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Determinants of Trade in Latin American Countries
(Kütahya Dumlupinar Üniversitesi, 2024) Saglam, Yagmur; Sönmez, Filiz Eratas
The main purpose of this study is to determine the macroeconomic components of trade with a new method for Latin American Countries, taking into account the structural characteristics of the series. Because there are a few quantitative examples in the literature that have been studied with the Gravity model. In addition to macroeconomic variables, to determine the region's place in world trade, a variable representing commercial integration added to the model. In this regard, long-term coefficient estimation ran for ten selected Latin American countries using the dynamic panel data analysis method. According to the findings, while the unemployment rate and real interest rates negatively affect foreign trade, the main determinants of foreign trade in the long term are official exchange rates, binding tariffs and per capita national income, respectively. The two countries in the region that are best integrated in foreign trade are Mexico and Chile. Therefore, trade liberalization and integration are still a problem in this region and studies in this context need to be continued.