Commercial Relations Between Colombia and the European Union: An Empirical Approximation in the Light of the Gravity Model
Juan Felipe Mejía ()
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Juan Felipe Mejía: EAFIT University
Chapter Chapter 4 in Export Diversification and Economic Growth, 2011, pp 101-119 from Springer
Abstract The current chapter examines the impact of the European Generalized System of Preferences on Colombian exports over the period 1990–2008. Based on the gravity model of international trade, an augmented gravity equation is tested, capturing economic, geographic, cultural, and institutional factors that are believed to exert an influence upon Colombian trade. The findings indicate that Colombian exports have positively benefited from the unilateral scheme of preferences offered by the European Union, and that this trade mechanism had a large and positive effect on Colombian exports within the period of time analyzed. But, as will be addressed in a next section, this is not synonymous to a more diversified export basket with the EU.
Keywords: Gravity Model; Trade Partner; Bilateral Trade; Fixed Effect Estimation; Gravity Equation (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:spr:conchp:978-3-7908-2742-2_4
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