국제경제 ; ARDL-Bounds Test에 의한 요소가격균등화 검정: 한국, 미국, 일본을 중심으로 = International Economics ; ARDL-Bounds Testing Approaches to the Factor Price Equalization: The Case of Korea, U.S., and Japan

다국어 초록 (Multilingual Abstract)

The paper is basically attempted to reveal the factor price equalization(FPE) on Korea, United States, and Japan by the ARDL-bounds testing. Wage-rental ratio and relative commodity prices between Korea, United States, and Japan are analyzed by employing equality and convergence frameworks. Empirical evidences are shown that necessary and sufficient conditions for the FPE seems to be easily satisfied in a small country such as Korea rather than large ones as like United States and Japan. And, the FPE is more easily achieved by a nominal term rather than the real term. Due to the fact that an error correction term in the Error Correction Model is insignificant, direct mobility of labor and capital between the countries is not that effective to a short run adjustment. It implies that the FPE is in general going through a long run path. It also has to be mentioned that a trade policy has to selectively implemented depending on the weight of trading volumes and it has to be build up by a long run basis.