Table 1. SUR Estimation Results for U.S. Soybean Export Equations, 1963-86a
VariabIesZdata |
EC-9 |
Japan |
Spain |
Taiwan |
South |
Rest of |
Constant |
2,391,000 |
435,600 |
1,676,000 |
751,000 |
38,670 |
-2,479,000 |
(1.22) |
(∙58) |
(2.96)" |
(2.10)* |
(■49) |
(-3.17)" | |
Real U.S. soybean |
-5,469 |
-3,045 |
-1,918 |
-877.6 |
-1,462 |
2,452 |
price, Rotterdamc |
(-∙98) |
(-2.42)* |
(-■95) |
(-1.48) |
(-2.52)∙ |
(1.23) |
Real U.S. soybean meal 4,258 |
3,522 |
287.3 |
304.5 |
889.3 |
-2,659 | |
price, Rotterdamc |
(■89) |
(3.02)" |
(.17) |
(■52) |
(1.95)* |
(-1∙56) |
Pork production in |
1.042 |
2.338 |
.786 |
1.807 |
1.967 |
.949 |
importing country0 |
(5.52)” |
(7.37)" |
(3.35)" |
(13.73)" |
(7.99)" |
(9.03)" |
Real exchange rate |
-37,080 |
981.6 |
-8,710 |
-4,180 |
564.2 |
23,290 |
index |
(-3.66)" |
(∙30) |
(-2.71)" |
(-3.04)" |
(■56) |
(4.29) |
R2 |
.71 |
.92 |
.54 |
.95 |
.76 |
.78 |
Durbin-Watson |
2.01 |
2.00 |
1.71 |
2.22 |
1.76 |
1.84 |
Fβ |
366" |
684" |
- 341" |
759" |
348" |
354” |
, t-values in parentheses. Significance levels (one-tailed test with 19 degrees of freedom, two-tailed test for constant): ’ = 5 percent, " = 1
percent.
b Mexico, Portugal, Israel, Switzerland, Canada, Norway, Greece, Indonesia, and Egypt.
° Jan.-Dec. average, dollars per metric ton, deflated by U.S. CPI.
° Metrictons.
β Test of significance of model (unrestricted SUR estimation compared with restriction of estimators = Oin each equation in turn).
Table 2. OLS and 2SLS Estimation Results3
Estimator
VanabIesZdata |
OLS ........... |
— 2SLS system.............. | ||
Dependent variable |
U.S. soybean |
Real U.S. |
Real U.S. |
U.S. soybean |
Constant |
6,324,000 (1.44) |
111.4 (1.78) |
155.6 (2.50)* |
9,609,000 |
U.S. soybean exports |
— |
-.0000019 (-■76) |
-.0000016 (-■56) |
— |
Real U.S. soybean |
-13,950 |
.6846 (4.03)" |
— |
-4,127c |
Real U.S. soybean meal |
7,015 |
— |
.4308 (2.17)* |
-23,360 ° |
Pork production in |
1.193 (5.82)" |
— |
— |
1.157 (5.04)" |
Real exchange rate |
-64,630 (-2.60)" |
— |
— |
-60,430 (-2-19)∙ |
R2 |
.87 |
.39 |
.11 |
— |
Durbin-Watson |
2.06 |
— |
— |
— |
Ff |
30" |
5.82" |
1.67 |
— |
Degrees of freedom |
19 |
22 |
22 |
19 |
a t-values in parentheses. Significance levels (two-tailed test on constants and instrument equations, one-tailed test on other variables): ' =
5 percent, ** = 1 percent. In the price (instrument) equations, the dependent variable is lagged 1 year on the right-hand side.
b Nineteen countries listed in Appendix.
c Estimate of parameter on instrumental variable.
a Jan.-Dec. average, dollars per metric ton, deflated by U.S. CPI.
β Metrictons.
1 Test of significance of model [R2∕no. of variables]∕[(1 - R2)∕(no. of observations - no. of variables)].
133
More intriguing information
1. Regional science policy and the growth of knowledge megacentres in bioscience clusters2. Review of “The Hesitant Hand: Taming Self-Interest in the History of Economic Ideas”
3. Ventas callejeras y espacio público: efectos sobre el comercio de Bogotá
4. Can genetic algorithms explain experimental anomalies? An application to common property resources
5. The name is absent
6. Migration and Technological Change in Rural Households: Complements or Substitutes?
7. Innovation Policy and the Economy, Volume 11
8. The name is absent
9. FDI Implications of Recent European Court of Justice Decision on Corporation Tax Matters
10. Knowledge and Learning in Complex Urban Renewal Projects; Towards a Process Design