Estimating income and price elasticities of imports for Fiji in a cointegration framework

Narayan, Paresh Kumar and Narayan, Seema 2005, Estimating income and price elasticities of imports for Fiji in a cointegration framework, Economic modelling, vol. 22, no. 3, pp. 423-438.

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Title Estimating income and price elasticities of imports for Fiji in a cointegration framework
Author(s) Narayan, Paresh Kumar
Narayan, Seema
Journal name Economic modelling
Volume number 22
Issue number 3
Start page 423
End page 438
Total pages 16
Publisher Elsevier
Place of publication Amsterdam, Netherlands
Publication date 2005-05
ISSN 0264-9993
1873-6122
Summary 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.
Language eng
Field of Research 150199 Accounting, Auditing and Accountability not elsewhere classified
HERDC Research category C1.1 Refereed article in a scholarly journal
Copyright notice ©2004, Elsevier
Persistent URL http://hdl.handle.net/10536/DRO/DU:30024692

Document type: Journal Article
Collection: School of Accounting, Economics and Finance
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