IMPROVING EFFICIENCY OF IMPORT/EXPORT PRICE INDEX OF THAILAND
Keywords:
Import/Export Price Index, Relative Price, OutliersAbstract
The objective of this research is to improve the efficiency of import/export price index of Thailand which is used as an indicator accurately reflecting to the movement of the import/ export price. From the formula of the price index, we can see that the important factor is the relative price. Therefore, the accuracy of the price index could be improved by the modification of the relative price. Nowadays, the relative price in many countries is constructed by unit price. Thus, the price index in this paper has been modified by unit price for calculation of the import/ export price index according to statistical principle;–reduce outliers effect using Camber (1986)’s method and Thipbharos (2014) method; decrease bias and variance stratified method. Furthermore, the generalized relationship between unit price and actual price was investigated. From the study, it was found that adjusting unit price has made unit price value more efficient in calculating the import/export price index. Also from this study it was found that actual price from entrepreneurs is still necessary for calculating the import/export price index of Thailand because the results showed found no generalized relationship between unit price and actual price data.
References
Bureau of Trade and Economic Indices, Ministry of Commerce. (2015) Explanations on the preparation of international price index, Retrieved February 10, 2017, from http://www.price.moc.go.th/price/fileuploader/file_dev/bookyear-2551/index.htm.
Chambers, R. L. (1986). Outlier robust finite population estimation. Journal of the American Statistical Association, 81, 1063-1069.
Import & Export Price Index December. (2015). Department of Statistics Singapore. Retrieved February 10, 2017, from http:// www.singstat.gov.sg.
International Monetary Fund. (2003). Data Quality Assessment Framework (DQAF) for Monetary Statistics, Washington, DC, USA: International Monetary Fund.
International Monetary Fund. (2009). Export and Import Price Index Manual: Theory and Practice. Washington, D.C., International Monetary Fund.
Producer and International Trade Price Indexes: Concepts, Sources and Methods. (2014). Retrieved February 10, 2017, from http://www.abs.gov.au/ausstats/abs@.nsf/mf/6429.
Silver, M. (1981). Do Unit Value Export, Import, and Terms of Trade Indices Represent or Misrepresent Price Indices?, IMF Working Paper, Washington, DC, USA: International Monetary Fund.
Thipbharos, T. (2014). Manipulation of Regression Outliers by Imputation Method. Proceedings of the 2nd Global Advanced Research Conference on Management and Business Studies.15th-18th October 2014, Thailand.
Downloads
Published
How to Cite
Issue
Section
License
Content and information of the article published at Suthiparithat Journal are based on the sole opinions and responsibility of author(s) only. Neither the editorial board involve in......
