Table 2. The Effect of Export Tax Rebates on Brazilian Export Price, 1960-1991@
|
Dependent Variable |
PSantos 4 ____________(6.1) |
PSantos 4 (6.2) |
|
Independent Variables_______ | ||
|
Constant |
-0.07 |
-0.04 |
|
(1.18) |
(0.59) | |
|
Alpha& |
0.45 a |
0.52 a |
|
(9.13) |
(8.03) | |
|
Alpha*D1965-71 |
0.26 |
0.32 |
|
(0.56) |
(0.53) | |
|
Alpha*D1972-79 |
-0.40a |
-0.15 |
|
(3.61) |
(1.02) | |
|
PCOMPETITOR@ |
0.95 a |
1.01 a |
|
(24.96) |
(18.51) | |
|
Relative supply# |
-0.34a |
-0.48a |
|
(3.02) |
(3.27) | |
|
D1977 |
1.24a |
0.87a |
|
(12.39) |
(5.94) | |
|
D1979 |
-0.37a |
-0.50a |
|
(4.79) |
(4.79) | |
|
DW |
2.21 |
2.02 |
|
Adjusted R2 |
0.99 |
0.99 |
|
F-Statistic |
540.13 a |
304.47 a |
@ The competitor price in Eqs. 2.1 is that for MAMS and the competitor price for Eqs 2.2
is that for Other Milds, each as quoted on the New York market.
& Alpha = (avisos redeemed in year t)/(Brazilian coffee exports in year t), i.e., the unit coffee
export tax rebate.
# The independent variable is the deviation from trend of the relative supply of Brazilian and
Colombian coffee, i.e., XBrazil/XColombia.
a Coefficient significant at 1%
b Coefficient significant at 5%
c Coefficient significant at 10%
Source: Data on prices and exports taken from Bacha, 1992, Statistical Appendix. Data on
Avisos from Bertone, 1992.
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