In this paper, the behaviour of Ghana’s imports during the period 1970-2002 is studied using disaggregated expenditure components of total national income. We use the newly developed bounds testing approach to cointegration and estimated an error correction model to separate the short- and long-run elements of the import demand relationship. The study shows inelastic import demand for all the expenditure components and relative price. In the long-run, investment and exports are the major determinant of movements in imports in Ghana. In the short run household and government consumption expenditures is the major determinant of import demand. Import demand is not very sensitive to price changes.
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number
599.
Find related papers by JEL classification: F10 - International Economics - - Trade - - - General C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
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