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このアイテムの引用には次の識別子を使用してください: http://hdl.handle.net/10114/13696

タイトル: Daily Gravity
著者: Takechi, Kazutaka
キーワード: Trade costs
Zero Trade
Daily Data
発行日: 2018-1-18
出版者: Institute of Comparative Economic Studies, Hosei University
シリーズ番号/レポート番号: 国際相互依存下のアジア各国国内制度の特殊性・普遍性と市場構造;7
抄録: We estimate trade costs under large zero trade by using daily data on agricultural goods trade within a country. Because of the nature of daily data, there is a prominent zero daily trade between regions and daily delivery is subject to noisy demand and supply shocks, which tends to create heteroskedasticity of the data. Hence, we use Poisson Pseudo Maximum Likelihood (PPML) to estimate gravity model and investigate non-linear nature of trade costs. Empirical analysis shows a statistically significant, but economically subtle non-linearity in trade costs. We also aggregate daily data to monthly level to examine whether shocks are smoothed and thus those impacts are dampened. Our estimation shows that the difference is minor. Comparison of the results with other estimation methods such as the least squares of linear-in-log model and various Tobit procedures is also conducted. There is a large difference in the results between simple least squares and PPML, suggesting the significant heteroskedasticity. We also calculate outward and inward multilateral resistance terms to derive the incidence of trade costs and find that a large portion of trade costs is the buyers' burden.
URI: http://hdl.handle.net/10114/13696
出現コレクション:比較経済研究所ワーキングペーパー (Working Paper)


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