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A Cross-Country Analysis of Horizontal and Vertical Intra-Industry Trade of Korea
Byun Jae-Jin(변재진),Nam Geum-Cheon(남금천) 한국관세학회 2002 관세학회지 Vol.3 No.2
Intra-industry trade (IIT) is the simultaneous export and import of products within the same industry. This article investigates the trends of IIT in Korea, and empirically tests models of IIT using Koreas bilateral trade in the manufacturing industry with twenty-three countries. The Grubel-Lloyd index is used to measure the IIT level and price data are used to distinguish between horizontal and vertical IIT, where products are differentiated by attributes and by quality respectively. This article focuses on the test of country characteristics. The model is estimated using Tobit analysis. The data generally support the theoretical models of IIT; however, the vertical IIT model is better able to explain the variations in the level of IIT in Korea. This may be due to the fact that most of Koreas IIT is vertical in nature. This study also found that the difference in factor endowment was not significant when total IIT is analyzed, but it became significant when horizontal and vertical IIT are analyzed separately.