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- Title
THE SUPPLY AND DEMAND FOR EXPORTS: A SIMULTANEOUS APPROACH.
- Authors
Goldstein, Morris; Khan, Mohsin S.
- Abstract
The article reports on empirical studies of international trade flows that have generally concentrated on the formulation and estimation of demand relationships for imports and exports. Supply relationships have typically been handled by assumption, the usual practice being to assume that the export and import supply price elasticities facing any individual country are infinite. While the assumption of an infinite price elasticity seems reasonable a priori in the case of the world supply of imports to a single country, this assumption carries far less intuitive appeal when applied to the supply of exports of an individual country. The primary purpose of this article is to investigate the price responsiveness of both export demand and export supply using quarterly data on the aggregate exports of eight industrial countries for the period 1955-1970. Two relatively simple models of export demand and supply are introduced and these models are then estimated simultaneously so as to eliminate any bias arising from the two-way relationship between export quantities and export prices.
- Subjects
SUPPLY &; demand; SUPPLY-side economics; INTERNATIONAL economic relations; ELASTICITY (Economics); IMPORTS; EXPORTS
- Publication
Review of Economics & Statistics, 1978, Vol 60, Issue 2, p275
- ISSN
0034-6535
- Publication type
Article
- DOI
10.2307/1924981