Do the rich (really) consume higher quality goods? Evidence from

DO THE RICH (REALLY) CONSUME
HIGHER-QUALITY GOODS?
EVIDENCE FROM INTERNATIONAL
TRADE DATA
Vincenzo Merella and Daniel Santabárbara
Documentos de Trabajo
N.º 1607
2016
DO THE RICH (REALLY) CONSUME HIGHER-QUALITY GOODS?
EVIDENCE FROM INTERNATIONAL TRADE DATA
DO THE RICH (REALLY) CONSUME HIGHER-QUALITY GOODS?
EVIDENCE FROM INTERNATIONAL TRADE DATA (*)
Vincenzo Merella (**)
UNIVERSITY OF CAGLIARI AND BCAM
Daniel Santabárbara (***)
BANCO DE ESPAÑA
(*) We would like to thank the seminar participants at the Banco de España and at the 2013 SAEe meeting
(CEMFI-UIMP, Santander) for their useful comments. This paper has been written while Vincenzo Merella was a
Research Fellow at the Banco de España, whose financial support is kindly acknowledged.
(**) University of Cagliari and BCAM. Mailing address: Department of Economics and Business, Viale
Sant’gnazio 17, 09123 Cagliari, Italy. E-mail: [email protected].
(***) Banco de España. Mailing address: International Economics Division, calle de Alcalá 48, 28014 Madrid.
E-mail: [email protected].
Documentos de Trabajo. N.º 1607
2016
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© BANCO DE ESPAÑA, Madrid, 2016
ISSN: 1579-8666 (on line)
Abstract
Using average import prices (unit values) as proxies for quality, a large body of the
international trade literature finds both theoretical and empirical support for the positive
relationship between importer income and quality of imports. Several authors, however,
argue that the empirical evidence of the link between income and product quality might
be spurious, since import prices could be affected by other factors than product quality.
This paper takes into account this issue with a new theoretical and empirical approach.
Building on Khandelwal’s (2010) discrete choice model approach, where quality is inferred
by quantitative market shares as well as unit values, we develop a model that allows for
willingness to pay for quality to vary with income. We empirically validate the theoretical
relationship between importer income and product quality by using the Eurostat’s COMEXT
database, which collects customs data reported by EU countries at 8-digit disaggregation.
Our estimations support the positive link between consumer income and product quality,
which is also robust across sectors.
Keywords: quality, consumer income, import shares, unit values, nested logit demand.
JEL classification: F12, F14, L15.
Resumen
Al utilizar el precio (valor unitario) de los bienes importados como estadístico suficiente de
su calidad, gran parte de la literatura del comercio internacional encuentra evidencia de una
relación positiva entre la renta del importador y la calidad de los productos importados.
Sin embargo, esta evidencia podría ser espuria ya que el precio de las importaciones
puede estar afectado por factores distintos a la calidad. Este trabajo tiene en cuenta esta
limitación con un nuevo desarrollo teórico y empírico. Por un lado, extiende el enfoque de
Khandelwal (2010), en el que la calidad de los productos importados se infiere tanto por
su cuota de mercado como por su valor unitario, al introducir un modelo teórico en el que
la disposición a pagar por la calidad es creciente con la renta del consumidor. Por otro,
utiliza para contrastar esta relación la base de datos COMEXT de Eurostat, que recoge el
comercio bilateral de aduanas de cada país de la UE a un nivel de desagregación de ocho
dígitos. Así, se valida la relación positiva y significativa entre la renta de los consumidores y
la calidad de los productos demandados que, a su vez, es robusta entre sectores.
Palabras clave: calidad, renta del consumidor, cuotas de mercado, valor unitario, comercio
internacional, modelo logit anidado.
Códigos JEL: F12, F14, L15.
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policies in Latin America.
1607
VINCENZO MERELLA and DANIEL SANTABÁRBARA: Do the rich (really) consume higherquality goods? Evidence from
international trade data.
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