농산물 도매시장 효율성 국제 비교분석

An International Comparative Analysis of Agricultural Wholesale Market Efficiency

As the debate on the transaction system of the domestic agricultural wholesale market has intensified, it is argued that the domestic wholesale market also needs a change from the auction system to other transaction systems like foreign cases. This argument stems from the judgment that the domestic agricultural wholesale market is more inefficient than the foreign ones. However, there is insufficient empirical evidence that the domestic wholesale market is inefficient compared to the foreign markets and should follow foreign cases. Therefore the quantitative comparison of the performance of the domestic and foreign wholesale markets is needed. This study attempts to suggest empirical evidence for whether the domestic agricultural wholesale market is inefficient compared to the foreign by quantitatively evaluating the domestic and foreign market efficiency. Japan, France, and the US were selected as foreign countries for comparison, in particular, compared with Japan which is similar to Korea, which presents implications for the debate on the wholesale market transaction system. Market efficiency is divided into price efficiency and operation efficiency. Price efficiency is analyzed by testing the presence of autocorrelation lag structure and market anomalies based on the Efficient Market Hypothesis and comparing the size of price volatility and flexibility. To compare the operation efficiency the marketing margin for each distribution stage is considered. Contrary to the criticism that the Korean market is inefficient than the foreign the empirical result shows that there is no consistent evidence at the traditional confidence level, that the domestic wholesale market is not inefficient compared to some foreign markets.