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Exports under the Flicker of the Northern Lights

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  • Kristjánsdóttir, Helga

Abstract

Picture a small open economy in the North Atlantic Ocean, highly dependent on trade with the EU and NAFTA. How important are these trading blocs to the country's exports? How important is the country's location and size, and how do these affect the export sectors? A unique version of the gravity model is applied here using an inverse hyperbolic sine function. Typically, the export volume is significantly impacted by the economic size of the exporting country, but in this case it is not. This suggests that the exports from small remote economies are driven by different factors than exports from large conomies.

Suggested Citation

  • Kristjánsdóttir, Helga, 2008. "Exports under the Flicker of the Northern Lights," Economics Discussion Papers 2008-17, Kiel Institute for the World Economy (IfW).
  • Handle: RePEc:zbw:ifwedp:7259
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    References listed on IDEAS

    as
    1. Bergstrand, Jeffrey H, 1985. "The Gravity Equation in International Trade: Some Microeconomic Foundations and Empirical Evidence," The Review of Economics and Statistics, MIT Press, vol. 67(3), pages 474-481, August.
    2. International Monetary Fund, 1992. "Regional Trade Arrangements," IMF Occasional Papers 93, International Monetary Fund.
    3. Gylfason, Thorvaldur, 1999. "Exports, Inflation and Growth," World Development, Elsevier, vol. 27(6), pages 1031-1057, June.
    4. Filip Abraham & Jan Van Hove, 2005. "The Rise of China: Prospects of Regional Trade Policy," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 141(3), pages 486-509, October.
    5. Thomas L. Vollrath & Charles B. Hallahan & Mark J. Gehlhar, 2006. "Consumer Demand and Cost Factors Shape the Global Trade Network in Commodity and Manufactured Foods," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 54(4), pages 497-511, December.
    6. Fukunari Kimura & Hyun-Hoon Lee, 2006. "The Gravity Equation in International Trade in Services," Review of World Economics (Weltwirtschaftliches Archiv), Springer;Institut für Weltwirtschaft (Kiel Institute for the World Economy), vol. 142(1), pages 92-121, April.
    7. Felicitas Nowak-Lehmann & Dierk Herzer & Inmaculada Martinez-Zarzoso & Sebastian Vollmer, 2007. "The Impact of a Customs Union between Turkey and the EU on Turkey's Exports to the EU," Journal of Common Market Studies, Wiley Blackwell, vol. 45, pages 719-743, September.
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    More about this item

    Keywords

    Exports; gravity model; free trade agreements; panel data;

    JEL classification:

    • C23 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Models with Panel Data; Spatio-temporal Models
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F15 - International Economics - - Trade - - - Economic Integration
    • F1 - International Economics - - Trade

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