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Estimating Trade Equations From Aggregate Bilateral Data
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Book Synopsis Estimating Trade Equations from Aggregate Bilateral Data by : Mr.Tamim Bayoumi
Download or read book Estimating Trade Equations from Aggregate Bilateral Data written by Mr.Tamim Bayoumi and published by International Monetary Fund. This book was released on 1999-05-01 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper uses bilateral data on 420 merchandise trade flows between 21 industrial countries are used to estimate standard trade equations. The data set of over 11,000 observations allows the underlying elasticities to be estimated with considerable precision. Remarkably, a single specification appears to explain behavior across these countries in spite of the large number of individual flows analyzed. The results indicate a powerful long-run effect from supply on exports. Also, the real exchange rate elasticity depends upon the behavior of third country exchange rates. There is evidence of pricing to market and of a J-curve.
Book Synopsis Estimating Trade and Investment Flows by : Alessandro Barattieri
Download or read book Estimating Trade and Investment Flows written by Alessandro Barattieri and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: I present a new stylized fact from a large sample of countries for the period 2000-2006: bilateral foreign direct investment (FDI) flows are almost never observed in the absence of bilateral trade flows. I document a similar pattern using bilateral foreign affiliate sales (FAS), aggregating them up from a large firm level dataset (ORBIS), which includes over 45,000 firms. I propose a model where heterogeneous firms can decide whether to serve foreign markets through export or FDI. I derive theory-based gravity-type equations for the aggregate bilateral trade and foreign affiliate sales (FAS) flows. I then suggest a two-stage estimation procedure structurally derived from the model. In the first stage, an ordered Probit model is used to retrieve consistent estimates of the terms needed to correct the flows equations for firms' heterogeneity and selection into exports and FDI. In the second stage, a maximum likelihood estimator is applied to the corrected trade and FAS equations. The main results of the analysis are as follows: 1) The impact of distance, border and regional trade agreements on the amount bilateral foreign affiliate sales becomes substantially smaller after controlling for selection and firms' heterogeneity (hence separating the impact on the extensive versus the intensive margin). 2) The same “attenuation” result is found also for the trade equations, consistently with previous literature. 3) When FAS are observed, failing to take this into account when correcting for heterogeneity and selection in the trade equations does not leads to significant differences in the estimated coefficients.
Book Synopsis A Practical Guide to Trade Policy Analysis by : Marc Bacchetta
Download or read book A Practical Guide to Trade Policy Analysis written by Marc Bacchetta and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Trade flows and trade policies need to be properly quantified to describe, compare, or follow the evolution of policies between sectors or countries or over time. This is essential to ensure that policy choices are made with an appropriate knowledge of the real conditions. This practical guide introduces the main techniques of trade and trade policy data analysis. It shows how to develop the main indexes used to analyze trade flows, tariff structures, and non-tariff measures. It presents the databases needed to construct these indexes as well as the challenges faced in collecting and processing these data, such as measurement errors or aggregation bias. Written by experts with practical experience in the field, A Practical Guide to Trade Policy Analysis has been developed to contribute to enhance developing countries' capacity to analyze and implement trade policy. It offers a hands-on introduction on how to estimate the distributional effects of trade policies on welfare, in particular on inequality and poverty. The guide is aimed at government experts engaged in trade negotiations, as well as students and researchers involved in trade-related study or research. An accompanying DVD contains data sets and program command files required for the exercises. Copublished by the WTO and the United Nations Conference on Trade and Development
Book Synopsis Calculating Trade in Value Added by : Aqib Aslam
Download or read book Calculating Trade in Value Added written by Aqib Aslam and published by International Monetary Fund. This book was released on 2017-08-07 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper sets out the key concepts necessary to calculate trade in value added using input-output tables. We explain the basic structure of an input-output table and the matrix algebra behind the computation of trade in value added statistics. Specifically, we compute measures of domestic value-added, foreign value added, and forward and backward linkages, as well as measures of both a country’s participation and position in global value chains. We work in detail with an example of a global input-output table for 3 countries each with 4 sectors, provided by the Eora Multi-Region Input-Output (MRIO) database. The aim is to provide an introduction to the analysis of global value chains for use in policy work. An accompanying suite of Matlab codes are provided that can be used with the full set of Eora MRIO tables.
Book Synopsis Armington Elasticities in Intermediate Inputs Trade by : Mika Saito
Download or read book Armington Elasticities in Intermediate Inputs Trade written by Mika Saito and published by International Monetary Fund. This book was released on 2004-02-01 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper finds that the estimates of Armington elasticities (the elasticity of substitution between groups of products identified by country of origin) obtained from multilateral trade data can differ from those obtained from bilateral trade data. In particular, the former tends to be higher than the latter when trade consists largely of intermediate inputs. Given that the variety of intermediate inputs traded across borders is increasing rapidly, and that the effect of this increase is not adequately captured in multilateral trade data, the evidence shows that the use of multilateral trade data to estimate Armington elasticities needs caution.
Book Synopsis Regional Trading Blocs in the World Economic System by : Jeffrey A. Frankel
Download or read book Regional Trading Blocs in the World Economic System written by Jeffrey A. Frankel and published by Peterson Institute. This book was released on 1997 with total page 392 pages. Available in PDF, EPUB and Kindle. Book excerpt: Covers trends from 1957 to 1995.
Book Synopsis Demand and Supply of Aggregate Exports of Goods and Services by : Hubert M. Strauss
Download or read book Demand and Supply of Aggregate Exports of Goods and Services written by Hubert M. Strauss and published by Springer Science & Business Media. This book was released on 2004 with total page 262 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Estimating Trade Elasticities by : Jaime Marquez
Download or read book Estimating Trade Elasticities written by Jaime Marquez and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 147 pages. Available in PDF, EPUB and Kindle. Book excerpt: One cannot exaggerate the importance of estimating how international trade responds to changes in income and prices. But there is a tension between whether one should use models that fit the data but that contradict certain aspects of the underlying theory or models that fit the theory but contradict certain aspects of the data. The essays in Estimating Trade Elasticities book offer one practical approach to deal with this tension. The analysis starts with the practical implications of optimising behaviour for estimation and it follows with a re-examination of the puzzling income elasticity for US imports that three decades of studies have not resolved. The analysis then turns to the study of the role of income and prices in determining the expansion in Asian trade, a study largely neglected in fifty years of research. With the new estimates of trade elasticities, the book examines how they assist in restoring the consistency between elasticity estimates and the world trade identity.
Book Synopsis Pooled Mean Group Estimation of the Bilateral Trade Balance Equation by : Gour Gobinda Goswami
Download or read book Pooled Mean Group Estimation of the Bilateral Trade Balance Equation written by Gour Gobinda Goswami and published by . This book was released on 2011 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Autoregressive Distributed Lag Model (ARDL) even though distinguishes between the short run and the long run effect allows both the intercepts and slopes to vary across countries. On the other hand, the static panel estimation such as fixed-effects estimation (FE) cannot distinguish between the short run and the long run behavior. To address the issue of short run heterogeneity as well as long run homogeneity of the estimated coefficients in a panel framework the pooled mean group (PMG) estimator (Pesaran, Shin, & Smith, 1999) has gained popularity in recent days. In this paper, we estimate the bilateral trade balance model for the US vis-à-vis her nineteen OECD trading partners for the period 1973q1-2004q4 using PMG estimator and find that PMG performs better than ARDL, FE, and MG estimators and provides significant and theoretically consistent result.
Book Synopsis Handbook on International Trade Policy by : William Alexander Kerr
Download or read book Handbook on International Trade Policy written by William Alexander Kerr and published by Edward Elgar Publishing. This book was released on 2007 with total page 564 pages. Available in PDF, EPUB and Kindle. Book excerpt: 'This book obtains its broad expertise by pulling together expertise from a wide range of experts in the way that each chapter is written by authors specialized in the topic addressed. . . This Handbook on international trade policy is a good summary of theories, policy instruments and their effects and is written in an understandable manner. Most parts are suited for students and those who want to start understanding international trade policy. It is also useful for researchers, policy-makers and practitioners looking for quick guidance on different topics in international trade policy. The clear structure of the book organized by topics allows for a quick and easy reference.' – Martin Grass, Quarterly Journal of International Agriculture The Handbook on International Trade Policy is an insightful and comprehensive reference tool focusing on trade policy issues in the era of globalization. Each specially commissioned chapter deals with important international trade issues, discusses the current literature on the subject, and explores major controversies. The Handbook also directs the interested reader to further sources of information. The expert contributors cover both traditional and more current concerns including: • history of thought on trade policy • the development of multilateral organizations such as the World Trade Organization • border restrictions and subsidies • regional trade agreements • trade and the environment • animal, plant and food safety measures • international protection of intellectual property and sanctions. Presenting a broad and state-of-the-art perspective on the topic, this highly accessible Handbook will prove an invaluable resource to researchers, academics, policymakers and practitioners concerned with international trade policy.
Book Synopsis Palgrave Handbook of International Trade by : David Greenaway
Download or read book Palgrave Handbook of International Trade written by David Greenaway and published by Springer. This book was released on 2016-11-09 with total page 727 pages. Available in PDF, EPUB and Kindle. Book excerpt: International trade is the core foundation of globalisation. This current and up-to-date volume brings together the finest academics working in the field today, containing contributions in key areas of policy research, such as, modelling frameworks, trade policy, trade and migration, trade and the environment, trade and unemployment.
Book Synopsis Estimating the Effect of Exchange Rate Changes on Total Exports by : Thierry Mayer
Download or read book Estimating the Effect of Exchange Rate Changes on Total Exports written by Thierry Mayer and published by . This book was released on 2019 with total page 39 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Effective Trade Costs and the Current Account: An Empirical Analysis by : Ms.Emine Boz
Download or read book Effective Trade Costs and the Current Account: An Empirical Analysis written by Ms.Emine Boz and published by International Monetary Fund. This book was released on 2019-01-15 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: A view receiving increased support is that the height of trade costs in prime export sectors has a strong effect on current account balances: countries specializing in sectors that face relatively high trade costs, such as services, tend to run current account deficits, and similarly, countries specializing in low trade cost sectors, such as manufacturing, tend to run current account surpluses. To test this view, we first infer comparative advantages and trade costs, by sector, within a large sample of countries for the period 1970–2014. Then we construct effective trade costs—trade costs weighted by sectoral comparative advantage—to gauge the height of a country’s overall trade costs. Results reveal that, although higher effective exporting costs are associated with lower current account balances, their impact is quantitatively limited; furthermore, the effective costs of importing often have no statistically significant effect.
Book Synopsis Estimates of Bilateral Trade Elasticities and Their Implications for the Modelling of '1992' by : Paul A. Brenton
Download or read book Estimates of Bilateral Trade Elasticities and Their Implications for the Modelling of '1992' written by Paul A. Brenton and published by . This book was released on 1992 with total page 56 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Product Variety and the Gains from International Trade by : Robert C. Feenstra
Download or read book Product Variety and the Gains from International Trade written by Robert C. Feenstra and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book is a brilliant exploration of the implications of recent theories of international trade for one of the most important questions in the field: how large are the gains from trade? Feenstra takes the models apart to shed light on the basic mechanisms at play and then masterfully uses the data to understand their quantitative significance."--AndrTs Rodriquez-Clare, Professor of Economics, Pennsylvania State University -- Book Jacket.
Book Synopsis On the Conservation of Distance in International Trade by :
Download or read book On the Conservation of Distance in International Trade written by and published by World Bank Publications. This book was released on with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Trade, Gravity and Aggregation by : Holger Breinlich
Download or read book Trade, Gravity and Aggregation written by Holger Breinlich and published by . This book was released on 2021 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Gravity regressions are a common tool in the empirical international trade literature and serve an important function for many policy purposes. We study to what extent micro-level parameters can be recovered from gravity regressions estimated with aggregate data. We show that estimation of gravity equations in their original multiplicative form via Poisson pseudo maximum likelihood (PPML) is more robust to aggregation than estimation of log-linearized gravity equations via ordinary least squares (OLS). In the leading case where regressors do not vary at the micro level, PPML estimates obtained with aggregate data have a clear interpretation as trade-weighted averages of micro-level parameters that is not shared by OLS estimates. However, when regressors vary at the micro level, using disaggregated data is essential because in this case not even PPML can recover parameters of interest. We illustrate our results with an application to Baier and Bergstrand's (2007) influential study of the effects of trade agreements on trade flows. We examine how their findings change when estimation is performed at different levels of aggregation, and explore the consequences of aggregation for predicting the effects of trade agreements.
