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Erscheinungsjahr: 
2013
Schriftenreihe/Nr.: 
ECB Working Paper No. 1594
Verlag: 
European Central Bank (ECB), Frankfurt a. M.
Zusammenfassung: 
Traditionally, exports behavior is modeled only as a function of the foreign demand and the real exchange rate. However, it is by now widely acknowledged that these variables are not able to fully explain exports developments. This paper suggests considering domestic demand pressure as an additional variable, revisiting its economic rationale and assessing its empirical importance. In particular, we consider the Portuguese case and find that domestic demand developments are relevant for the short-run dynamics of exports. Moreover, it is found that this relationship is asymmetric, being stronger and more significant when domestic demand is falling than when it is increasing.
Schlagwörter: 
Asymmetry
domestic demand pressure
error correction models
exports
JEL: 
C22
C50
F10
Dokumentart: 
Working Paper

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