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Import demand function for Turkey

Author

Listed:
  • Olcay Yucel Culha
  • Okan Eren
  • Ferya Ogunc

Abstract

This study revisits the import demand function for Turkey using the newly defined national income data and examines the evolution of the income and price elasticities over time. In this respect, demand functions are estimated for the total imports and its subcomponents separately, and the corresponding time varying elasticities are obtained by applying the method of Kalman filter between 2003 and 2018. The findings suggest that the growth of total imports is mainly explained by income and relative price changes. The income and expenditure elasticities decrease over time in total imports and in sub-components except for intermediate goods. The relative price elasticity remains almost unchanged for investment and consumption goods imports but increases considerably for the intermediate goods imports and total imports.

Suggested Citation

  • Olcay Yucel Culha & Okan Eren & Ferya Ogunc, 2019. "Import demand function for Turkey," Central Bank Review, Research and Monetary Policy Department, Central Bank of the Republic of Turkey, vol. 19(1), pages 9-19.
    • Handle: RePEc:tcb:cebare:v:19:y:2019:i:1:p:9-19
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    File URL: https://www.sciencedirect.com/journal/central-bank-review/vol/19/issue/1
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    Cited by:

    1. Thorbecke, Willem & Sengonul, Ahmet, 2023. "The impact of exchange rates on Turkish imports and exports," International Economics, Elsevier, vol. 174(C), pages 231-249.
    2. Aysun Türkvatan, 2023. "Exports and imports in Turkey: A regime‐switching approach," The World Economy, Wiley Blackwell, vol. 46(3), pages 791-834, March.
    3. Mile Bošnjak & Vlatka Bilas & Domagoj Raèiæ, 2019. "Time-varying parameters of Croatian import demand," Zbornik radova Ekonomskog fakulteta u Rijeci/Proceedings of Rijeka Faculty of Economics, University of Rijeka, Faculty of Economics and Business, vol. 37(2), pages 853-872.

    More about this item

    Keywords

    Import demand; Income elasticity; Relative price elasticity; Kalman filter; Turkish economy;
    All these keywords.

    JEL classification:

    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • F17 - International Economics - - Trade - - - Trade Forecasting and Simulation

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