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The Trade Creation Effects of Hallyu (in Korean)

Author

Listed:
  • Soonchan Park

    (Kongju National University)

  • Jong Il Choe

    (Chosun University)

Abstract

In this paper, we explore the trade creation effects of Hallyu by employing the gravity model which has been widely used empirical analyses on aggregate bilateral trade flows. The bilateral trade in the cultural goods is used as the proxy variable for the cultural proximity between two countries. The data set covers 25 countries in the Asia-Pacific region for the period from 1990 to 2005. Culturally close countries trade more because they have strong tastes for each others’ products. However, this preference is not created in a short period of time, but generated over the long term. In order to focus on the cumulative effects of the cultural proximity, we introduce a dynamic version of the gravity model. We find cumulative trade creation effects of the cultural proximity, in the sense that exports in the cultural goods promote exports in the other goods.

Suggested Citation

  • Soonchan Park & Jong Il Choe, 2009. "The Trade Creation Effects of Hallyu (in Korean)," Economic Analysis (Quarterly), Economic Research Institute, Bank of Korea, vol. 15(1), pages 73-96, March.
    • Handle: RePEc:bok:journl:v:15:y:2009:i:1:p:73-96
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    More about this item

    Keywords

    Hallyu; Cultural Goods; Trade Creation Effects; Gravity Model;
    All these keywords.

    JEL classification:

    • F13 - International Economics - - Trade - - - Trade Policy; International Trade Organizations
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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