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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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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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Related research

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

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Citations

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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. 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.
  3. Warr, Peter G. & Wollmer, Frances, 1996. "The Demand For Ldc Exports Of Primary Commodities: The Case Of The Philippines," Australian Journal of Agricultural Economics, Australian Agricultural and Resource Economics Society, vol. 40(01), April.
  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.
  7. 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.
  8. Koi Nyen Wong & Tuck Cheong Tang, 2009. "Exchange Rate Variability And The Export Demand For Malaysia'S Semiconductors: An Empirical Study," Monash Economics Working Papers 13-07, Monash University, Department of Economics.

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