Modelling Small Economy Exports: The Case of Singapore
Tilak Abeysinghe () and
Keen Meng Choy ()
SCAPE Policy Research Working Paper Series from National University of Singapore, Department of Economics, SCAPE
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)
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Working Paper: Modelling Small Economy Exports: The Case of Singapore (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:sca:scaewp:0501
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