The demand for imports: Estimates of bilateral trade flows

This paper provides estimates, using a traditional import demand model, of the demand for imports on a bilateral basis among nine industrialized nations. These estimates provide greater detail about price and income elasticities, but in general are consistent with earlier, aggregate import demand studies with respect to conclusions about the effects of secular and cyclical income changes on trade balances and whether sufficiently high price elasticities are present to insure that the Marshall-Lerner stability condition is met.