Macroeconomic Adjustment and Foreign Trade of Centrally Planned Economies
AbstractThis empirical study stresses the underlying macroeconomic forces which determine foreign trade flows in CPEs. The general specification includes a planners' demand equation for the volume of imports, a planners' supply equation for the volume of exports, and a rest-of-world demand equation for the export price level. The planners' behavioural equations include variables for activity levels, trade balance constraints, prices, and domestic excess demand. The import price is exogenous. This simultaneous equation model is estimated on annual data from the mid-1950s to the mid-1970s, for Czechoslovakia, the GDR, Hungary, and Poland. Maximum likelihood estimation in a nested hypothesis testing framework allows selection of restricted versions of the general model for each country. Estimated price elasticities accord with the underlying theory, and the excess demand variables perform well.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 0736.
Date of creation: Aug 1981
Date of revision:
Note: ITI IFM
Contact details of provider:
Postal: National Bureau of Economic Research, 1050 Massachusetts Avenue Cambridge, MA 02138, U.S.A.
Web page: http://www.nber.org
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Hendry, David F. & Srba, Frank, 1980. "Autoreg: a computer program library for dynamic econometric models with autoregressive errors," Journal of Econometrics, Elsevier, Elsevier, vol. 12(1), pages 85-102, January.
- Portes, Richard, 1981. "Macroeconomic Equilibrium and Disequilibrium in Centrally Planned Economies," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 19(4), pages 559-78, October.
- Richard Portes, 1979. "Effets de la crise sur les pays de l'Est," Revue Ã‰conomique, Programme National PersÃ©e, vol. 30(6), pages 1067-1114.
- Portes, Richard, 1979. "Internal and external balance in a centrally planned economy," Journal of Comparative Economics, Elsevier, vol. 3(4), pages 325-345, December.
- Portes, Richard & Winter, David, 1980. "Disequilibrium Estimates for Consumption Goods Markets in Centrally Planned Economies," Review of Economic Studies, Wiley Blackwell, Wiley Blackwell, vol. 47(1), pages 137-59, January.
- Richard Portes, 1981. "Central Planning and Monetarism: Fellow Travelers?," NBER Working Papers 0782, National Bureau of Economic Research, Inc.
- Tulpule, Vivek & Kottege, Jayantha & Tie, Graeme, 1992. "Soviet grain import demand," 1992 Conference (36th), February 10-13, 1992, Canberra, Australia, Australian Agricultural and Resource Economics Society 147335, Australian Agricultural and Resource Economics Society.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ().
If references are entirely missing, you can add them using this form.