Demand Elasticities In International Trade
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Demand Elasticities In International Trade Are They Really Low
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Author : Arvind Panagariya
language : en
Publisher: World Bank Publications
Release Date : 1999
Demand Elasticities In International Trade Are They Really Low written by Arvind Panagariya and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with categories.
December 1996 For the first time in the economics literature, Panagariya, Shah, and Mishra obtain import demand elasticities for a small country (Bangladesh) that are very large. The elasticities are based on parameters of a utility function that are systematically of the correct sign and statistically significant. Using highly disaggregated data, both own-price and cross-price elasticities are estimated. Most economists are comfortable with the assumption that import demand elasticities facing small countries such as Austria, Belgium, and Denmark are approximately infinite. Yet the actual estimates of import demand elasticities for these and other countries are disturbingly low. Typical estimates range from 1-2, and in rare cases rise to 3. Such estimates seriously undermine the case for unilateral liberalization since they suggest considerable market power on the part of even small economies. They also raise doubts about the ability of exports to serve as an engine of growth. With import demand elasticities lying between 1 and 3, a 20 percent annual expansion in exports would, for example, lead to a substantial deterioration in the terms of trade. Panagariya, Shah, and Mishra analyze the U.S. demand for imports from Bangladesh for the products restricted under the Multifiber Arrangement. Because Bangladesh is only a small supplier of these products and close substitutes are available from many Asian and Latin American countries, they expected the elasticity of demand for Bangladeshi imports to be high. Their estimates of own-price elasticity are consistently high, exceeding 65 in all cases. This finding accords with trade theorists' prejudice that small countries can essentially behave as price takers but conflicts with the view in the empirical literature that demand elasticities rarely exceed 3 and are generally between 1 and 2. The authors' analysis differs from the existing literature in three ways. First, contrary to the general practice of postulating an ad hoc equation that violates trade theory, they derive a set of estimation equations from an explicit, utility-maximization model. They estimate these equations as a system and use the estimated parameters of the utility function to obtain the Marshallian own-price and cross-price elasticities as well as the income elasticity of demand. Second, they take explicit account of U.S. imports from competitors of Bangladesh. Rather than proxy competitors' prices by the prices prevailing in the export market, they rely directly on competitors' prices. Finally, they use highly disaggregated data that make the unit value of exports a far better proxy for price than is the case with the aggregate export data that are commonly used in this literature. This paper is a product of the Country Operations Division, Country Department I, South Asia. The study was funded by the Bank's Research Support Budget under research project Export Competitiveness and the Real Exchange Rate (RPO 679-59).
Price Elasticities In International Trade
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Author : Robert Mitchell Stern
language : en
Publisher: Trade Policy Research Centre
Release Date : 1976
Price Elasticities In International Trade written by Robert Mitchell Stern and has been published by Trade Policy Research Centre this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976 with Business & Economics categories.
Price Elasticities In International Trade
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Author : Robert M. Stern
language : en
Publisher: Springer
Release Date : 1976-06-18
Price Elasticities In International Trade written by Robert M. Stern and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 1976-06-18 with Business & Economics categories.
Demand Elasticities In International Trade
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Author : Arvind Panagariya
language : en
Publisher:
Release Date : 2016
Demand Elasticities In International Trade written by Arvind Panagariya and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016 with categories.
For the first time in the ...
A Method For Calculating Export Supply And Import Demand Elasticities
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Author : Mr.Stephen Tokarick
language : en
Publisher: International Monetary Fund
Release Date : 2010-07-01
A Method For Calculating Export Supply And Import Demand Elasticities written by Mr.Stephen Tokarick and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-01 with Business & Economics categories.
Trade elasticities are often needed in applied country work for various purposes and this paper describes a method for estimating import demand and export supply elasticities withoutusing econometrics. The paper reports empirical estimates of these elasticities for a large number of low, middle, and upper income countries. One task for which trade elasticities are needed is in developing exchange rate assessments and this paper shows how the estimated elasticities can be used for this purpose.
Elasticities In International Agricultural Trade
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Author : Colin Carter
language : en
Publisher: CRC Press
Release Date : 2019-04-24
Elasticities In International Agricultural Trade written by Colin Carter and has been published by CRC Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-04-24 with Science categories.
This book addresses a number of issues related to the estimation and application of elasticities in international agricultural trade. It is the outgrowth of renewed interest by researchers, traders, and others in quantifying those factors that affect international trade of agricultural products.
The Demand For Imports And Exports In The World Economy
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Author : W. Charles Sawyer
language : en
Publisher: Routledge
Release Date : 2019-05-23
The Demand For Imports And Exports In The World Economy written by W. Charles Sawyer and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-05-23 with Business & Economics categories.
First published in 1999, this volume responds to one of the more important issues in applied international economics: the extent to which trade flows adjust to changes in income, relative prices and exchange rates. This work surveys the literature on empirical estimation of the demand for imports and exports for the US. The book is designed to be a reference book for both academic international economists and international trade practitioners in government, international organisations and the private sector.
International Trade And Labor Demand Elasticities
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Author : Matthew J. Slaughter
language : en
Publisher:
Release Date : 1997
International Trade And Labor Demand Elasticities written by Matthew J. Slaughter and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1997 with International trade categories.
Abstract: In this paper I try to determine whether international trade has been increasing the own-price elasticity of demand for U.S. labor in recent years. The empirial work yields three main results. First, from 1960 through 1990 demand for U.S. production labor became more elastic in manufacturing overall and in five of eight industries within manufacturing. Second, during this time U.S. nonproduction-labor demand did not become more elastic in manufacturing overall or in any of the 8 industries within manufacturing. If anything, demand seems to be growing less elastic over time. Third, the hypothesis that trade contributed to increased elasticities has mixed support at best. For production labor many trade variables have the predicted effect for specifications with only industry contols, but these predicted effects disappear when time controls are included as well. For nonproduction labor things are somewhat better, but time continues to be a very strong predictor of elasticity patterns. Thus the time series of labor-demand elasticities are explained largely by a residual, time itself. This result parallels the common finding in studies of rising wage inequality. Just as there appears to be a large unexplained residual for changing factor prices over time, there also appears to be a large unexplained residual for changing factor demand elasticities over time.
Elasticities In International Agricultural Trade
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Author : Colin Carter
language : en
Publisher: Westview Press
Release Date : 1988-11-23
Elasticities In International Agricultural Trade written by Colin Carter and has been published by Westview Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988-11-23 with Business & Economics categories.
Quantitative International Economics
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Author : Edward E. Leamer
language : en
Publisher: Routledge
Release Date : 2017-09-04
Quantitative International Economics written by Edward E. Leamer and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-09-04 with Business & Economics categories.
This distinctive book sets forth, on an advanced level, various methods for the quantitative measurement of important relationships at issue in areas of the balance of payments and international trade and welfare. The results achieved in recent studies are presented and the directions for new research are indicated. This book is composed of two main parts.Part I deals with the balance of payments and consists of the first half of the book. One of the longest and almost important chapters of this part talks about, at length the time-series analysis of the demand for imports and exports from the point of view of an individual country. This subject has a long and somewhat checkered history dating from the 1940's, when a number of estimates using least squares multiple regression methods were made of import and export demand functions for the interwar period. The noteworthy feature of many of these estimates was that they suggested relatively low price elasticities of demand in international trade. The implication was thus drawn that the international price mechanism could not be relied on for balance-of payments adjustment purposes.This book talks about the topics of theory and measurement of the elasticity of substitution in international trade, estimating the international capital movements, and forecasting and policy analysis with econometric models. Part II deals with international trade and welfare. While, there are many other books dealing with trade theory, this title focuses on a narrower range of topics that are not always mentioned or understood by individuals, such as the theory and measurement of trade dependence and interdependence, the analysis of the component factors a country has that affects how its export growth is over time, and the welfare effects of trade liberalizationThis book serves as a guide and reference work for economics graduate students, academicians, and practicing economists in private and governmental circles. They will find this book