Determinants of international trade flows: The Case of Developing Countries |
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| Affiliation: | 1. School of Economics and Trade, Hunan University, Changsha, 410006, China;2. Thai Nguyen University of Economics and Business Administration, Thai Nguyen, 250000, Viet Nam;3. Phenikaa University, Hanoi, 12116, Viet Nam;1. Bournemouth University, Christchurch House C208, Talbot Campus, Fern Barrow, Poole BH12 5BB, UK;2. Staffordshire University, Brindley Building, Staffordshire University, Leek Road, Stoke-on-Trent ST4 2DF, UK;1. The Center for Research on International Economics and Department of Economics, The University of Wisconsin-Milwaukee, USA;2. National Institute of Development Administration, NIDA Business School, Bangkok, Thailand;1. College of Business Texas A&M University-Commerce Commerce, Texas 75429, U.S.A;2. Cotsakos College of Business, William Paterson University, Wayne, NJ 03013, United States;3. University of Mary Hardin-Baylor Belton, Texas 76513, U.S.A;1. Istanbul Medeniyet University, Turkey;2. Yeditepe University, Turkey |
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| Abstract: | The question of magnitude and the time path of the trade flows to changes in the exchange rates and to changes in the price level is of emitent practical importance. To assess the above proposition, a distributed lag structure is imposed on the relative prices and on the effective exchange rate as the determinants of trade flows. Then, import and export demand functions are estimated for a sample of developing countries, using the Almon procedure. The empirical findings appeared to sustain Orcutt's early conjecture that trade flows adjust differently to different price stimuli. More precisely, it was found that imports and exports reactions were quicker and the total response time was shorter when an exchange rate, rather than relative prices, caused a change in international prices. |
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