An Analysis of South Korea's Import Demand

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Title An Analysis of South Korea's Import Demand
Author Min, Byung-Seong; Alias, Mohammad Haji; Tang, Tuck Cheong
Journal Name Journal of Asia-Pacific Affairs
Year Published 2002
Place of publication Seoul, Korea
Publisher Asia-Pacific Research Center, Hanyang University
Abstract This article, applying Johansen multivariate cointegration analysis and error correction modeling techniques, analyses the relationship between Korean imports and the components of final demand expenditure and relative prices. Firstly, the major determinants of import demand in the long run are found to be relative price, final consumption expenditure and export demand with elasticities 0.6, 1.04 and 0.49 respectively. Secondly, in the case of import demand specification with disaggregated income variable, final consumption expenditure, relative price and capacity utilization are found to Granger-cause import demand in the short run. Thirdly, the different estimation results between the components basis and aggregation basis imply the traditional estimation can cause an aggregation bias.
Peer Reviewed Yes
Published Yes
Volume 4
Issue Number 1
Page from 1
Page to 17
ISSN 1229-9774
Date Accessioned 2003-02-21
Language en_AU
Subject International Economics and International Finance
Publication Type Journal Articles (Refereed Article)
Publication Type Code c1

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