Abstract
Alternative complete models of world trade, based on the trade shares matrix approach, are specified and estimated for twenty-seven countries and regions. This model attempts to explain the composition of imports on the bases of relative prices and time trend, given the total quantity of imports of each country. Elasticities of substitution amongst imports of different countries of origin in each import market are obtained and used in the derivation of aggregate export demand functions for the individual countries. There is also a comparison of the predictive performance of the alternative models.
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