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2015•Unpublished venueRequires access

Empirical Analysis of Import Demand Behavior of LDCs

Yoichi Matsubayashi, Shigeyuki Hamori

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Abstract

Abstract This paper examines the long-run stability of import demand function in Least Developed Countries (LDC) using recently developed panel cointegration techniques. We test for cointegration using two data sets: a) annual data for 15 countries between 1965 and 2004; and b) annual data for 22 countries between 1984 and 2004. We find that cointegration is present and that, indeed, there is a stable import demand function in these economies. The income elasticity ranges from 1.26 to 1.69 and price elasticity ranges from-0.72 to-0.75.

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Abstract This paper examines the long-run stability of import demand function in Least Developed Countries (LDC) using recently developed panel cointegration techniques. We test for cointegration using two data sets: a) annual data for 15 countries between 1965 and 2004; and b) annual data for 22 countries between 1984 and 2004. We find that cointegration is present and that, indeed, there is a stable import demand function in these economies. The income elasticity ranges from 1.26 to 1.69 and price elasticity ranges from-0.72 to-0.75.

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Available abstract

Abstract This paper examines the long-run stability of import demand function in Least Developed Countries (LDC) using recently developed panel cointegration techniques. We test for cointegration using two data sets: a) annual data for 15 countries between 1965 and 2004; and b) annual data for 22 countries between 1984 and 2004. We find that cointegration is present and that, indeed, there is a stable import demand function in these economies. The income elasticity ranges from 1.26 to 1.69 and price elasticity ranges from-0.72 to-0.75.

Key concepts: Cointegration, Economics, Income elasticity of demand, Demand curve, Econometrics, Price elasticity of demand, Panel data, Developing country

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