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  • Estimating Income and Price Elasticities of Imports for Fiji in a Cointegration Framework

    Author
    Narayan, Paresh
    Narayan, Seema
    Year published
    2005
    Metadata
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    Abstract
    This paper estimates an import demand model for Fiji using the recently developed bounds testing approach to cointegration for the period 1972 to 1999. To estimate the long-run elasticities, we use three approaches: the autoregressive distributed lag (ARDL) model, the dynamic ordinary least squares (DOLS) approach and the fully modified ordinary least squares technique. Our results indicate a long-run cointegration relationship among the variables when import volume is the dependent variable. We find that the coefficient on income is elastic while the coefficient on relative prices (import price relative to domestic price) ...
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    This paper estimates an import demand model for Fiji using the recently developed bounds testing approach to cointegration for the period 1972 to 1999. To estimate the long-run elasticities, we use three approaches: the autoregressive distributed lag (ARDL) model, the dynamic ordinary least squares (DOLS) approach and the fully modified ordinary least squares technique. Our results indicate a long-run cointegration relationship among the variables when import volume is the dependent variable. We find that the coefficient on income is elastic while the coefficient on relative prices (import price relative to domestic price) is unitary elastic in the long run. The error correction mechanism reveals that after any shock(s) to the determinants of import demand equilibrium is attained after 2 1/2 years.
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    Journal Title
    Economic Modelling
    Volume
    22
    DOI
    https://doi.org/10.1016/j.econmod.2004.06.004
    Publication URI
    http://hdl.handle.net/10072/4495
    Collection
    • Journal articles

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