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Does Trade Elasticity Vary Across Regimes? New Evidence from Korean Exports, Incorporating Regime Changes*

Title
Does Trade Elasticity Vary Across Regimes? New Evidence from Korean Exports, Incorporating Regime Changes*
Authors
Kim, Sei-WanChoi, Moon Jung
Ewha Authors
김세완
SCOPUS Author ID
김세완scopus
Issue Date
2020
Journal Title
ASIAN ECONOMIC JOURNAL
ISSN
1351-3958JCR Link

1467-8381JCR Link
Citation
ASIAN ECONOMIC JOURNAL vol. 34, no. 4, pp. 379 - 403
Keywords
exportselasticitiesglobal GDPexchange rateregime changesmooth transition autoregressive model
Publisher
WILEY
Indexed
SSCI; SCOPUS WOS
Document Type
Article
Abstract
We examined whether the elasticities of Korean exports with respect to global GDP and to the exchange rate vary depending on exports' expansionary or contractionary regimes. Our empirical analysis incorporated regime changes and cointegration into a multivariable smooth transition autoregressive vector error correction model. Our estimation results revealed asymmetries in the short-run elasticities of Korea's exports between the two regimes, although their long-run elasticities remain stable. The positive effect of global GDP on Korea's exports is inelastic during contractionary regimes but elastic in expansionary regimes. The effect of home currency appreciation is negative and elastic under expansionary regimes but positive and inelastic under contractionary regimes.
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DOI
10.1111/asej.12223
Appears in Collections:
사회과학대학 > 경제학전공 > Journal papers
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