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Long-run income and price elasticities of demand for Colombian nontraditional exports: a multivariate cointegration framework

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  • Martha Misas
  • Maria Teresa Ramirez

Abstract

A long run income and price elasticities of demand is estimated for Colombian nontraditional exports through a multivariate cointegration analysis. Based on the combination of cointegration and exogeneity concepts and the inclusion of the complete dynamic system, the paper shows the existence of a long-run relationship among nontraditional exports, relative price and foreign demand, and higher long-run elasticities than those provided by the long-run cointegration vector coefficients that are usually reported in the trade literature.

Suggested Citation

  • Martha Misas & Maria Teresa Ramirez, 2004. "Long-run income and price elasticities of demand for Colombian nontraditional exports: a multivariate cointegration framework," Applied Economics, Taylor & Francis Journals, vol. 36(9), pages 931-938.
    • Handle: RePEc:taf:applec:v:36:y:2004:i:9:p:931-938
    DOI: 10.1080/0003684042000233159
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    References listed on IDEAS

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    1. Drost, Feike C & Nijman, Theo E, 1993. "Temporal Aggregation of GARCH Processes," Econometrica, Econometric Society, vol. 61(4), pages 909-927, July.
    2. Martha Misas A. & María Teresa Ramírez G. & Luisa Silva, 2001. "Exportaciones no tradicionales en Colombia y sus determinantes," Revista ESPE - Ensayos Sobre Política Económica, Banco de la República, vol. 19(39), pages 73-114, June.
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    6. Cheung, Yin-Wong & Lai, Kon S, 1993. "Finite-Sample Sizes of Johansen's Likelihood Ration Tests for Conintegration," Oxford Bulletin of Economics and Statistics, Department of Economics, University of Oxford, vol. 55(3), pages 313-328, August.
    7. Roberto Steiner & Andrea Wüllner, 1994. "Efecto de la volatilidad de la tasa de cambio en las exportaciones no tradicionales," Coyuntura Económica, Fedesarrollo, December.
    8. Engle, Robert F. (ed.), 1995. "ARCH: Selected Readings," OUP Catalogue, Oxford University Press, number 9780198774327, Decembrie.
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    Cited by:

    1. David C. López-Valenzuela & Enrique Montes-Uribe & Héctor M. Zárate-Solano & Alvaro Carmona-Duarte, 2019. "Determinantes y evolución entre precios y cantidades de las exportaciones industriales de Colombia: un estudio a partir de un modelo de Panel-VAR," Borradores de Economia 1075, Banco de la Republica de Colombia.
    2. Jorge García-García & David C. López-Valenzuela & Enrique Montes-Uribe, 2020. "Porqué Colombia no exporta más," Borradores de Economia 1139, Banco de la Republica de Colombia.

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