Izvestiya of Saratov University.

Economics. Management. Law

ISSN 1994-2540 (Print)
ISSN 2542-1956 (Online)


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Russian
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Article
UDC: 
339.5

Gravity Models of Foreign Trade of Brics Countries

Autors: 
Troyekurova Irina Stepanovna, Saratov State Law Academy
Pelevina К. А., Saratov State Law Academy
Abstract: 

Introduction. The article shows that the main idea of foreign trade gravity models is foreign trade turnover, which is directly proportional to economic potential of countries trade (GDP) and inversely to distance between them. Gravity models of BRICS countries (Brazil, Russia, India, China and South Africa) used for modelling of trade and economic integration. It is the authors opinion that gravity models allow to get the new information about functioning of BRICS association, mainly that their export and import pattern is different despite of the fact that creation of such union was based on estimated similarity of their economics. Theoretical analysis. Gravity models define dependence of one-way foreign trade flow from economical parametres of the as exporter-country as well as importer-country. Influence of these parametres evaluates using regression analysis based on data about real turnover between countries. Received parametres of gravity model are flexible and show for how many procent turnover between the countries can increase if corresponding factor increases for 1%. Usually this model presents in grave or lin-log form. Conclutions. Concluded that growth of trade turnover between BRICS countries is possible taking into consideration growth of their GDP. Rely on the results of partial gravity model the conclusion is that BRICS countries have considerable potential for increasing of trade and further integration in world economy.

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Received: 
20.11.2013
Accepted: 
19.12.2013