Minkyoung Kim

• Konkuk University

A vertically integrated structure was considered in developing a Multimarket Partial Equilibrium Model for the Hanwoo industry. In order to eliminate the supply effect on the final demand for Hanwoo beef, Hanwoo beef demand index was constructed and integrated into the model. Using simulations that altered the number of breeding cows, the model was...

Consumer demand for meat is constantly growing and changing in Korea, and a number of studies have examined the determinants of meat demand, especially hanwoo beef. In addition to domestic Korean beef, consumers encounter various alternatives such as the U.S. and Australian beef in the beef market, and purchase them in consideration of their prefer...

This study contributes to understanding price risk management through hedging strategies in a forecasting context. A relatively new forecasting method, nonparametric local polynomial kernel (LPK), is used to forecast prices and to generate ex ante hedge ratios. The selective multiproduct hedge based on the LPK price and hedge ratio forecasts is in...

We estimate the relation between trade openness and price level for 62 countries. While our analysis shows a negative relation for developing countries, we obtain a positive relation for advanced economies such as the U.S., Belgium, and Ireland.

This study examines the effects of the Canada-U.S. exchange rate on bilateral trade of agricultural goods between the two countries and on U.S. farm income. Special attention is given to agricultural trade between the two countries under the Canada-U.S. Free Trade Agreement (CUSTA). This study utilizes two time series models: the vector error corre...

Using monthly data covering 1974:1 to 2002:12, this paper explores the linkage between changes in macroeconomic variables (real exchange rate and inflation rate) and changes in relative agricultural prices in different time horizons (1, 12, 24, 36, 48, and 60 months). By controlling factors that determine the long-run trend of relative agricultural...

Using a dynamic gravity equation, we show that the national product differentiation model explains food and agricultural trade, while the product differentiation model explains large-scale manufacturing trade for both short- and long-run. We provide reasons of discrepancy from Head and Ries (2001) in the short-run, and illustrate the positive impac...

This paper seeks to explain the causes of the long-term variation in food and agricultural prices compared to the overall price level in the United States, over the period of 1974-1996. Using cointegration methods, this study confirms a general consensus of long-run neutrality of national money (money supply) and gives practical evidence of the rea...

Using a monthly data covering from 1974:1 to 2002:12, this paper explores the linkage between changes in macroeconomic variables (real exchange rate and inflation rate) and changes in relative agricultural prices in different time horizons (1, 12, 24, 36, 48, and 60 months). Controlling for factors likely to determine the long run trend of relative...

We propose a different perspective for interpretation of exchange rate pass-through: a relatively lower (higher) degree of pass-through implies a competitive (less competitive) market. Using three different wheat exporting countries, the United States, Canada, and Australia, and two importing countries, Japan and Korea, we are not likely to reject...

This study proposes alternative reasons to explain an asymmetric intra-industry trade for agricultural products between Canada and the United States after the free trade agreement became effective. Using time-series data, a gravity model is developed which enables us to examine the significance of exchange rates and different trade patterns on bila...

[eng] Transportation costs and monopoly location in presence of regional disparities. . This article aims at analysing the impact of the level of transportation costs on the location choice of a monopolist. We consider two asymmetric regions. The heterogeneity of space lies in both regional incomes and population sizes: the first region is endowed...

This paper examines whether exchange rate misalignment negatively affects agricultural trade, compared to other industry sectors. Nominal exchange rate misalignment is obtained from the percentage deviation of real exchange rates from their long-run equilibrium based on the theory of purchasing power parity. In order to explore this issue, a bilate...

This study proposes alternative rationales to explain an asymmetric intra-industry trade pattern between the United States and Canada after the free trade agreement became effective. Using time-series data, a gravity equation is developed which enables us to examine the impacts of relative market size, exchange rates, and transportation costs on bi...

A modified gravity-type model was employed to evaluate the effect of exchange rate volatility on wheat exports worldwide. Special attention was given to the econometric properties of the gravity model within a panel framework. Short and long-term measures of exchange rate volatility were constructed and compared. Both measures of exchange rate vola...

This study divides the U.S. economy into the agricultural and industrial sectors and compares the degree of involvement of exchange rates in each sector without specifying the rigid assumption of either exogeneity or endogeneity of exchange rates. Both short- and long-run impacts of shocks in the exchange rate are found to be significant. However,...

This study examines the effects of the U.S.-Canada exchange rate on bilateral trade of agricultural goods between the two countries and on U.S. farm income. Special attention is given to agricultural trade between the two countries under the Canada - United States Free Trade Agreement (CUSTA). This study utilizes two time series models: the vector...

This study contributes to understanding price risk management through hedging strategies in a forecasting context. A relatively new forecasting method, nonparametric local polynomial kernel (LPK), is used and applied to the hog sector. The selective multiproduct hedge based on the LPK price and hedge ratio forecasts is, in general, found to be bett...

The distributional behavior of futures price spreads is examined for four commodities: corn, live cattle, gold and T-bonds. Remarkably different results are found over commodities, time period, and sample size. Actual spread changes for the smaller sample size of gold and T-bonds and for corn produce more normal distributions for weekly than for da...

This study investigates whether U.S. corn merchants can effectively manage the overnight price risk of cash corn purchased after the Chicago Board of Trade closes at 1:15 p.m. on either the electronic Project A market or in the corn contract traded on the Tokyo Grain Exchange. While neither market provides a very effective alternative using traditi...

It is possible for the traditional hedge ratio estimation to produce erroneous guidance to risk managers because of the restrictive assumptions. This study adopts nonparametric locally polynomial kernel estimation to exclude the assumptions. Results from the hog complex find that hedge ratios estimated by local polynomial kernel regression outperfo...

This study investigates whether U.S. corn merchants can effectively manage the overnight price risk of cash corn purchased after the Chicago Board of Trade closes at 1:15 p.m. on either the electronic Project A market or in the corn contract traded on the Tokyo Grain Exchange. Three scenarios are examined: 1) overnight hedges; 2) day-to-day hedges;...

The distributional behavior for futures price spread changes is examined through parametric and nonparametric tests on four different commodities: corn and live cattle, and gold and T-bonds with two different sample sizes. Data are examined for selected periods, stable (1992) and unstable (1988). Remarkably different results were found over commodi...