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Testing Dynamic Specifications For Import Demand Models: The Case Of Cotton

Author

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  • Arnade, Carlos Anthony
  • Pick, Daniel H.
  • Vasavada, Utpal

Abstract

Error correction models impose few prior restrictions on dynamic model specification and allow the data to determine model structure. Despite this obvious advantage, few applications have adopted the error correction model to explain trade flows. An error correction model of cotton import demand is estimated for France, Japan, and Hong Kong. A variety of tests are applied to determine the dynamic structure of the model. We find the most general models are those that best fit the data for cotton import demand. Long-run elasticities from these general models are significantly different than elasticities derived from a comparable static model.

Suggested Citation

  • Arnade, Carlos Anthony & Pick, Daniel H. & Vasavada, Utpal, 1993. "Testing Dynamic Specifications For Import Demand Models: The Case Of Cotton," Working Papers 51119, International Agricultural Trade Research Consortium.
  • Handle: RePEc:ags:iatrwp:51119
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    File URL: http://purl.umn.edu/51119
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    Cited by:

    1. Muhammad, Andrew & Jones, Keithly G., 2009. "An Assessment of Dynamic Behavior in the U.S. Catfish Market: An Application of the Generalized Dynamic Rotterdam Model," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 41(03), December.
    2. Dharmasena, Senarath & Wang, Jing & Rosson, C. Parr III, 2013. "Price Non-Stationary and Import Demand for Milk in China," 2013 Annual Meeting, August 4-6, 2013, Washington, D.C. 151151, Agricultural and Applied Economics Association.
    3. Muhammad, Andrew & McPhail, Lihong Lu & Kiawu, James, 2012. "Do U.S. Cotton Subsidies Affect Competing Exporters? An Analysis of Import Demand in China," Journal of Agricultural and Applied Economics, Southern Agricultural Economics Association, vol. 44(02), May.
    4. J. M. Gil & B. Dhehibi & M. Ben Kaabia & A. M. Angulo, 2004. "Non-stationarity and the import demand for virgin olive oil in the European Union," Applied Economics, Taylor & Francis Journals, vol. 36(16), pages 1859-1869.

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