가격전이의 비대칭성을 이용한 유통과정의 비효율성 검정: 농산물 시장에의 적용 = Test for Inefficiency of the Markets for Agricultural Products based on Asymmetric Price transmission

다국어 초록 (Multilingual Abstract)

For the product which is not easy to be stored and of which distribution process is long and complex, we can regard asymmetric transmission between the prices in each distribution step as an indirect evidence of the existence of imperfect competition among market participants and market inefficiency. This study investigates the asymmetric transmission between consumer and producer prices of agricultural products. In this paper, the empirical models developed in the prior studies are extended by incorporating the relationship between current producer price and lagged consumer as well as producer prices. Estimation results indicate that increases of the producer prices of oriental melon, spinach and cucumber caused by the rises of the consumer prices of these products are lower relative to the decreases of the producer prices of these products incurred by the falls of the consumer prices. These negative asymmetric price transmissions imply that markets are not efficiently working. These analysis results suggest that government`s aggressive policies such as simplifying distribution structure of the agricultural products, which would contribute to form efficient market, is required.

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