The name is absent



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., X
Brazil/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.

31



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