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Factors Driving Import Demand in Selected Central, Eastern and Southeastern European Countries

This study presents estimates of both country-specific and panel long-run import elasticities for EU Member States from Central, Eastern and Southeastern Europe and for Croatia and Turkey. The results confirm (1) the existence of a strong export-import link in most of the countries, (2) the prominent role of fixed investment in determining imports in nearly all countries, and (3) with some exceptions, the relatively smaller role of private consumption for imports. Furthermore, we use import elasticities to test for economic interlinkages within the EU-27 and find that economic integration is advanced.

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File URL: http://www.oenb.at/dms/oenb/Publikationen/Volkswirtschaft/Focus-on-European-Economic-Integration/2008/Focus-on-European-Economic-Integration-Q1-08/chapters/feei_2008_1_reininger_tcm16-86779.pdf
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Article provided by Oesterreichische Nationalbank (Austrian Central Bank) in its journal Focus on European Economic Integration.

Volume (Year): (2008)
Issue (Month): 1 ()
Pages: 100-125

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Handle: RePEc:onb:oenbfi:y:2008:i:1:b:4
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  1. Clarida, R.H., 1992. "Cointegration, Aggregate Consumption and the Demand for Imports: A Struct ural Econometric Investigation," Discussion Papers 1992_29, Columbia University, Department of Economics.
  2. Szilárd Benk & Zoltán M. Jakab & Mihály András Kovács & Balázs Párkányi & Zoltán Reppa & Gábor Vadas, 2006. "The Hungarian Quarterly Projection Model (NEM)," MNB Occasional Papers 2006/60, Magyar Nemzeti Bank (the central bank of Hungary).
  3. Harb, Nasri, 2005. "Import Demand in Heterogeneous Panel Setting," MPRA Paper 13622, University Library of Munich, Germany.
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  5. Peter Pedroni, 1999. "Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors," Department of Economics Working Papers 2000-02, Department of Economics, Williams College.
  6. repec:cup:cbooks:9780521522717 is not listed on IDEAS
  7. Pedroni, Peter, 2004. "Panel Cointegration: Asymptotic And Finite Sample Properties Of Pooled Time Series Tests With An Application To The Ppp Hypothesis," Econometric Theory, Cambridge University Press, vol. 20(03), pages 597-625, June.
  8. Tatiana Fic & Marcin Kolasa & Adam Kot & Karol Murawski & Michal Rubaszek & Magdalena Tarnicka, 2005. "ECMOD Model of the Polish Economy," National Bank of Poland Working Papers 36, National Bank of Poland, Economic Institute.
  9. Stock, James H & Watson, Mark W, 1993. "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems," Econometrica, Econometric Society, vol. 61(4), pages 783-820, July.
  10. Phillips, Peter C B & Ouliaris, S, 1990. "Asymptotic Properties of Residual Based Tests for Cointegration," Econometrica, Econometric Society, vol. 58(1), pages 165-93, January.
  11. Reinhart, Carmen, 1994. "Devaluation, Relative Prices, and International Trade," MPRA Paper 13708, University Library of Munich, Germany.
  12. Timothy A. Deyak & W. Charles Sawyer & Richard L. Sprinkle, 1993. "The Adjustment of Canadian Import Demand to Changes in Income, Prices, and Exchange Rates," Canadian Journal of Economics, Canadian Economics Association, vol. 26(4), pages 890-900, November.
  13. Wojciech Mroczek & Michal Rubaszek, 2004. "Development of the trade links between Poland and the European Union in the years 1992–2002," National Bank of Poland Working Papers 30, National Bank of Poland, Economic Institute.
  14. Goldstein, Morris & Khan, Mohsin S., 1985. "Income and price effects in foreign trade," Handbook of International Economics, in: R. W. Jones & P. B. Kenen (ed.), Handbook of International Economics, edition 1, volume 2, chapter 20, pages 1041-1105 Elsevier.
  15. Carone, Giuseppe, 1996. "Modeling the U.S. demand for imports through cointegration and error correction," Journal of Policy Modeling, Elsevier, vol. 18(1), pages 1-48, February.
  16. Abdelhak Senhadji, 1998. "Time-Series Estimation of Structural Import Demand Equations: A Cross-Country Analysis," IMF Staff Papers, Palgrave Macmillan, vol. 45(2), pages 236-268, June.
  17. Vladimir Benacek & Ladislav Prokop & Jan A. Visek, 2003. "Determining Factors of the Czech Foreign Trade Balance: Structural Issues in Trade Creation," Working Papers 2003/03, Czech National Bank, Research Department.
  18. Peter Pedroni & David Canning, 2004. "The Effect of Infrastructure on Long Run Economic Growth," Department of Economics Working Papers 2004-04, Department of Economics, Williams College.
  19. Amano, Robert A. & Wirjanto, Tony S., 1997. "Adjustment costs and import demand behavior: evidence from Canada and the United States," Journal of International Money and Finance, Elsevier, vol. 16(3), pages 461-476, June.
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