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An Econometric Analysis of Imported Softwood Log Markets in South Korea -on the Basis of the Lagged Dependent Variable -

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Authors
Park, Yong Bae; Youn, Yeo-Chang
Issue Date
2009
Publisher
한국임학회
Citation
Journal of Korean Forest Society 98(2): 148-155
Keywords
lagged dependent variableadaptive expectation modelseemingly unrelated regression equation(SURE)
Abstract
The objeaive of this study is to know market smctures of softwood logs being imported to South
Korea from log producing counhia. Import demand of softwood logs imported to South Korea from America,
New zealand and Chile is fixed as a function of log prices, the lagged dependent variable and output. On the
basis of the adaptive expectations model, linear regression models that the explanatofy variables included and
the laged dependent variable were estimated by Seemingly Unrelated Regression Equations (SURE). lhe
short-run and long-run own price elavticity of America's softwood log import demand is -1.738 and 4.250
respectively. Then long-run elasticity is much higher than short-run elasticity. Short-run and long-run cmsselasticity
of New Zealand's softwood log impon demand with respect to American's softwood log import price
are inelastic at 0.505 and 0.883 respectively. Short-run and long-run cross-elasticity of Chile's softwood log
import demands wih respect to American's softwood log import prices were highly elastic at 2.442 and 4.462
respectively. Long-run elasticity was almost twice as high as short-nm elasticity.
ISSN
0445-4650
Language
English
URI
http://hdl.handle.net/10371/62535
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College of Agriculture and Life Sciences (농업생명과학대학)Dept. of Forest Sciences (산림과학부)Journal Papers (저널논문_산림과학부)
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