THE DETERMINANTS OF AGGREGATE IMPORT DEMAND IN BRUNEI DARUSSALAM: AN EMPIRICAL ASSESSMENT USING A COINTEGRATION AND ERROR CORRECTION APPROACH

Paresh Kumar Narayan () and Russell Smyth
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Paresh Kumar Narayan: Department of Accounting, Finance and Economics, Griffith University, Australia

The Singapore Economic Review (SER), 2005, vol. 50, issue 02, 197-210

Abstract: This article examines the determinants of aggregate import demand in Brunei Darussalam within a cointegration and error correction framework using the bounds test for cointegration. In addition to the real effective exchange rate and real GDP, in alternative specifications we examine the effect of population growth and world petroleum prices on import demand in Brunei Darussalam. We find that in both the long-run and short-run aggregate imports are inelastic with respect to income and world petroleum prices, but are price-elastic and elastic with respect to population.

Keywords: Bounds test; cointegration; Brunei; import demand (search for similar items in EconPapers)
Date: 2005
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DOI: 10.1142/S0217590805001974

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