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http://hdl.handle.net/10419/17840
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| Title: | | Cointegration Analysis in an Inflationary Environment: What Can We Learn from Ukraine's Nominal Exports?  |
| 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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