English, Article, Journal or magazine article edition: Estimating Argentina''s imports elasticities Ivan Paya; A Duarte; José Luis Nicolini-Llosa

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Bookmark: http://trove.nla.gov.au/version/59244
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Estimating Argentina''s imports elasticities
Author
  • Ivan Paya
  • A Duarte
  • José Luis Nicolini-Llosa
Physical Description
  • preprint
Notes
  • The aim of this paper is to provide new estimates of the income and price elasticities of the demand for imports in Argentina. Given the non-stationary nature of the data and to avoid problems of spurious regression we applied co-integration techniques to quarterly data over the period 1970:1 -2005:4. Three results are worth mentioning. First, there is a statistically significant and stable long-run relationship between the level of imports, real income and the exchange rate. Second, in the long run, a very high-income elasticity and a low real exchange rate elasticity determine the demand for imports. This result confirms an old argument concerning Argentina's constraint to economic growth as originally developed by the well-known structural approach. Third, while the linear error correction models show problems of misspecification, a non-linear STAR model demonstrates that deviations from long-run equilibrium adjust not only in a non-linear way but also at a slower speed of adjustment than the linear one.
  • Argentina, Foreign trade elasticities, Cointegration, Non-linear adjustment
  • RePEc:lan:wpaper:004670
Language
  • English
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