Cimoli, Mario; Yamagutti, Wellington Pereira dos Santos; … - 2008
zepp
y
+−−++
=
)*)(1(
*
(8) zy
π
ε
=*
(9) *)*,( GEf=
π
ε
X is the volume of exports, M is the volume of imports, P is …
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20
01
20
02
20
03
20
04
20
05
0
20
40
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140
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180
Imports Exports Balance Real Exchange Rate
R
e
al
E
x … positive income elasticities. Equations (1) and (2) are
constant-elasticity equations of demand for exports and imports …