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A statistical demand function for imports in South Korea
- A statistical demand function for imports in South Korea
- Arize, Augustine; Spalding, John
- National Research Foundation of Korea
| Title |
A statistical demand function for imports in South Korea
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| 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 |
| License |  |
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.
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