Abstract
ABSTRACT This article examines the import behavior of major importers of corn over the period of 1996 to 2016. The article uses an upper-stage import demand equation for corn to estimate countries’ elasticities of import demand with respect to income/GNP, the import price, exchange rate, domestic corn production, and animal inventories. The article also examines whether countries’ corn import demand is sensitive to changes in income and the exchange rate during macroeconomic downturns, specifically when both nominal GNP falls and the currency depreciates. The results show greater import demand responsiveness in periods of macroeconomic stability, as opposed to downturns.
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