A Perfect Specialization Model for Gravity Equation in Bilateral Trade based on Production Structure
Publish place: International Economics Studies، Vol: 45، Issue: 2
Publish Year: 1394
نوع سند: مقاله ژورنالی
زبان: English
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شناسه ملی سند علمی:
JR_IESUI-45-2_001
تاریخ نمایه سازی: 31 فروردین 1400
Abstract:
Although initially originated as a totally empirical relationship to explain the volume of trade between two partners, gravity equation has been the focus of several theoretic models that try to explain it. Specialization models are of great importance in providing a solid theoretic ground for gravity equation in bilateral trade. Some research papers try to improve specialization models by adding imperfect specialization to model, but we believe it is unnecessary complication. We provide a perfect specialization model based on the phenomenon we call tradability, which overcomes the problems with simpler initial. We provide empirical evidence using estimates on panel data of bilateral trade of 40 countries over 10 years that support the theoretical model. The empirical results have implied that tradability is the only reason for deviations of data from basic perfect specialization models. JEL Classification: F11, F14, C23, E23.
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Authors
Majid Einian
Graduate School of Management and Economics, Sharif University of Technology, Iran
Farshad Ranjbar Ravasan
Paris School of Economics, Paris, France
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