摘要：Being the major foreign exchange earner basic metals division is without a doubt an important manufactury division for Serbia.Given the importance of the industry cointegration and error correction techniques were used to estimate the long-run relationship between monthly external trade and production of basic metals.Both the long-run and short-run results indicate that external trade is positively related with production.Contrary to expectations,import was found to have a positive relationship with production.Furthermore,production and export of this division are increasingly import dependent,especially upon raw materials.
关键词：manufacture of basic metals;cointegration;error correction model
