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Demand and Supply Factors in the Determination of NIE Exports: A Simultaneous Error-Correction Model for Hong Kong

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  • Muscatelli, V A
  • Srinivasan, T G
  • Vines, D

Abstract

This paper considers the issue of whether a small developing economy such as Hong Kong faces a perfectly elastic demand for its exports of manufactured goods. The authors construct a simultaneous demand and supply system which is estimated using Full Information Maximum Likelihood methods, and which allows us to clearly identify demand and supply factors in determining export volumes and prices. The authors empirical findings differ from previous studies conducted with this data set in that they suggest that even a small dynamic newly industrialized economy such as Hong Kong may not face an infinitely elastic demand for its manufactured goods. They also advance some reasons to explain why the "small country assumption" may not be applicable in the case of most industrialized economies. Copyright 1992 by Royal Economic Society.

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Bibliographic Info

Article provided by Royal Economic Society in its journal The Economic Journal.

Volume (Year): 102 (1992)
Issue (Month): 415 (November)
Pages: 1467-77
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Handle: RePEc:ecj:econjl:v:102:y:1992:i:415:p:1467-77

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Cited by:
  1. Mody, Ashoka & Yilmaz, Kamil, 1997. "Is there persistence in the growth of manufactured exports? Evidence from newly industrializing countries," Journal of Development Economics, Elsevier, vol. 53(2), pages 447-470, August.
  2. Athanasoglou, Panayiotis P. & Bardaka, Ioanna C., 2010. "New trade theory, non-price competitiveness and export performance," Economic Modelling, Elsevier, vol. 27(1), pages 217-228, January.
  3. Kirsanova, Tatiana & Menzies, Gordon & Vines, David, 2007. "Stiglitz Versus the IMF on the Asian Debt Crisis: An Intertemporal Model with Real Exchange Rate Overshooting," CEPR Discussion Papers 6318, C.E.P.R. Discussion Papers.
  4. Tilak Abeysinghe & Keen Meng Choy, 2005. "Modelling Small Economy Exports: The Case of Singapore," SCAPE Policy Research Working Paper Series 0501, National University of Singapore, Department of Economics, SCAPE.
  5. Peter G. Warr & Frances J. Wollmer, 1996. "The International Demand for Thailand's Rice Exports," Departmental Working Papers 1996-10, Australian National University, Arndt-Corden Department of Economics.
  6. Arslan Razmi, 2005. "Balance of Payments Constrained Growth Model: The Case of India," Working Papers 2005-05, University of Massachusetts Amherst, Department of Economics.

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