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Are Imports and Exports Cointegrated? An International Comparison

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  • Manuchehr Irandoust
  • Johan Ericsson

Abstract

In this paper we use the Johansen and Juselius cointegration technique to examine the long-run convergence between imports and exports for a number of industrialized countries. The results indicate that there exists a long-run steady-state relationship between imports and exports for most countries in the sample. The policy implications of our findings are that the countries are not in violation of their international budget constraints and, more importantly, there is no productivity gap between the domestic economy and the rest of the world, implying a lack of permanent technological shocks to the domestic economy. Copyright Blackwell Publishing Ltd 2004.

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Bibliographic Info

Article provided by Wiley Blackwell in its journal Metroeconomica.

Volume (Year): 55 (2004)
Issue (Month): 1 (02)
Pages: 49-64

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Handle: RePEc:bla:metroe:v:55:y:2004:i:1:p:49-64

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Cited by:
  1. PERERA, Nelson & VARMA, Reetu, 2008. "An Empirical Analysis Of Sustainability Of Trade Deficit: Evidence From Sri Lanka," International Journal of Applied Econometrics and Quantitative Studies, Euro-American Association of Economic Development, vol. 5(1), pages 79-92.
  2. HASHIGUCHI, Yoshihiro & HAMORI, Shigeyuki, 2010. "The sustainability of trade balances in Sub-Saharan Africa: panel cointegration tests with cross-section dependence," MPRA Paper 24054, University Library of Munich, Germany.
  3. Tomas del Barrio Castro & Mariam Camarero & Cecilio Tamarit, 2013. "An analysis of the trade balance for OECD countries using periodic integration and cointegration," Working Papers 1320, Department of Applied Economics II, Universidad de Valencia.
  4. László Kónya, 2009. "The sustainability of the current account in the Czech Republic, Hungary and Slovenia," Empirical Economics, Springer, vol. 36(2), pages 367-384, May.
  5. Camarero, Mariam & Carrion-i-Silvestre, Josep Lluís & Tamarit, Cecilio, 2013. "Global imbalances and the intertemporal external budget constraint: A multicointegration approach," Journal of Banking & Finance, Elsevier, vol. 37(12), pages 5357-5372.
  6. Fengbao Yin & Shigeyuki Hamori, 2011. "The Sustainability of Trade Balances in China," Economics Bulletin, AccessEcon, vol. 31(3), pages 2090-2097.
  7. Tomas del Barrio Castro & Mariam Camarero & Cecilio Tamarit, 2013. "The trade balance in euro countries: a natural case study of periodic integration with a changing mean," Working Papers 1321, Department of Applied Economics II, Universidad de Valencia.
  8. KONYA, Laszlo & SINGH, Jai Pal, 2008. "Are Indian Exports And Imports Cointegrated?," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 8(2), pages 177-186.
  9. Dierk Herzer & Felicitas Nowak-Lehmann D., 2005. "Are exports and imports of Chile cointegrated?," Ibero America Institute for Econ. Research (IAI) Discussion Papers 111, Ibero-America Institute for Economic Research.
  10. Tuck Cheong Tang, 2006. "Are Imports And Exports In The Oic Member Countries Cointegrated? A Reexamination," IIUM Journal of Economics and Management, IIUM Journal of Economis and Management, vol. 14(1), pages 49-79, December.
  11. Ali, Sharafat, 2013. "Cointegration Analysis of Exports and Imports: The Case of Pakistan Economy," MPRA Paper 49295, University Library of Munich, Germany.
  12. Emmy, F.A. & Baharom, A.H. & Radam, Alias & Illisriyani, I., 2009. "Export and Import Cointegration in Forestry Domain: The Case of Malaysia," MPRA Paper 16673, University Library of Munich, Germany.
  13. Jamal HUSEIN, 2014. "Are Exports and Imports Cointegrated? Evidence from Nine MENA Countries," Applied Econometrics and International Development, Euro-American Association of Economic Development, vol. 14(1), pages 123-132.
  14. Burak Güris & Burcu Kiran, 2011. "Foreign Trade Deficit Sustainability of Turkey," Economic Studies journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 167-174.
  15. Daniel Ventosa-santaulària & Manuel Gómez-zaldívar & Lizet A Pérez, 2013. "Long-run relationship with shifts between Mexican current account revenues and expenditures," Economics Bulletin, AccessEcon, vol. 33(2), pages 1317-1327.
  16. Emmy, F.A. & Baharom, A.H. & Alias, Radam & Mohd Rusli, Yacob, 2009. "Trade Sustainability in the Forestry Domain: Evidence from Malaysia using Johansen and Bound Test Method," MPRA Paper 17487, University Library of Munich, Germany.
  17. Dierk Herzer & Nowak-Lehmann Felicitas, 2006. "Is there a long-run relationship between exports and imports in Chile?," Applied Economics Letters, Taylor & Francis Journals, vol. 13(15), pages 981-986.
  18. Nag, Biswajit & Mukherjee, Jaydeep, 2012. "The sustainability of trade deficits in the presence of endogenous structural breaks: Evidence from the Indian economy," Journal of Asian Economics, Elsevier, vol. 23(5), pages 519-526.
  19. Enisan, Akinlo A. & Olufisayo, Akinlo O., 2009. "Stock market development and economic growth: Evidence from seven sub-Sahara African countries," Journal of Economics and Business, Elsevier, vol. 61(2), pages 162-171.
  20. Kalsoom Zulfiqar & Rukhsana Kausar, 2012. "Trade Liberalization, Exchange Rate And Export Growth In Pakistan," Far East Journal of Psychology and Business, Far East Research Centre, vol. 9(3), pages 32-47, November.

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