• Title, Summary, Keyword: Import Demand Function

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The Effect of Import Increase for Korea's Fishery by Korea-GSTP Ground (범개도국간 특혜무역제도 관세협상에 따른 국내 수산분야의 수입증가효과분석)

  • Choi, Jong-Du
    • The Journal of Fisheries Business Administration
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    • v.39 no.3
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    • pp.91-109
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    • 2008
  • The worldwide proliferation of regional trade agreements combined with rising interests of 37countries has led to the emergence of a possible GSTP between each country. Although there are many obstacles to GSTP, its effect, if a realized, will go beyond trade related issues. This study was to specify and estimate a model of Korea-GSTP Ground in Korea that can be used to evaluate and improve management decisions. The development of the model relied on several submodels. On the trade negotiation side, a import demand function was estimated in order to account for the increasing amount of import. In terms of margin of preference(MOP)s, they were used to estimate values after decreasing tax based on scenarios I, II, and III. The results showed that the highest effects for increasing value and amount of import are a freezing crab(HS code 0306143000) and freezing hairtail(HS code 0303793000). This paper will be provide to help policy makers understand the Korea-GSTP Ground in the Korea fishery.

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An Estimation of Korea's Import Demand Function for Fisheries Using Cointegration Analysis (공적분분석을 이용한 우리나라 수산물 수입함수 추정)

  • 김기수;김우경
    • The Journal of Fisheries Business Administration
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    • v.29 no.2
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    • pp.97-110
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    • 1998
  • This paper tries to estimate Korea's import demand function for fisheries using cointegration analysis. The estimation function consists of one dependent variable-import quantity of fisheries(FTIW) and two independent variables-relative price(RP) between importable and domestic products and real income(GDP). As it has been empirically found out that almost all of time series of macro-variables such as GDP, price index are nonstationary, existing studies which ignore this fact need to be reexamined. Conventional econometric method can not analyze nonstationary time series in level. To perform the analysis, time series should be differenciated until stationarity is guaranteed. Unfortunately, the difference method removes the long run element of data, and so leads to difficulties of interpretation. But according to new developed econometric theory, cointegration approach could solve these problems. Therefore this paper proceeds the estimation on the basis of cointegration analysis, because the quartly variables from 1988 to 1997 used in the model is found out to be nonstationary. The estimation results show that all of the variables are statistically significant. Therefore Korea's import demand for fisheries has been strongly affected by the variation of real income and the relative price.

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Estimating Import Demand Function for the United States

  • Yoon, Il-Hyun;Kim, Yong-Min
    • Asia-Pacific Journal of Business
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    • v.10 no.2
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    • pp.13-26
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    • 2019
  • This paper aims to empirically examine the short-run and long-run aggregate demand for the US imports using quarterly economic data for the period 2000-2018 including aggregate imports, final expenditure components, gross fixed capital formation and relative price of imports. According to the results of both multivariate co-integration analysis and error correction model, the above variables are all cointegrated and significant differences are found to exist among the long-run partial elasticities of imports as regards different macro components of final expenditure. Partial elasticities with respect to government expenditure, gross fixed capital formation, exports and relative price of import are found to be positive while imports seems to respond negatively to changes in private consumption, implying that an increase in private consumption could result in a significant reduction in demand for imports in the long run. With regard to the relative import prices, the results appear to indicate a relatively insignificant influence on the aggregate imports in the US in the long run. However, an error correction model designed for predicting the short-term variability shows that only exports have an impact on the imports in the short run.

Estimating Demand Functions of Tractor, Combine and Rice Transplanter (트랙터, 콤바인, 이앙기의 수요 함수 추정)

  • Kim K.;Park C.K.;Kim K.U.;Kim B.G.
    • Journal of Biosystems Engineering
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    • v.31 no.3
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    • pp.194-202
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    • 2006
  • Using a multi-variable linear regression technique and SUR(seemingly unrelated regression) model, the demand functions of tractor, combine and rice transplanter were estimated. The demand was regarded as an annual supply of each machine and modeled as a function of 11 independent variables which reflect the actual farmer's income, actual prices of farm machines, previous supply, previous stock, actual amount of available subsidy, actual amount of available loan, arable land, import of farm machines and rice price. The actual amount of available loan affects most significantly the demand functions. The actual farmer's income, actual farmer's asset, loan coverage, and rice price affect the demand positively while prices of farm machines and import negatively. The annual demands of tractor, combine and rice transplanter estimated using the demand functions were also presented over the next 4 years.

An Econometric Analysis of Imported Softwood Log Markets in South Korea - on the Basis of the Lagged Dependent Variable -

  • Park, Yong Bae;Youn, Yeo-Chang
    • Journal of Korean Society of Forest Science
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    • v.98 no.2
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    • pp.148-155
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    • 2009
  • The objective of this study is to know market structures of softwood logs being imported to South Korea from log producing countries. Import demand of softwood logs imported to South Korea from America, New Zealand and Chile is fixed as a function of log prices, the lagged dependent variable and output. On the basis of the adaptive expectations model, linear regression models that the explanatory variables included and the lagged dependent variable were estimated by Seemingly Unrelated Regression Equations (SURE). The short-run and long-run own price elasticity of America's softwood log import demand is -1.738 and -4.250 respectively. Then long-run elasticity is much higher than short-run elasticity. Short-run and long-run crosselasticity of New Zealand's softwood log import demand with respect to American's softwood log import price are inelastic at 0.505 and 0.883 respectively. Short-run and long-run cross-elasticity of Chile's softwood log import demands with respect to American's softwood log import prices were highly elastic at 2.442 and 4.462 respectively. Long-run elasticity was almost twice as high as short-run elasticity.

Estimation of Demand Functions for Imported Fisheries Products Using Cointegration Analysis: Effect Analysis of Tariff Reduction (공적분 분석을 이용한 우리나라 수입수산물의 수요함수 추정 : 관세감축영향분석)

  • Nam, Jong-Oh;Kim, Soo-Jin
    • Ocean and Polar Research
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    • v.32 no.1
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    • pp.23-40
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    • 2010
  • This study investigated the effects of imported fisheries products on WTO/DDA tariff negotiations. To calculate the results, the study estimated the demand functions of imported fisheries products by using unit root and cointegration approaches. These approaches allowed us to solve spurious regression problems with macro-economic variables. In addition, this study surmised the effects of change by individually imported fish products from a tariff negotiation model using price elasticities of estimated import demand function. In a process of the analysis for estimating import effects, this study found out that 39 out of 128 imported fish products had positive (+) price elasticities or did not exhibit cointegrations. To cure this problem, this study suggested that the effects of these 39 imported products be estimated with the average variation rate of import volume, rather than by the Ordinary Least Squares approach. In this study, a case-study of tariff formula with coefficient 8 based on a 'Swiss formula' for priority duty rate of 2001 and 2008 was used by to analyze the effect of change in the 128 imported fish products of both years, respectively.

An Impact Analysis of FMD News on Pork Demand in Korea (구제역 발생이 돼지고기 소비에 미친 영향분석)

  • Gim, Uhn-Soon;Choi, Se-Hyun;Cho, Jae-Hwan
    • The Korean Journal of Community Living Science
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    • v.26 no.1
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    • pp.75-85
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    • 2015
  • This study investigates the impact of livestock diseases, including FMD(foot-and-mouth disease) and MCD(mad-cow disease), on pork demand in Korea. TV news stories about the livestock diseases were considered as negative advertising, and therefore the carry-over effect of negative advertising was combined with the pork demand model in conjunction with an exponential distributed lag function. The asymmetry hypothesis was imposed, however it was accepted that demand response does not show different sensitivities to increases and decreases in the livestock disease news. FMD news had a negative effect on pork demand, whereas MCD news had a positive effect, yet FMD news had a greater effect on pork demand than MCD news. The pork demand elasticity estimates for FMD and MCD news were -0.0071 and 0.0028, respectively. The cross-elasticity of the imported beef price to pork demand was highly inelastic, but it was elastic during the beef import embargo.

Outlook of Wood Products Markets with Supply and Demand Model (수급모형을 이용한 목제품 시장 전망)

  • Lee, Sang-Min;Kim, Kyeong-Duk;Song, Seong-Hwan;Bark, Ji-Eun
    • Journal of Korean Society of Forest Science
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    • v.103 no.3
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    • pp.462-472
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    • 2014
  • This study is aimed at developing a supply-demand model of wood products, and outlook for mid-term and long-term supply and demand for each products. The main wood products include sawnwood, plywood, particle board, fiberboard (MDF), and pulp. The partial equilibrium model is composed of supply function, import demand function, demand function, price relation function. With given parameters the outlook for year 2050 says that sawnwood, plywood, and fiberboard for domestic productions and imports are decreased. This may result from the increase of log prices from the inside and outside of the country because of the propensity for environment protection and the resource nationalism. On the other hand the supply of particle board and pulp will increase because they are made from wasted wood and chips.

A Study on the Impact of Price Change of International Crude Oil on Merchandise Balance (국제원유 가격변동이 상품수지에 미치는 영향 분석)

  • Son, Yong-Jung
    • International Commerce and Information Review
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    • v.10 no.3
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    • pp.459-474
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    • 2008
  • Under violent competition to secure international raw materials, safe supply and demand of crude oil that only relies on import among main raw materials is an important task for Korean economic development. Therefore, this study aims to analyze the impact of price change of international crude oil on merchandise balance. It also presents political suggestions in preparation for national economic development and safety and develops an organized and long-term overseas resources development program. As the time-series data which had the 1st difference contribute to dismissal of the null hypothesis successfully, we carry out a multivariate cointegration test developed by Johansen (1988) and find that at least one cointegration vector exists. And, when Impulse Response Function is introduced, as the crude oil import price shows a negative impact from Step 2, then an extreme change, a positive impact since Step 13, is maintained and a safe result appears.

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A study on the supply-demand analysis and outlook for wood products (목제품 수급분석 및 전망에 관한 연구)

  • Lee, Sang-Min;Bark, Ji-eun
    • Journal of the Korea Academia-Industrial cooperation Society
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    • v.16 no.10
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    • pp.6959-6968
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    • 2015
  • This study aims to update the supply-demand model of wood products(FOSMO-2013) and to forecast mid and long run supply and demand for each products. The subjects of the study include sawnwood, plywood, particle board, fiberboard(MDF), and pulp. The updated partial equilibrium model is composed of supply function, import demand function, demand function, price relation function. The long run outlooks of world prices of wood and wood products are imported from the results of Buongiorno(2012). This study also adopt Buongiorno's scenarios, which includes three scenarios of IPCC(A1B, A2, B2) and the other one with assumption of increasing fuelwood consumption of A1B scenario. The result says that the domestic productions of wood products are expecting to decrease while the imports of them increase even there are some differences among the products as well as scenarios.