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An Analysis on the Determinants of Service Trade Based on Gravity Theory

The importance of the service trade is highly emphasized as the international trade volume has increased along with the globalization of the economy. It is also expected that the service trade will be more expanded because the value added ratio which it has created accounts to over 70%. I made an attempt to find out what factors has promoted the service trade. Gravity model was utilized in doing that with OECD Statistics on International Trade in Services, which covers all of 34 OECD members. It is found that just as the implication of monopolistic competition model suggests, the GDP of both countries contributes to the expansion of the volume in service trade. It is also found that cultural accessibility and economic freedom have a meaningful effect on service trade between the two countries. Consequently, in order to scale up the service trade in Korea, the policies which seek economic growth, economic freedom and regard cultural factors for the expansion of service trade are required.