돈육 가격 구조변화에 따른 비대칭적 가격 조정 분석

Analysis of Asymmetric Price Adjustments Due to Structural Changes in Pork Prices

The purpose of this study is to provide information regarding wholesale pork prices in the pork market to address the issues such as intensified price volatility and distortions in price formation. This study utilizes the Threshold Partial Adjustment Model and the Quandt and Andrews structural change test to examine the asymmetric price adjustments in the wholesale pork market. Additionally, the study compares and analyzes the speed of price adjustments based on the identified structural change points. The analysis reveals that when the farm price of pork increases, the adjustment of price occurs rapidly compared to when it decreases. Furthermore, during the period before the identified structural change, the adjustment speed of price is found to be swift when the farm prices rise but slower when it falls. On the other hand, the analysis of the adjustment speed after the structural change shows that price adjustments occurs rapidly when prices decreases. This suggests that in response to a decrease in pork demand due to price shocks, distributors promptly adjusts price even when pork price is declining. The analysis results indicate that the pork wholesale market exhibits asymmetric price adjustments, but it is also suggests that in cases of price shocks, adjustments can occur symmetrically.