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Testing Dynamic Specifications For Import Demand Models: The Case Of Cotton

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  • Arnade, Carlos A.
  • Pick, Daniel H.
  • Vasavada, Utpal

Abstract

Error correction models impose few prior restrictions on dynamic model specification and allow the data to determine model structure. Despite this obvious advantage, few applications have adopted the error correction model to explain trade flows. An error correction model of cotton import demand is estimated for France, Japan, and Hong Kong. A variety of tests are applied to determine the dynamic structure of the model. We find the most general models are those that best fit the data for cotton import demand. Long-run elasticities from these general models are significantly different than elasticities derived from a comparable static model.

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Bibliographic Info

Paper provided by International Agricultural Trade Research Consortium in its series Working Papers with number 51119.

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Date of creation: 1993
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Handle: RePEc:ags:iatrwp:51119

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Related research

Keywords: Crop Production/Industries; International Relations/Trade;

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Cited by:
  1. Muhammad, Andrew & Jones, Keithly G., 2009. "An Assessment Of Dynamic Behavior In The U.S. Catfish Market: An Application Of The Generalized Dynamic Rotterdam Model," 2009 Annual Meeting, January 31-February 3, 2009, Atlanta, Georgia 45912, Southern Agricultural Economics Association.
  2. Muhammad, Andrew & McPhail, Lihong Lu & Kiawu, James, 2012. "Do U.S. Cotton Subsidies Affect Competing Exporters? An Analysis of Import Demand in China," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 44(02), May.
  3. J. M. Gil & B. Dhehibi & M. Ben Kaabia & A. M. Angulo, 2004. "Non-stationarity and the import demand for virgin olive oil in the European Union," Applied Economics, Taylor & Francis Journals, vol. 36(16), pages 1859-1869.
  4. Dharmasena, Senarath & Wang, Jing & Rossen, C. Parr, 2013. "Price Non-Stationary and Import Demand for Milk in China," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 151151, Agricultural and Applied Economics Association.

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