수입개방이 국내 쇠고기가격의 전이성에 미치는 영향

The Impact of Import Liberalization Policy on Transmission of Beef Price in Korea

This study aims to investigate the degree to which the beef markets of korea are in spatial equilibrium and how import liberalization policy affects the speed of convergence to the long-run relationship. Due to the interrelationship among these markets and the nonstationarity of data, augmented Dickey-Fuller and error correction methodology are used. The empirical results indicate that there is strong evidence of efficient spatial markets and conformity to the law of one price. Import liberalization reforms in Korea increased the comovement of domestic and world beef prices. The absolute values of ρx(price transmission elasticity) over 2001-2005 become larger than those for the 1996-2000 period in Korean cattle prices.