. The average price elasticity is close to zero in the short run but is slightly higher than one in the long run. A similar pattern holds for income elasticities: the short-run income elasticities are on average less than 0.5, while the long-run income elasticities are close to 1.5. The paper also analyses the small-sample properties of both the ordinary-least-squares (OLS) and the fully modified (FM) estimators of the short- and long-run elasticities, using Monte Carlo methods.

JEL-codes: C22 E21 F14 F41 (search for similar items in EconPapers)
Date: 1998
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Citations: View citations in EconPapers (113)

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