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

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  • Muscatelli, Vito Antonio
  • Srinivasan, T G
  • Vines, David

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. We 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. Our 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 infinitely elastic demand for its manufactured goods. We also advance some reasons to explain why the `small country assumption' may not be applicable in the case of most industrialized economies.

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Bibliographic Info

Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 671.

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Date of creation: Jun 1992
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Handle: RePEc:cpr:ceprdp:671

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Keywords: Demand and Supply Elasticities; Error-Correction Models; Hong Kong;

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Cited by:
  1. 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.
  2. Koi Nyen Wong & Tuck Cheong Tang, 2009. "Exchange rate variability and the export demand for Malaysia's semiconductors: an empirical study," Applied Economics, Taylor & Francis Journals, vol. 43(6), pages 695-706.
  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. Peter G. Warr & Frances J. Wollmer, 1996. "The International Demand for Thailand's Rice Exports," Departmental Working Papers 1996-10, The Australian National University, Arndt-Corden Department of Economics.
  5. Peter G. Warr & Frances Wollmer, 1996. "The Demand For Ldc Exports Of Primary Commodities: The Case Of The Philippines," Australian Journal of Agricultural and Resource Economics, Australian Agricultural and Resource Economics Society, vol. 40(1), pages 37-49, 04.
  6. Shah, Shekhar & Mishra, Deepak & Panagariya, Arvind, 1996. "Demand elasticities in international trade : are they really low?," Policy Research Working Paper Series 1712, The World Bank.
  7. Mody, Ashoka & Yilmaz, Kamil & DEC, 1994. "Is there persistence in the growth of manufactured exports? Evidence from newly industrializing countries," Policy Research Working Paper Series 1276, The World Bank.
  8. Arslan Razmi, 2005. "Balance of Payments Constrained Growth Model: The Case of India," UMASS Amherst Economics Working Papers 2005-05, University of Massachusetts Amherst, Department of Economics.
  9. 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.
  10. Peter Warr, 2002. "Export taxes and income distribution: The Philippines coconut levy," Review of World Economics (Weltwirtschaftliches Archiv), Springer, vol. 138(3), pages 437-458, September.

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