How sensitive are Britain's inpayments and outpayments to the value of the British pound

Mohsen Bahmani‐Óskooee · Claire Economidou · Gour Gobinda Goswami

100 citations0/0 files storedJournal of Economic Studies

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Global trade and economics Monetary Policy and Economic Impact Global Financial Crisis and Policies

Abstract

Purpose To avoid aggregation bias by using trade data at bilateral level so that we can determine how sensitive are Britain's inpayments and outpayments to the value of the British pound. Design/methodology/approach The method is based on the bounds testing approach to cointegration and error‐correction modeling. Findings The main finding is that while UK inpayments are not sensitive to the exchange rate, her outpayments are. Research limitations/implications Future research must concentrate on disaggregating data further, perhaps at commodity level. Practical implications The results could be used to identify Britain's trading partners against which Britain can devalue the pound and improve her trade balance. Originality/value No study has attempted to test the impact of real depreciation of the pound on Britain's payments and receipts with her major trading partners.

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References

1987Co-Integration and Error Correction: Representation, Estimation, and Testing 2001Bounds testing approaches to the analysis of level relationships 1987Estimating Time Varying Risk Premia in the Term Structure: The Arch-M Model 1969Income and Price Elasticities in World Trade 1978The Supply and Demand for Exports: A Simultaneous Approach 1986Determinants of international trade flows 1994Bilateralism and Regionalism in Japanese and U.S. Trade and Direct Foreign Investment Patterns 1999Bilateral J-Curve between U.S. and her trading partners

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