Constant market shares analysis: uses, limitations and prospects
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In this paper, we generalise the constant market shares (CMS) framework, with particular
attention to the underlying theoretical conditions required for diagnostic interpretation.
The approach is applied to the analysis of the export performance of the Australian
processed food sector in South-East Asia over the period 1980–2003. We conclude that
the usefulness of CMS analysis for evaluating a country’s international trade performance
depends upon the empirical validity of the aggregation assumptions implicit in the
diagnostic interpretation.