Long-run income and price elasticities of demand for Colombian nontraditional exports: a multivariate cointegration framework

Martha Misas and Maria Ramirez-Giraldo

Applied Economics, 2004, vol. 36, issue 9, 931-938

Abstract: A long run income and price elasticities of demand is estimated for Colombian nontraditional exports through a multivariate cointegration analysis. Based on the combination of cointegration and exogeneity concepts and the inclusion of the complete dynamic system, the paper shows the existence of a long-run relationship among nontraditional exports, relative price and foreign demand, and higher long-run elasticities than those provided by the long-run cointegration vector coefficients that are usually reported in the trade literature.

Date: 2004
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DOI: 10.1080/0003684042000233159

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