This paper provides fresh estimates of income and price elasticities of import demand in Guyana, Jamaica, and Trinidad and Tobago using a bounds test for cointegration. In addition, the paper also provides estimates of the consumption, investment, and exports elasticities of import demand. These latter elasticities were all found to be positive and statistically significant with values ranging from 0.16 to 0.55 in the long-run.
AbbottA.J., SeddighiH.R.Aggregate imports and expenditure imports in the U.K.: an empirical analysis.Appl Econ.1996; 28: 1119–25.
2.
Bank of Guyana.Half Year Report.2007.
3.
GafarJ.Some estimate of the price and income elasticities of import demand for three Caribbean counties.Appl Econ.1995; 27: 1045–8.
4.
GiovannettiG.Aggregate imports and expenditure components in Italy: an econometric analysis.Appl Econ.1989; 21: 957–71.
5.
GoldsteinM., KhanM.S.Income and price effects in foreign trade. In: JonesR.W., KenenP.B., editors. Handbook of International Economics, vol. II. New York: Elsevier Science; 1985.
6.
GrangerC.W.J., NewboldP.Spurious regressions in econometrics.J Econom.1974; 2: 111–20.
7.
HarbN.Import demand in heterogeneous panel settings.Appl Econ.2005; 37: 2407–15.
8.
HeienD.W.Structural stability and the estimation of international import price elasticities in world trade.Kyklos.1968; 21: 695–711.
9.
HouthakkerH.S., MageeS.P.Income and price elasticities in world trade.Rev Econ Stat.1969; 41: 111–25.
10.
JohnsonH.G.International trade and economic growth: studies in pure theory.Cambridge: Harvard University Press; 1961.
11.
Inter-American Development Bank.Economic and social progress in Latin America (Various Reports).International Monetary Fund.International Financial Statistics Yearbook.Washington, D.C. (Various Issues).
12.
KhanM.S., RossK.Z.The functional form of the aggregate import equation.J Int Econ.1977; 7: 149–60.
13.
LeamerE.E., SternR.M.Quantitative international economics.Boston: Allyn and Bacon; 1970.
14.
MatsubayashiY., HamoriS.Some international evidence on the stability of aggregate import demand function.Appl Econ.2003; 35: 1497–504.
15.
MinB.S., MohammedH.A., TangT.C.An analysis of South Korea's import demand.J Asia Pac Aff.2002; 4: 1–17.
16.
MohammedH.A., TangT.C.Aggregate imports and expenditure components in Malaysia: a cointegration and error correction analysis.ASEAN Econ Bull.2000; 17: 257–69.
17.
NarayanP. K.The saving and investment nexus for China: evidence from cointegration tests.Appl Econ.2005; 37: 1979–1990.
United Nations Conference on Trade and Development (UNCTAD) (2006–07).Handbook of Statistics.United Nations Statistics Division. National Accounts Statistics.
