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Jai Sheen Mah - One of the best experts on this subject based on the ideXlab platform.
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Cyclical factors in Import Demand behavior: The Korean experience
Journal of Policy Modeling, 1997Co-Authors: Jai Sheen MahAbstract:Abstract The present paper employs detrending method with a structural break in analyzing the Import Demand behavior of Korea. All concerned variables are revealed to be trend stationary. Since the Import liberalization policy in the early 1980s appears to be effective, we look at the effect of cyclical factors in determining cyclical Import Demand in the period of post-Import liberalization. According to the estimation results, two things are noteworthy: First, exchange rate policies are invalid in changing Korean Import, and, second, comparing the trade balance of Korea with that of United States, the latter is more likely to record deficits.
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Japanese Import Demand behavior: The cointegration approach
Journal of Policy Modeling, 1994Co-Authors: Jai Sheen MahAbstract:Abstract Acknowledging the effect of the structural break in late 1985, a Perron-type detrending method is adopted with respect to the variables concerned with Japanese Import Demand. The detrended series are revealed to be nonstationary and not cointegrated, making previous research invalid. This implies that the traditionally used market force variables cannot explain Japanese Import Demand well, even for the officially well-liberalized period. Closed minds or a private barrier such as the peculiar domestic distribution system not related to the Japanese government's official liberalization measure seem to be Important in explaining Japanese Import Demand behavior.
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Structural change in Import Demand behavior: The Korean experience
Journal of Policy Modeling, 1993Co-Authors: Jai Sheen MahAbstract:In the area of international trade, there have been a number of studies designed to explain the determinants of Import Demand. Some studies such as Bahmani-Oskooee (1986) and Tegene (1989) have already looked into this issue in developing countries. However, previous studies dealing with the developing economies have ignored examining the structural stability of Import Demand. Since major Import liberalization measures started in the early 198Os, Korean Import Demand behavior is a candidate for investigation of the question of structural stability. The purposes of the present article are, first, to provide estimates of Import Demand functions for Korea from quarterly data by the appropriate lag length selection method; second, to check the stability of coefficients by a structural break analysis; third, to match the econometric evidence with the actual change in Import policy in Korea; and, finally, to perform some diagnostic tests. The plan of the article is the following. In Section 2, we report the results of our estimating equations for Korean Imports. Section 3 contains the evidence of structural change and policy-related discussion. Conclusions are given in Section 4.
Abul M. M. Masih - One of the best experts on this subject based on the ideXlab platform.
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A Reassessment of Long-Run Elasticities of Japanese Import Demand
Journal of Policy Modeling, 2000Co-Authors: Rumi Masih, Abul M. M. MasihAbstract:Unlike the findings of Mah (1994) [Mah, J.S. (1994) Japanese Import Demand Behaviour: The Cointegration Approach. Journal of Policy Modeling 16:291–298] who, based on the Engle–Granger test of cointegration, fails to find evidence of a long-run relationship among variables associated with an Import Demand function for Japan, in this analysis the Johansen's MLE multivariate cointegration procedure reveals that such variables seem to be cointegrated, and thus share a long-run equilibrium relationship. Furthermore, the recently prescribed Stock and Watson (1993) Dynamic OLS (DOLS) procedure, which, apart from being superior to a number of alternative estimators, is robust to small sample and simultaneity bias as well as being able to accommodate higher orders of integration, is employed to derive long-run Import price and income elasticity estimates. Results reveal that both price and income variables do affect Import Demand significantly, and more interestingly, contrary to previous findings, play an Important role in explaining Japanese Import Demand, at least over the long run. This finding is quite intuitive in that, although nonmarket forces did play a role in destablilizing Japanese Import Demand, this was most likely a short-run phenomena. Over the long term, however, such theoretically postulated economic influences outweighed short-run disturbances in achieving an equilibrium relationship. Finally, the innovative analytical techniques used in this study have a far-reaching potential for use in future applied research in a variety of fields.
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A reassessment of long-run elasticities of Japanese Import Demand
2000Co-Authors: Rumi Masih, Abul M. M. MasihAbstract:Unlike the findings of Mah (1994) [Mah, J.S. (1994) Japanese Import Demand Behaviour: The Cointegration Approach. Journal of Policy Modeling 16:291–298] who, based on the Engle–Granger test of cointegration, fails to find evidence of a long-run relationship among variables associated with an Import Demand function for Japan, in this analysis the Johansen’s MLE multivariate cointegration procedure reveals that such variables seem to be cointegrated, and thus share a long-run equilibrium relationship. Furthermore, the recently prescribed Stock and Watson (1993) Dynamic OLS (DOLS) procedure, which, apart from being superior to a number of alternative estimators, is robust to small sample and simultaneity bias as well as being able to accommodate higher orders of integration, is employed to derive long-run Import price and income elasticity estimates. Results reveal that both price and income variables do affect Import Demand significantly, and more interestingly, contrary to previous findings, play an Important role in explaining Japanese Import Demand, at least over the long run. This finding is quite intuitive in that, although nonmarket forces did play a role in destablilizing Japanese Import Demand, this was most likely a short-run phenomena. Over the long term, however, such theoretically postulated economic influences outweighed short-run disturbances in achieving an equilibrium relationship. Finally, the innovative analytical techniques used in this study have a far-reaching potential for use in future applied research in a variety of fields. 2000 Society for Policy Modeling. Published by Elsevier Science Inc.
Rumi Masih - One of the best experts on this subject based on the ideXlab platform.
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A Reassessment of Long-Run Elasticities of Japanese Import Demand
Journal of Policy Modeling, 2000Co-Authors: Rumi Masih, Abul M. M. MasihAbstract:Unlike the findings of Mah (1994) [Mah, J.S. (1994) Japanese Import Demand Behaviour: The Cointegration Approach. Journal of Policy Modeling 16:291–298] who, based on the Engle–Granger test of cointegration, fails to find evidence of a long-run relationship among variables associated with an Import Demand function for Japan, in this analysis the Johansen's MLE multivariate cointegration procedure reveals that such variables seem to be cointegrated, and thus share a long-run equilibrium relationship. Furthermore, the recently prescribed Stock and Watson (1993) Dynamic OLS (DOLS) procedure, which, apart from being superior to a number of alternative estimators, is robust to small sample and simultaneity bias as well as being able to accommodate higher orders of integration, is employed to derive long-run Import price and income elasticity estimates. Results reveal that both price and income variables do affect Import Demand significantly, and more interestingly, contrary to previous findings, play an Important role in explaining Japanese Import Demand, at least over the long run. This finding is quite intuitive in that, although nonmarket forces did play a role in destablilizing Japanese Import Demand, this was most likely a short-run phenomena. Over the long term, however, such theoretically postulated economic influences outweighed short-run disturbances in achieving an equilibrium relationship. Finally, the innovative analytical techniques used in this study have a far-reaching potential for use in future applied research in a variety of fields.
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A reassessment of long-run elasticities of Japanese Import Demand
2000Co-Authors: Rumi Masih, Abul M. M. MasihAbstract:Unlike the findings of Mah (1994) [Mah, J.S. (1994) Japanese Import Demand Behaviour: The Cointegration Approach. Journal of Policy Modeling 16:291–298] who, based on the Engle–Granger test of cointegration, fails to find evidence of a long-run relationship among variables associated with an Import Demand function for Japan, in this analysis the Johansen’s MLE multivariate cointegration procedure reveals that such variables seem to be cointegrated, and thus share a long-run equilibrium relationship. Furthermore, the recently prescribed Stock and Watson (1993) Dynamic OLS (DOLS) procedure, which, apart from being superior to a number of alternative estimators, is robust to small sample and simultaneity bias as well as being able to accommodate higher orders of integration, is employed to derive long-run Import price and income elasticity estimates. Results reveal that both price and income variables do affect Import Demand significantly, and more interestingly, contrary to previous findings, play an Important role in explaining Japanese Import Demand, at least over the long run. This finding is quite intuitive in that, although nonmarket forces did play a role in destablilizing Japanese Import Demand, this was most likely a short-run phenomena. Over the long term, however, such theoretically postulated economic influences outweighed short-run disturbances in achieving an equilibrium relationship. Finally, the innovative analytical techniques used in this study have a far-reaching potential for use in future applied research in a variety of fields. 2000 Society for Policy Modeling. Published by Elsevier Science Inc.
Tuck Cheong Tang - One of the best experts on this subject based on the ideXlab platform.
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A General Equilibrium Perspective of Aggregate Import Demand
2013Co-Authors: Tuck Cheong TangAbstract:This study extends the analytical framework for the specification of Import Demand behaviour from the conventional partial equilibrium to a general equilibrium perspective. This perspective emphasises the macro dimension of Import Demand and the potential influence of financial factors. Two new structural Import Demand equations are developed: (1) one specification utilises the macroeconomic income-expenditure relationships in the goods market; and (2) the second specification utilises the portfolio balance approach to capture financial market developments.
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aggregate Import Demand function for japan a cointegration re investigation
Global Economic Review, 2008Co-Authors: Tuck Cheong TangAbstract:Applying a rolling windows approach, this study aims to re-visit the existing literature on cointegration of aggregate Import Demand function in Japan. In contrary to many studies, the results of cointegration tests suggest that the presence of cointegration relationship for Japan's aggregate Import Demand function is not stable over the sample period, 1973.Q1-2007.Q2. Again, the estimated elasticities of income and relative prices of Imports are varying over the sample period—the income variable is elastic while, the price is found to be inelastic, on average.
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Revisiting South Korea's Import Demand Behavior: A Cointegration Analysis
Asian Economic Journal, 2005Co-Authors: Tuck Cheong TangAbstract:Using cointegration techniques, the present study re-examines the long-run relationships of South Korea's aggregate Import Demand behavior. The present study considers four domestic activity variables; namely, gross domestic product, gross domestic product minus exports, national cash flow and final expenditure components for aggregate Import Demand in South Korea. The sample period covers quarterly data from 1970 to 2002. The present study provides empirical evidence of a cointegrating relation in the South Korea's Import Demand in which it is significant to South Korea's trade policy implication, particularly to improve external balances. Copyright 2005 East Asian Economic Association..
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Cointegration analysis for Japanese Import Demand: revisited
Applied Economics Letters, 2003Co-Authors: Tuck Cheong TangAbstract:Using Xu's (2002) Import Demand equation, the present study re-investigates the presence of a cointegrating relation of Japan's aggregate Import Demand. The sample period covers quarterly data from 1973 to 2000. The results of various cointegration techniques confirm that the volume of Import, domestic real activity variable, and relative prices term are not cointegrated.
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An empirical analysis of China's aggregate Import Demand function
China Economic Review, 2003Co-Authors: Tuck Cheong TangAbstract:Abstract This study uses the cointegration concept to analyze the long-run relationship of China's aggregate Import Demand function for the period 1970–1999. The conventional specification for the Import Demand function reveals that the volume of Imports Demanded responds to domestic activity and relative prices. This study considers four definitions of domestic activity, namely gross domestic product (GDP), GDP minus exports [ IMF Staff Pap. 45 (1998) 236], “national cash flow” [ Econ. Lett. 74 (2002) 265], and final expenditure components [ Appl. Econ. 21 (1989) 957]. The empirical results indicate a long-run equilibrium relationship between these measures of domestic activity and China's Import Demand. Overall, domestic activity and relative prices are inelastic in the long run. This study also highlights some policy implications.
Richard L. Sprinkle - One of the best experts on this subject based on the ideXlab platform.
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The link between economic development and the income elasticity of Import Demand
Journal of Policy Modeling, 2007Co-Authors: W. Charles Sawyer, Richard L. SprinkleAbstract:Abstract In both the international economics and economic development literatures, it has been noted that there is a tendency for the income elasticity of Import Demand to rise over time. In the first part of the paper, data from a large sample of countries is used to show that this tendency seems to be a general phenomenon. However, the previous studies on this issue have not offered a general explanation of this tendency. The second part of the paper develops a general explanation of why the income elasticity of Import Demand rises with the level of GDP per capita. The starting point of the analysis is that the process of economic development normally is associated with a rising share of manufacturing in GDP. In turn, this tends to increase the share of manufactured relative to nonmanufactured Imports. Given that the income elasticity of Import Demand is higher for manufactured than nonmanufactured Imports, the changing composition of Imports increases the overall elasticity of Import Demand. The empirical results indicate that this is a plausible explanation for why the income elasticity of Import Demand rises with the level of GDP per capita.
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Changes in the Income and Price Elasticities of U.S. Import Demand
1997Co-Authors: Timothy A. Deyak, W. Charles Sawyer, Richard L. SprinkleAbstract:Previous research on the estimation of income and price elasticities of U.S. Import Demand has indicated that these elasticities may have changed over time. To examine this issue, alternative specifications of the U.S. imporr Demand function for the total time series and the fixed and flexible exchange rate periods are considered. It was found that the U.S. Import Demand function was not homogeneous in the fixed exchange rate period and homogeneous in the flexible exchange rate period. Recursive regression estimates of the income elasticity indicate that it has risen aver time. The price elasticities are shown tn be quite volatile in the 1970s, but more stable during the 1980s. These results imply that researchers estimating Import Demand elasticities may need to he cautious about the specification when the time series encompasses a change in the exchange rate regime.
