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The International Demand for Thailand's Rice Exports

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  • Prof Peter G. Warr
  • Fracnes J. Wollmer

Abstract

The familiar 'small country' assumption is tested empirically in this paper, focussing upon the long-run international demand for Thailand's rice exports and drawing upon recent developments in the statistical analysis of economic time series. A relatively robust long-run price elasticity of export demand is obtained, at just under 2. The literature on the export demand for manufactured goods has shown the central importance of the 'normalisation' used during estimation. Our results suggest that this issue may not be as important in the case of primary commodity exports, at least not where the exporting country possesses a degree of monopoly power.
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Suggested Citation

  • Prof Peter G. Warr & Fracnes J. Wollmer, 1996. "The International Demand for Thailand's Rice Exports," Trade and Development 96/10, Australian National University, Department of Economics.
  • Handle: RePEc:wop:anuetd:9610
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    File URL: http://coombs.anu.edu.au/~ecopac/wpaper/wp1996/9610.prn
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    References listed on IDEAS

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    1. Riedel, James, 1988. "The Demand for LDC Exports of Manufactures: Estimates from Hong Kong," Economic Journal, Royal Economic Society, vol. 98(389), pages 138-148, March.
    2. Peter C. B. Phillips & Mico Loretan, 1991. "Estimating Long-run Economic Equilibria," Review of Economic Studies, Oxford University Press, vol. 58(3), pages 407-436.
    3. repec:wsi:wschap:9789814749589_0001 is not listed on IDEAS
    4. Hansen, Bruce E., 1992. "Efficient estimation and testing of cointegrating vectors in the presence of deterministic trends," Journal of Econometrics, Elsevier, vol. 53(1-3), pages 87-121.
    5. Roumasset, James & Setboonsarng, Suthad, 1988. "Second-best agricultural policy : Getting the price of Thai rice right," Journal of Development Economics, Elsevier, vol. 28(3), pages 323-340, May.
    6. Muscatelli, Vito Antonio & Srinivasan, T G & Vines, David, 1992. "Demand and Supply Factors in the Determination of NIE Exports: A Simultaneous Error-Correction Model for Hong Kong Exports," CEPR Discussion Papers 671, C.E.P.R. Discussion Papers.
    7. Phillips, P C B, 1987. "Time Series Regression with a Unit Root," Econometrica, Econometric Society, vol. 55(2), pages 277-301, March.
    8. Morris Goldstein & Mohsin S. Khan, 2017. "The Supply and Demand for Exports: A Simultaneous Approach," World Scientific Book Chapters,in: TRADE CURRENCIES AND FINANCE, chapter 2, pages 83-104 World Scientific Publishing Co. Pte. Ltd..
    9. Morris Goldstein & Mohsin S. Khan, 2017. "Income and Price Effects in Foreign Trade," World Scientific Book Chapters,in: TRADE CURRENCIES AND FINANCE, chapter 1, pages 3-81 World Scientific Publishing Co. Pte. Ltd..
    10. Muscatelli, V A & Srinivasan, T G & Vines, D, 1992. "Demand and Supply Factors in the Determination of NIE Exports: A Simultaneous Error-Correction Model for Hong Kong," Economic Journal, Royal Economic Society, vol. 102(415), pages 1467-1477, November.
    11. Peter C. B. Phillips & Bruce E. Hansen, 1990. "Statistical Inference in Instrumental Variables Regression with I(1) Processes," Review of Economic Studies, Oxford University Press, vol. 57(1), pages 99-125.
    12. Krugman, Paul, 1989. "Differences in income elasticities and trends in real exchange rates," European Economic Review, Elsevier, vol. 33(5), pages 1031-1046, May.
    13. Phillips, P C B, 1987. "Time Series Regression with a Unit Root," Econometrica, Econometric Society, vol. 55(2), pages 277-301, March.
    14. Premachandra Athukorala & James Riedel, 1991. "The small country assumption: A reassessment with evidence from Korea," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 127(1), pages 138-151, March.
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    Cited by:

    1. Barns, Jeremy R., 2004. "Toward Understanding Philippine Trade in Services: A Demand Approach," Philippine Journal of Development PJD 2003 Vol. XXX No. 1-e, Philippine Institute for Development Studies.
    2. Uttam Kumar Deb & Mahabub Hossain & Steve Jones, 2011. "Rethinking Food Security Strategy: Self-sufficiency or Self-reliance," Working Papers id:3458, eSocialSciences.

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