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Determinants of Korean Trade Flows and their Geographical Destination

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  • Gian M Milesi-Ferretti
  • Lorenzo Giorgianni

Abstract

This paper investigates the behavior of Korean trade flows during the last three decades and presents estimates of aggregate export and import equations. In particular, it considers different choices for scale and price variables and assesses the relative merits of these alternative specifications in terms of stability and forecasting performance. It also provides an assessment of the drastic change in the geographical destination of Korean exports during the 1990s.

Suggested Citation

  • Gian M Milesi-Ferretti & Lorenzo Giorgianni, 1997. "Determinants of Korean Trade Flows and their Geographical Destination," IMF Working Papers 97/54, International Monetary Fund.
  • Handle: RePEc:imf:imfwpa:97/54
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    References listed on IDEAS

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    1. Milesi-Ferretti, Gian Maria & Razin, Assaf, 1996. "Current Account Sustainability: Selected East Asian and Latin American Experiences," CEPR Discussion Papers 1509, C.E.P.R. Discussion Papers.
    2. Riedel, James, 1988. "The Demand for LDC Exports of Manufactures: Estimates from Hong Kong," Economic Journal, Royal Economic Society, vol. 98(389), pages 138-148, March.
    3. Warner, Andrew M, 1994. "Does World Investment Demand Determine U.S. Exports?," American Economic Review, American Economic Association, vol. 84(5), pages 1409-1422, December.
    4. Stock, James H & Watson, Mark W, 1993. "A Simple Estimator of Cointegrating Vectors in Higher Order Integrated Systems," Econometrica, Econometric Society, vol. 61(4), pages 783-820, July.
    5. Carmen M. Reinhart, 1995. "Devaluation, Relative Prices, and International Trade: Evidence from Developing Countries," IMF Staff Papers, Palgrave Macmillan, vol. 42(2), pages 290-312, June.
    6. Clarida, Richard H, 1994. "Cointegration, Aggregate Consumption, and the Demand for Imports: A Structural Econometric Investigation," American Economic Review, American Economic Association, vol. 84(1), pages 298-308, March.
    7. Khan, Mohsin S, 1975. "The Structure and Behavior of Imports of Venezuela," The Review of Economics and Statistics, MIT Press, vol. 57(2), pages 221-224, May.
    8. Mah, Jai Sheen, 1993. "Structural change in import demand behavior: The Korean experience," Journal of Policy Modeling, Elsevier, vol. 15(2), pages 223-227, April.
    9. Lee, Jisoon, 1992. "An economic analysis of the Korean trade policies: 1960-1990," Journal of Asian Economics, Elsevier, vol. 3(2), pages 335-355.
    10. Nelson, Charles R. & Plosser, Charles I., 1982. "Trends and random walks in macroeconmic time series : Some evidence and implications," Journal of Monetary Economics, Elsevier, vol. 10(2), pages 139-162.
    11. Houthakker, Hendrik S & Magee, Stephen P, 1969. "Income and Price Elasticities in World Trade," The Review of Economics and Statistics, MIT Press, vol. 51(2), pages 111-125, May.
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    Citations

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    Cited by:

    1. Rupa Duttagupta & Antonio Spilimbergo, 2004. "What Happened to Asian Exports During the Crisis?," IMF Staff Papers, Palgrave Macmillan, vol. 51(1), pages 1-4.
    2. Luis Catão & Elisabetta Falcetti, 2002. "Determinants of Argentina’s External Trade," Journal of Applied Economics, Universidad del CEMA, vol. 5, pages 19-57, May.
    3. repec:kap:iaecre:v:9:y:2003:i:2:p:140-151 is not listed on IDEAS
    4. Arslan Razmi & Robert Blecker, 2008. "Developing Country Exports of Manufactures: Moving Up the Ladder to Escape the Fallacy of Composition?," Journal of Development Studies, Taylor & Francis Journals, vol. 44(1), pages 21-48.
    5. Diwan, Ishac & Hoekman, Bernard, 1999. "Competition, Complementarity and Contagion in East Asia," CEPR Discussion Papers 2112, C.E.P.R. Discussion Papers.
    6. Ignacio Mauleón & Raul Larrion, 2003. "Growth and the current account: Malaysia and Singapore," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 9(2), pages 140-151, May.

    More about this item

    Keywords

    Exports; Korea; Republic of; Korea; trade elasticities; direction of exports; equation; import demand; export prices; equations; forecasting;

    JEL classification:

    • F11 - International Economics - - Trade - - - Neoclassical Models of Trade
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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