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      What determines intra-EU trade? The gravity model revisited

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      Author
      Ok, S. T.
      Date
      2010
      Source Title
      International Research Journal of Finance and Economics
      Electronic ISSN
      1450-2887
      Volume
      39
      Pages
      244 - 250
      Language
      English
      Type
      Article
      Item Usage Stats
      116
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      Abstract
      Since the pioneering work of Tinbergen (1962) and Pöyhonen (1963), the gravity model has become the standard tool to study bilateral trade. Alternative approaches, such as a complete demand system by country as in Barten et al. (1976), were never very popular. We propose several extensions of the standard gravity model. The modified equation is tested using panel data of 140 observations over the period 2000-2008. This yields a specification that allows for (i) a more flexible income response; (ii) a competitiveness effect with a general and a specific component; and (iii) an alternative and consistent measure of remoteness. The extensions were found to be significant factors in explaining intra-EU trade.
      Keywords
      Border effects
      EU countries
      Gravity equation
      Trade
      Permalink
      http://hdl.handle.net/11693/22333
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