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2019•Kafkas Üniversitesi İktisadi ve İdari Bilimler Fakültesi DergisiOpen access

MULTI-DIMENSIONAL PANEL DATA GRAVITY MODEL: AN ANALYSIS OF APEC COUNTRIES

Hatice Nazan Çağlar, Elanur TÜRKÜZ

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Abstract

The traditional gravity model of international trade has been through many changes in order to develop and answer new research questions . Taking this development into account this paper investigates a more enhanced panel data approach by extending the classic approach by allowing for both indiviual and time effects to be apparent in order to capture country specific and time effects with a multidimensional panel data model for APEC countries. By using a three dimensional panel gravity model with a least squares dummy variable approach we were able to identify countries with stronger propensities to import and export.

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What this paper is about

The traditional gravity model of international trade has been through many changes in order to develop and answer new research questions . Taking this development into account this paper investigates a more enhanced panel data approach by extending the classic approach by allowing for both indiviual and time effects to be apparent in order to capture country specific and time effects with a multidimensional panel data model for APEC countries. By using a three dimensional panel gravity model with a least squares dummy variable approach we were able to identify countries with stronger propensities to import and export.

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Available abstract

The traditional gravity model of international trade has been through many changes in order to develop and answer new research questions . Taking this development into account this paper investigates a more enhanced panel data approach by extending the classic approach by allowing for both indiviual and time effects to be apparent in order to capture country specific and time effects with a multidimensional panel data model for APEC countries. By using a three dimensional panel gravity model with a least squares dummy variable approach we were able to identify countries with stronger propensities to import and export.

Key concepts: Panel data, Gravity model of trade, Order (exchange), Econometrics, Economics, Computer science, International trade, Finance

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