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Are exports and imports of Chile cointegrated?

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Abstract

This study examines the long-run relationship between Chilean exports and imports during the 1975-2004 period using unit root tests and cointegration techniques that allow for endogenously determined structural breaks. The results indicate that there exists a long-run equilibrium between exports and imports in Chile, despite the balance-of-payments crisis of 1982-83. This finding implies that Chile\'s macroeconomic policies have been effective in the long-run and suggests that Chile is not in violation of its international budget constraint.

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File URL: http://wwwuser.gwdg.de/~fjohann/paper/DB111.pdf
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Bibliographic Info

Paper provided by Ibero-America Institute for Economic Research in its series Ibero America Institute for Econ. Research (IAI) Discussion Papers with number 111.

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Length: 13 pages
Date of creation: 12 Jul 2005
Date of revision:
Handle: RePEc:got:iaidps:111

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Keywords: Exports; imports; cointegration; structural break; Chile;

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  1. Mohsen Bahmani-Oskooee & Hyun-Jae Rhee, 1997. "Are Imports and Exports of Korea Cointegrated?," International Economic Journal, Korean International Economic Association, vol. 11(1), pages 109-114.
  2. Husted, Steven, 1992. "The Emerging U.S. Current Account Deficit in the 1980s: A Cointegration Analysis," The Review of Economics and Statistics, MIT Press, vol. 74(1), pages 159-66, February.
  3. Perron, P., 1994. "Further Evidence on Breaking Trend Functions in Macroeconomic Variables," Cahiers de recherche 9421, Universite de Montreal, Departement de sciences economiques.
  4. Gregory, A.W. & Hansen, B.E., 1992. "Residual-Based Tests for Cointegration in Models with Regime Shifts," RCER Working Papers 335, University of Rochester - Center for Economic Research (RCER).
  5. Arize, Augustine C., 2002. "Imports and exports in 50 countries: Tests of cointegration and structural breaks," International Review of Economics & Finance, Elsevier, vol. 11(1), pages 101-115, April.
  6. James H. Stock & Mark W. Watson, 1991. "A simple estimator of cointegrating vectors in higher order integrated systems," Working Paper Series, Macroeconomic Issues 91-3, Federal Reserve Bank of Chicago.
  7. MacKinnon, James G, 1996. "Numerical Distribution Functions for Unit Root and Cointegration Tests," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 11(6), pages 601-18, Nov.-Dec..
  8. Paresh Kumar Narayan & Seema Narayan, 2005. "Are exports and imports cointegrated? Evidence from 22 least developed countries," Applied Economics Letters, Taylor and Francis Journals, vol. 12(6), pages 375-378.
  9. Manuchehr Irandoust & Johan Ericsson, 2004. "Are Imports and Exports Cointegrated? An International Comparison," Metroeconomica, Wiley Blackwell, vol. 55(1), pages 49-64, 02.
  10. Nicholas Apergis & Konstantinos Katrakilidis & Nicholas Tabakis, 2000. "Current account deficit sustainability: The case of Greece," Applied Economics Letters, Taylor and Francis Journals, vol. 7(9), pages 599-603.
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Cited by:
  1. Heidari, Hassan & Katircioglu, Salih Turan & Davoudi, Narmin, 2012. "Are current account deficits sustainable? New evidence from Iran using bounds test approach to level relationships," Economics - The Open-Access, Open-Assessment E-Journal, Kiel Institute for the World Economy, vol. 6(46), pages 1-18.
  2. Ricardo Bebczuk, 2008. "Imports-Exports Correlation: A New Puzzle?," BCRA Working Paper Series 200833, Central Bank of Argentina, Economic Research Department.
  3. Ricardo Bebczuk, 2008. "Imports – Exports Correlation: A New Enigma?," Ensayos Económicos, Central Bank of Argentina, Economic Research Department, vol. 1(52), pages 39-56, October -.

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