The proper panel econometric specification of the gravity equation: A three-way model with bilateral interaction effects |
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Authors: | Peter Egger Michael Pfaffermayr |
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Institution: | 1.Austrian Institute of Economic Research and University of Innsbruck, Universit?tsstrasse 15, A-6020 Innsbruck, Austria (E-mail: Michael.Pfaffermayr@uibk.ac.at),AT |
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Abstract: | We argue that the proper specification of a panel gravity model should include main (exporter, importer, and time) as well
as time invariant exporter-by-importer (bilateral) interaction effects. In a panel of 11 APEC countries, the latter are highly
significant and account for the largest part of variation.
First version received: February 2001/Final version received: June 2002
RID="*"
ID="*" We are grateful to two anonymous referees and Robert Kunst for their helpful comments. |
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Keywords: | : Gravity equation Panel econometrics |
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