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Seafood Import Demand in Caribbean Common Market (CARICOM) Area

Author

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  • Nguyen, Giap V.
  • Jolly, Curtis M.

Abstract

An aggregate seafood import demand function for selected Caribbean countries is estimated using Autoregressive Error model and a Generalized Autoregressive Conditional Heteroscedasticity model to correct autocorrelation and heteroscedasticity. The results show that aggregated seafood import is elastic (-1.12), low-valued import is more elastic (-1.21), but high-valued import is inelastic (-0.72). Exchange rate has a negative effect on seafood import quantity. Income is not a factor in Caribbean seafood imports. Tourism has a positive impact on seafood imports. Seafood imports have a negative effect on domestic fisheries production, and a price increase is important in stimulating domestic fish production. Caribbean policy makers must be careful in articulating policies to encourage domestic production since increases in prices through a tariff may have differential effects on consumer groups.

Suggested Citation

  • Nguyen, Giap V. & Jolly, Curtis M., 2010. "Seafood Import Demand in Caribbean Common Market (CARICOM) Area," 28th West Indies Agricultural Economic Conference/2009 Barbados National Agricultural Conference, July 2009, Barbados 187973, Caribbean Agro-Economic Society.
  • Handle: RePEc:ags:cars09:187973
    DOI: 10.22004/ag.econ.187973
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    File URL: http://ageconsearch.umn.edu/record/187973/files/Seafood%20Import%20Demand%20in%20Caribbean%20Common%20Market%20_CARICON_%20Area.pdf
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    Cited by:

    1. Schuhmann, Peter W. & Mahon, Robin, 2015. "The valuation of marine ecosystem goods and services in the Caribbean: A literature review and framework for future valuation efforts," Ecosystem Services, Elsevier, vol. 11(C), pages 56-66.

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