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Title:Cointegration Analysis in an Inflationary Environment: What Can We Learn from Ukraine's Nominal Exports? PDF Logo
Authors:Strauß, Hubert
Issue Date:2001
Series/Report no.:Kieler Arbeitspapiere 1084
Abstract:Ukrainian exports can be explained by standard demand theory in the long run. Using the Johansen procedure the data do not reject the hypothesis of a unit foreign-production elasticity of Ukrainian exports, which are rather price-elastic inputs for foreign producers. It is argued that due to high domestic inflation and substantial real appreciation of the hryvnia there might be a deterministic element in the long-run relationships. When allowing for a trend in the co­integration space, the identifying restriction of an infinitely price-elastic export supply curve produces best results. However, due to missing export price statistics long-run interpretations are to be taken with care because they are conditional upon assumptions on how costs and exchange-rates are passed through on export prices.
Subjects:cointegration analysis
transitional economies
Ukraine
export demand
foreign trade elasticities
real effective exchange rate
JEL:F17
F31
F41
P33
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kieler Arbeitspapiere, IfW

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