Do imports crowd out domestic consumption? A comparative study of China, Japan and Korea

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	Do imports crowd out domestic consumption? A comparative study of China, Japan and Korea
	Chen, Chuanglian ; Chen, Guojin ; Yao, Shujie ; Chen GJ(陈国进)
刊名	http://dx.doi.org/10.1016/j.chieco.2012.05.006
	2012-12
关键词	TIME-SERIES ANALYSIS INTERTEMPORAL SUBSTITUTION AGGREGATE CONSUMPTION HABIT FORMATION I(1) PROCESSES DEMAND COINTEGRATION TESTS MODELS
英文摘要	A decline in the relative price of imported goods compared to that of domestically produced goods, e.g., caused by domestic currency appreciation, may have different effects on domestic consumption. Such effects may not be accurately detected and measured in a classical permanent-income model without considering consumption habit formation as pointed out by Nishiyama (2005). To resolve this problem, this paper employs an extended permanent-income model which encompasses consumption habit formation. Both cointegration analysis and GMM are used to estimate the (modified) intertemporal elasticities of substitution (IES) between imports and domestic consumption and the parameters of habit formation as well as the (modified) intratemporal elasticities of substitution (AES). We find that import and domestic consumptions are complements in China, but substitutes in Japan and Korea. Different per capita incomes and consumer behaviors between China and the other two countries are two possible reasons for different relationships between import and domestic consumptions. (C) 2012 Elsevier Inc. All rights reserved.
语种	英语
出版者	CHINA ECON REV
内容类型	期刊论文
源URL	[http://dspace.xmu.edu.cn/handle/2288/90067]
专题	经济学院－已发表论文
推荐引用方式 GB/T 7714	Chen, Chuanglian,Chen, Guojin,Yao, Shujie,et al. Do imports crowd out domestic consumption? A comparative study of China, Japan and Korea[J]. http://dx.doi.org/10.1016/j.chieco.2012.05.006,2012.
APA	Chen, Chuanglian,Chen, Guojin,Yao, Shujie,&陈国进.(2012).Do imports crowd out domestic consumption? A comparative study of China, Japan and Korea.http://dx.doi.org/10.1016/j.chieco.2012.05.006.
MLA	Chen, Chuanglian,et al."Do imports crowd out domestic consumption? A comparative study of China, Japan and Korea".http://dx.doi.org/10.1016/j.chieco.2012.05.006 (2012).