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A statistical demand function for imports in South Korea

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  • A statistical demand function for imports in South Korea
  • Arize, Augustine; Spalding, John
  • National Research Foundation of Korea


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Title A statistical demand function for imports in South Korea
Similar Titles
Material Type Articles
Author(English)

Arize, Augustine; Spalding, John

Publisher

[Seoul]:National Research Foundation of Korea

Date 1991-06
Journal Title; Vol./Issue Journal of Economic Development:vol. 16(no. 1)
Pages 18
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < General
Holding Journal of Economic Development

Abstract

This paper is an empirical study of demand for imports in South Korea, a small open economy. Four conventional log-linear specifications of the import demand function are examined. The preferred log-linear specification is compared to its linear alternative. Recent specification suggestions are taken into account in the estimation. A battery of diagnostic tests is presented. The relevance to South Korea of the Marshall-Lerner condition for successful devaluation and Thirlwall’s economic growth rule is examined. The empirical results suggest that income and relative price are important determinants and that Marshall-Lerner and Thirlwall’s rule are satisfied.