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A fast, easy, and efficient estimator for the trade flux between heterogeneous economies

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  • Sova, Robert
  • Sova, Anamaria

Abstract

Compared to time-series or cross-section analyses, panel data allow us to control for individual specific characteristics - possibly unobservable - which may be correlated with certain explanatory variables in the specification of an economic relationship. Not controlling for unobservables leads to obtaining biased results. After controlling for such unobservable characteristics, we calculate efficient estimates of a trade flux equation between heterogeneous economies.

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File URL: http://mpra.ub.uni-muenchen.de/3457/
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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 3457.

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Date of creation: 05 Mar 2007
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Handle: RePEc:pra:mprapa:3457

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Keywords: international trade; POLS estimators; individual heterogeneity; fixed effects; random effects;

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  1. Peter Egger, . "An Econometric View on the Estimation of Gravity Models and the Calculation of Trade Potentials," WIFO Working Papers 141, WIFO.
  2. Peter Egger, . "A Note on the Proper Econometric Specification of the Gravity Equation," WIFO Working Papers 108, WIFO.
  3. Baier, Scott L. & Bergstrand, Jeffrey H., 2007. "Do free trade agreements actually increase members' international trade?," Journal of International Economics, Elsevier, vol. 71(1), pages 72-95, March.
  4. I-Hui Cheng & Howard J. Wall, 2005. "Controlling for heterogeneity in gravity models of trade and integration," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 49-63.
  5. Céline CARRERE, 2003. "Revisiting the Effects of Regional Trading Agreements on trade flows with Proper Specification of the Gravity Model," Working Papers 200310, CERDI.
  6. André Sapir & Chantal Winter, 1994. "Service trade," ULB Institutional Repository 2013/8176, ULB -- Universite Libre de Bruxelles.
  7. Hausman, Jerry A & Taylor, William E, 1981. "Panel Data and Unobservable Individual Effects," Econometrica, Econometric Society, vol. 49(6), pages 1377-98, November.
  8. Mundlak, Yair, 1978. "On the Pooling of Time Series and Cross Section Data," Econometrica, Econometric Society, vol. 46(1), pages 69-85, January.
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