한우 유통단계의 가격변동성 이전효과

The Price Volatility Spillover in Hanwoo Marketing Channel

This paper investigates the volatilities of the prices of Korean Hanwoo industry. The EGARCH model is applied to analyze the asymmetric and spillover effects of the external price shock. This study finds empirical evidence that every price series in Hanwoo industry represent the GARCH effect, that changes in Hanwoo cattle price is negatively correlated with changes in price volatility, and that the spillover effect of the calf price on the cattle price in Hanwoo industry is statistically significant. The significance of the spillover effect of the Hanwoo calf price onto cattle price indirectly justifies the Korean government s stabilization policy of Hanwoo cattle production through the policy pro1양am for the calf market.