Three Essays On Trade Liberalization And Korean Agriculture
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Three Essays On Trade Liberalization And Korean Agriculture
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Author : Chun Kwon Yoo
language : en
Publisher:
Release Date : 2011
Three Essays On Trade Liberalization And Korean Agriculture written by Chun Kwon Yoo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Agriculture, Cooperative categories.
Since the Uruguay Round Agreement on Agriculture (URAA) in 1994, global competition in Korean agricultural markets has significantly increased. The objective of this dissertation is to identify the effects of trade liberalization on productivity and pricing in the Korean rice market (Essay 1 and 2) and on the entire agricultural sector (Essay 3). Rice is the major agricultural commodity in Korean agriculture with Rice Processing Complexes (RPC), i.e. agricultural cooperatives, playing a major role in the rice processing industry. Essays 1 and 2 examine RPCs adjustment to the increasingly competitive market environment. The first essay draws on the emerging heterogeneous-firms trade model to test the hypothesis that trade liberalization forces least productivity firms to exit (extensive margin) and encourages reallocation of resources and market share to high productivity firms (intensive margin) within an industry. The above churning results in an increase in the average productivity of the industry. Results from using plant-level RPC data from 2002-2008 to test the above hypothesis show that international competition via increases in rice import (Minimum Market Access) has the largest effect on RPCs' productivity. In particular, greater competition shifts the left tail of the productivity distribution to the right, increasing the median productivity of the Korean rice processing industry. Thus, the above findings suggest that RPCs, often considered to be quasi-public firms shielded from competition, face significant adjustment following trade liberalization. Economic theory suggests that a key input, i.e. raw product that farmer-members deliver, is treated as given in marketing cooperatives' optimization, unlike in the case of profit maximizing firms. Thus, only if cooperatives minimize the cost of conventional inputs (labor and capital) cost and additionally, set the price of the raw product optimally, their production is efficient. Essay 2 examines RPCs' pricing efficiency, based on the above theory, by incorporating farmers' supply function of raw product (rice) into hypothesized RPCs' optimization framework. Results show that only large RPCs' pricing and thus, production is efficient. For small and medium RPCs, processing size, i.e. realizing economies of scale, is important for their efficiency. The latter finding suggests merger of neighboring small and medium RPCs to both expand supply of raw rice and lower processing costs. In fact, results show that post-merger RPCs have attained pricing efficiency similar to large RPCs. Since 2002, about 20 percent of Korean RPCs have merged adjusting to the competitive market and improving pricing efficiency and overall productivity. In the third essay, the effects of agricultural openness on aggregate agricultural productivity and farmers' welfare in Korea are examined. Results indicate that the openness significantly improves agricultural productivity, with a marked increase following URAA. However, in real terms, farm products' price and net farm business income have declined after trade liberalization. The findings show that agricultural trade liberalization has greatly benefitted Korean consumers, but the net impact on farmers' welfare from productivity growth, real price decline and transfer payments is less clear. The three essays show that Korean agriculture has been adjusting to the increasingly competitive environment in primary and processing sectors, contributing to overall gains for the Korean economy. Encouraging resource reallocation towards more competitive segments of Korean agriculture along with targeted transfer payments to revitalize losers from trade are needed to continue to realize and share gains from trade.
Three Essays On Agricultural Trade And Policy
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Author : Byung Min Soon
language : en
Publisher:
Release Date : 2017
Three Essays On Agricultural Trade And Policy written by Byung Min Soon and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017 with categories.
The first essay introduces a new method to measure non-tariff barriers (NTBs). NTBs to agricultural trade are believed to have increased while tariffs fell. Hence, measuring NTBs is important and several alternative methods have been used. I develop a method that combines cointegration tests and an equilibrium model. These seemingly disparate methods are used to estimate the size of NTBs and to assess their economic impact. I apply our method to the Russian chicken import ban and find larger impacts compared to a common method based on price gaps. This new method can help trade policy analysts convert implicit economic assumptions of cointegration test results into explicit NTB measures that can explain the observed pattern in time series price data and estimate their impacts. The second essay examines the impact of the impacts of the Bovine Spongiform Encephalopathy (BSE) outbreak in the U.S. on the Japanese beef market. The time-varying Armington model allows us to examine how the BSE outbreak affected the elasticity of substitution and the country of origin bias. Moreover, I estimate beef demands in the case that the BSE outbreak did not occur. The BSE outbreak caused higher demand for Australian beef and lower demand for U.S. beef, while domestic beef demand was only modestly affected. Specifically, the outbreak affected imported frozen beef demands more than imported chilled beef demands. The third essay explores the impact of tariff rate quota (TRQ) on the Korean rice market. Korea replaced its rice import quota with a TRQ in 2015. A structural model representing the Korean rice market is developed to evaluate this new trade policy and examine the possibility of Korean rice imports under uncertainty. Results indicate that rice imports in excess of the current TRQ quantity are unlikely for a range of market conditions. Two scenarios, which are the over-quota tariff rate reduction and the Minimum Market Access (MMA) quantity expansion, show how the market responds to policy changes. In addition, Korean rice imports are sensitive to consumer preferences for different rice types.
Three Essays On Capital Account Liberalization And Economic Growth
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Author : Kang-guk Yi
language : en
Publisher:
Release Date : 2004
Three Essays On Capital Account Liberalization And Economic Growth written by Kang-guk Yi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Capital market categories.
Annals Of The Giannini Foundation Of Agricultural Economics
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Author : Giannini Foundation of Agricultural Economics
language : en
Publisher:
Release Date : 2006
Annals Of The Giannini Foundation Of Agricultural Economics written by Giannini Foundation of Agricultural Economics and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with Agriculture categories.
Trade Liberalization And Poverty
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Author : Neil McCulloch
language : en
Publisher: Centre for Economic Policy Research
Release Date : 2001
Trade Liberalization And Poverty written by Neil McCulloch and has been published by Centre for Economic Policy Research this book supported file pdf, txt, epub, kindle and other format this book has been release on 2001 with Business & Economics categories.
Openness to trade is a key element of economic policy; continuing extreme poverty in developing countries is a disgrace. This Handbook examines how concerns about the world's poor should affect our attitude towards trade liberalization. Part I draws on economic analysis and practical experience to construct a framework to analyse the links between trade liberalization and poverty. It shows policy-makers how to identify the critical features in their economies so they can ensure that the poor benefit from liberalization. Part II explores the reform of particular sectors -- agriculture, services, etc., and particular instruments of trade policy -- export subsidies, anti-dumping measures, etc. It presents an economic analysis of each type of reform, shows the likely outcome for the poor, and discusses the issue's status on the World Trade Organization's agenda. Book jacket.
Agriculture And Economic Development In East Asia
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Author : Joanna Boestel
language : en
Publisher: Routledge
Release Date : 2013-01-11
Agriculture And Economic Development In East Asia written by Joanna Boestel and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2013-01-11 with Social Science categories.
A comparative study which describes and analyses the contribution of agriculture to the economies of East Asia. Until now, little attention has been paid to the agricultural sector which actually underpins industrial and commercial development. Recently, this sector has become the focus of increasingly bitter economic disputes, especially over protection and the use of import tariffs. A comparative framework is used, employing case studies from Japan, Taiwan and South Korea to highlight both the common characteristics of agriculture's role in East Asian development, and features particular to the political economy of agriculture in each country.
Foreign Economic Liberalization
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Author : Andras Koves
language : en
Publisher: Routledge
Release Date : 2019-03-07
Foreign Economic Liberalization written by Andras Koves and has been published by Routledge this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-03-07 with Political Science categories.
This groundbreaking volume combines theories of economic liberalization with a wide variety of case studies from market and socialist economies. Internationally regarded scholars and Eastern European policymakers have collaborated to evaluate the dramatic economic changes taking place throughout the world. The opening essays contribute to the theoretical debate by showing that foreign economic liberalization goes beyond reducing import barriers to policies on investment, financial liberalization, convertability, and export promotion. Case studies compare successful and unsuccessful liberalization attempts world wide. The disintegration of the CMEA and the policy dilemmas facing Central and Eastern Europe are examined in great detail, as the authors explore the pitfalls and opportunities inherent in the transformation from a centrally planned economy. This up-to-date text will be invaluable for courses on the history and transformation of socialist economies, comparative economic systems, and international trade and investment.
Trade And Protectionism
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Author : Takatoshi Ito
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
Trade And Protectionism written by Takatoshi Ito and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-01 with Business & Economics categories.
During the first three decades following the Second World War, an increasingly open international trading system led to unprecedented economic growth throughout the world. But in recent years, that openness has been threatened by increased protectionism, regional trading arrangements—Europe 1992 and the U.S.-Canada Free Trade Agreement—and setbacks in negotiations on the General Agreement on Tariffs and Trade. In Trade and Protectionism, American and East Asian scholars consider the dangers of this trend for the world economy and especially for East Asian countries. The authors look at the current global trading system and at the potential threats to East Asian economies from possible regional arrangements, such as separate trading blocks in the Western Hemisphere and Europe. They cover trade between the United States and Japan, Korea and Japan, and Japanese-East Asian trade policies; trade in agriculture and semiconductors and the frictions that have jeopardized this trade; and direct foreign investment. The contributors round out the work with discussions of the political economy of protection in Korea and Taiwan and political economy considerations as they affect trade policy in general. This is the second volume of the National Bureau of Economic Research-East Asia Seminar on Economics. The first volume, The Political Economy of Tax Reform, also edited by Takatoshi Ito and Anne O. Krueger, addresses tax reform in the global economy.
Three Essays On Indian Agricultural Growth In The Post Green Revolution Period
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Author : Mandar Prabhatkumar Jayawant
language : en
Publisher:
Release Date : 1998
Three Essays On Indian Agricultural Growth In The Post Green Revolution Period written by Mandar Prabhatkumar Jayawant and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with categories.
Encyclopedia Of International Economics And Global Trade In 3 Volumes
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Author :
language : en
Publisher: World Scientific
Release Date : 2020-03-23
Encyclopedia Of International Economics And Global Trade In 3 Volumes written by and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-03-23 with Business & Economics categories.
In an era when trade and currency wars threaten to end a long-standing period of growing trade and capital flows, the economics of international trade, investment and finance have become more important than ever. This three-volume Encyclopedia provides a comprehensive and up-to-date overview of the theory and evidence on the causes and consequences of global trade, and the theory and evidence on the economics of international trade, financial and monetary transactions.It provides, first of all, a comprehensive set of entries explaining the key theoretical concepts in international economics as well as the latest empirical and simulation techniques used in the academic literature. In addition, various entries present the history behind — and the controversies surrounding — the core current global trade and monetary institutions, from the World Trade Organization to the European Monetary Union.The three volumes also provide a serious discussion of today's central policy debates, including the impact of globalization on employment, wages and income distribution, the imposition of controls on international financial flows, the effects of tariffs and protectionist policies, fixed versus flexible exchange rate regimes, and the role of the multinational enterprise on global growth, technical change and income distribution, among many others.