ABSTRACT
The various econometric models developed in studies of international trade over the past fifty years have served a variety of theoretical and practical purposes. While the theoretical merits of these models, which have been among the most numerous to appear in the relevant literature, have not been overlooked, their great popularity and growth is primarily due the their broad applicability. 1 Moreover, the fact that statistical data in this particular branch of economics have been kept in great detail undoubtedly facilitated and encouraged econometric investigation. According to S. J. Prais, researchers have had accessibility to statistical information with regard to international trade for several countries. This availability of information has existed over a long period of time and in some cases over centuries (Prais, 1962).
