Long-run income and price elasticities of demand for Colombian nontraditional exports: a multivariate cointegration framework
A long run income and price elasticities of demand is estimated for Colombian nontraditional exports through a multivariate cointegration analysis. Based on the combination of cointegration and exogeneity concepts and the inclusion of the complete dynamic system, the paper shows the existence of a long-run relationship among nontraditional exports, relative price and foreign demand, and higher long-run elasticities than those provided by the long-run cointegration vector coefficients that are usually reported in the trade literature.
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Volume (Year): 36 (2004)
Issue (Month): 9 ()
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