Is there a long-run relationship between exports and imports in Chile?

Dierk Herzer · Felicitas Nowak‐Lehmann D.

57 citations0/0 files storedApplied Economics Letters

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Global trade and economics Monetary Policy and Economic Impact Economic Theory and Policy

Abstract

This study examines the long-run relationship between Chilean exports and imports during the 1975 to 2004 period using unit root tests and cointegration techniques that allow for endogenously determined structural breaks. The results indicate that there exists a long-run equilibrium between exports and imports in Chile, despite the balance-of-payments crisis of 1982/83. This finding implies that Chile's macroeconomic policies have been effective in the long-run and suggests that Chile is not in violation of its international budget constraint.

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 1993A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems 1996Numerical distribution functions for unit root and cointegration tests 1988Some recent development in a concept of causality 1996Residual-based tests for cointegration in models with regime shifts 1997Further evidence on breaking trend functions in macroeconomic variables 1993Co-integration, Error Correction, and the Econometric Analysis of Non-Stationary Data 1996Co-Integration, Error Correction, and the Econometric Analysis of Non- Stationary Data.

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