수산물 시장의 유통단계별 가격전달의 비대칭성에 관한 실증 분석

이정미 ( Jung Mi Lee ),김기수 ( Ki Soo Kim ) 한국수산경영학회 2010 수산경영론집 Vol.41 No.3

This paper tries to apply the asymmetrical price transmission(APT) behavior observed in the agricultural industry to supply chains of the domestic fishery industry by a statistical manner. The fore mentioned asymmetrical price transmission refers to when price movements in the later stage of the supply chain do not move in a normal or symmetrical manner corresponding to price movements in the earlier stage of the supply chain. Therefore, when the earlier stage price increase and the later stage price increases to a larger degree, it is called positive(+) asymmetry and the opposite behavior is called negative(-) asymmetry. The study examines the data from domestic roducers of three fresh fish types, hairtail, mackerel, and cuttlefish, and tries to examine the price asymmetry between the producer or farm, wholesaler, and retail prices via an APT test utilizing unit root, cointegration, and error correction model. The study found, hairtail wholesale and retail pricing has a negative asymmetric relationship while mackerel has a negative asymmetric pricing relationship at the producer and retail levels of the supply chain. In the case of cuttlefish, all levels of the supply chain showed negative asymmetrical behavior in the supply chain price transmission, meaning the earlier stage price changes are more rapidly and greatly inputted in the later stage of the supply chain pricing. We believe that the reason why the analysis results show negative price asymmetry is due to the uniqueness of fishery products having an important variable such as freshness. If price increases are greater and quicker than price decreases, then consumer demand, which is sensitive to price increases will decrease and subsequently result in the increase of inventory levels, reducing profits for retailers. Also, frozen hairtail, mackerel, and cuttlefish will act as substitute goods to fresh fishery products. Therefore, fresh fishery products have a high demand of price elasticity. When prices increase, demand quickly decreases. Therefore the profit of wholesalers and retailers to decrease, I think this is the main reason of APT in the supply chain of Korea``s fisheries industry.

수입 밀 가격의 밀가루 및 라면에 대한 비대칭적 가격전이 효과 분석

우성휘(Woo, Sunghwi),안동환(An, Donghwan),김관수(Kim, Kwansoo) 한국농업경제학회 2017 農業經濟硏究 Vol.58 No.4

This study examines the effects of imported wheat on price of flour and ramen with a focus on asymmetric price transmission. The rise in price of imported wheat affects the change in domestic wholesale price of flour after a considerable period of time. And the effects of flour’s wholesale prices on retail prices differ slightly depending on distribution channels. In particular, asymmetric price transmission is relatively clear in distribution channels which have large sales, compared to small distribution channels. The above results show that the cause of asymmetric price transmission may be the difference of the distribution process of products. On the other hand, fluctuations in prices of raw materials, including flour, did not affect the wholesale price of ramen. This seems to be because the share of raw materials in the production cost of ramen is lower than that of flour, and ramen is the subject of government s price control.

축산물 가격의 비대칭성 검정

문홍성(Hong-Sung Mun),정지현(Ji-Hyun Jeong),김민경(MinKyoung Kim) 한국농업경제학회 2020 農業經濟硏究 Vol.61 No.1

The retail prices of meat products were often reported to be not responding appropriately to changes in producer prices, which would provide the impetus to analyze asymmetric price behaviors for various livestock products. This study examined the asymmetric price transmissions of domestic Korean beef, pork, chicken and egg products in marketing channel (from production to retail markets) by using both autoregressive distributed lag and asymmetric error correction models. Both daily and monthly prices were used to investigate whether there is any difference between daily and monthly price behaviors. In addition, influential livestock diseases such as FMD and HPAI were considered in the models to isolate the impacts of the disease on the prices. Asymmetric price transmissions were found for daily prices of products in all market relations, while such asymmetry was not detected for the products that use monthly prices. The existence of asymmetric price transmissions indicates that there are inefficient resource allocations, calling for efforts of all involved parties to improve meat product market efficiency.

대두, 밀 가공제품의 소매 유통채널별 가격전이에 관한 연구

김수현 ( Kim Su-hyeon ),백승우 ( Back Seoung-woo ) 한국식품유통학회 2021 食品流通硏究 Vol.38 No.3

The purpose of this study is to practically analyze the asymmetric price transmission between grain import prices and processed grain product prices by distribution channels. Also, if there is an asymmetric price transition, to check what type of price asymmetry exists. To verify the stability of the linear combination, unit root by ADF(Augmented Dickey-fuller) and cointegration test by Johansen method were performed. Using the Autoregressive Distributed Lag Model(ARDL) method, the Granger causal relationship and asymmetric price transfer were verified. The results of the analysis of wheat flour show an asymmetric price transfer between the import price and the retail price. The soybean price showed that the price transmission between grocery store imports and retail prices was asymmetric with simultaneous influence(COIA) and cumulative effect(CULA), but it is not meaningful because the proportion of grocery stores in the entire distribution channel is low. The flour analysis show that price transmission between imports and retail prices at wholesale marts has asymmetric positive variance lag effect(DLEA) and cumulative effect(CULA) asymmetry, and retail prices at super supermarkets have positive variance lag effect(DLEA) was significantly The grain processing market is a monopoly market in which the 2nd and 3rd largest companies have the largest market share and power. This market dominance could be a major cause of asymmetric price transfer. This means that the grain market is not operating efficiently. In short, government policies are needed to enhance the competitiveness of the grain market and alleviate monopoly structure. In addition, the government should regulate the occurrence of unreasonable price fixing by major grain companies and take necessary measures so that market efficiency and consumer benefits are not infringed.

주요 양념채소류의 도⋅소매 가격 간 비대칭적 가격전이 분석

송성환,한석호,순병민 한국식품유통학회 2023 食品流通硏究 Vol.40 No.3

This study analyzed the asymmetric price transmissions of Korean domestic seasoning vegetables in marketing channels(from wholesale markets to retail markets) by using ARDL (Autoregressive Distributed Lag Model) model with error correction term. This study analyzes three major domestic seasoning vegetables(onion, peeled garlic and ginger), and the data used are daily(5 days per week) and weekly prices from January 2012 to December 2022. The APT(Asymmetric price transmission) test results show that in the short term, price asymmetry occurred more in wholesale price-traditional market price than in wholesale price-large marts market price. In the long term, asymmetry of cumulated impact was mostly positive(+) asymmetry(excluding, wholesale market→large mart, daily-ginger(-)), and more asymmetry was identified in the weekly model than in the daily model. In other words, asymmetric price transmission occurs depending on commodity, time series frequency, and distribution channels. The existence asymmetric price conversion implies that the generated margin is not distributed in a balanced manner to distributors in the market, and the operation of the agricultural market is not efficient. Recently, consumer prices are continuously rising due to the rise in prices of agricultural and livestock products. In order to mitigate the rise in consumer prices, it is necessary to minimize the rise in wholesale prices of items that cause asymmetric price shifts.

가격 전이의 비대칭성을 통한 한우 등급 및 유통단계별 비효율성 검정

남경수(Kyungsoo Nam),안병일(Byeong-il Ahn) 한국농식품정책학회 2021 농업경영정책연구 Vol.48 No.2

The purpose of this study is to examine the causality between the different grades of Korean beef (Hanwoo) in the same marketing channel and to identify a leading price for each marketing channel. The efficiency of the Korean beef market is evaluated through the existence of asymmetric price transmission. As a result of the analysis, asymmetric price transmission between the farm and wholesale price is found for the 1++ and 1+ grade beef. On the other hand, asymmetry in the price transmission is not found between wholesale and retail prices. These results support that downstream Hanwoo market is efficient because there is no market power in the marketing chain from the wholesale to retail markets. However, the fact that asymmetry is found between farm and wholesale prices in high grade beef implies the upstream marketing chain is inefficient.

미국 곡물 수출시장의 비대칭적 가격전이와 시장지배력 분석 - 한국과 일본을 중심으로 -

승준호,콘도 타쿠미 한국농촌경제연구원 2022 농촌경제 Vol.45 No.3

Korea and Japan rely on imports for most of the grain except rice, and the U.S. has maintained the highest shares of wheat, corn, and soybean import markets in both countries. This study aims to analyze the existence of asymmetric price transmission and market power that could occur in the U.S. grain export process targeting Korea and Japan. The results of asymmetric price transmission analysis using a nonlinear ARDL model show that, in the long run, when domestic prices (received by farmers) of wheat, corn, and soybeans in the U.S. increase, the impact on export prices to Korea and Japan is greater than when they decrease. Through the long-run asymmetry test, it was confirmed that there was statistically significant positive asymmetry in the domestic and export price transmissions of wheat, corn, and soybeans in the U.S. Also, in the short run, it was found that there is a positive asymmetry in the domestic and export prices of wheat and corn. Therefore, it is necessary to strengthen the monitoring of domestic and export prices of the U.S. to eliminate asymmetric price transmission. According to the result of the residual demand model estimation, residual demand elasticity was negative and statistically significant only in the case of corn and soybeans of Japan. In other words, it was found that the U.S. has market power in the corn and soybean import market of Japan, which is highly dependent on imports compared to Korea, but does not have market power in the Korean market. This suggests that, unlike Japan, in Korea's grain import market, there is a competitive structure between the U.S. and other exporting countries. 한국과 일본은 쌀을 제외한 대부분의 곡물을 수입에 의존하고 있으며, 양국의 밀, 옥수수, 콩 수입시장에서 미국의 점유율이 가장 높게 유지되어 왔다. 본 연구에서는 한국과 일본을 대상으로 하는 미국의 곡물 수출 과정에서 발생 가능한 비대칭적 가격전이와 시장지배력의 존재를 분석하고자 하였다. 비선형 ARDL모형을 이용하여 가격전이 실태를 분석한 결과, 미국의 농가수취가격과 수출가격의 전이에서 비대칭성이 확인되었다. 따라서 미국의 국내 곡물가격 및 수출가격과 경쟁국의 수출가격에 대한 모니터링을 강화하여 비대칭적 가격전이 현상을 제거하기 위한 정책적 노력이 필요하다. 잔여 수요 모형 추정 결과, 미국은 한국에 비해 수입 의존도가 높은 일본의 옥수수와 콩 수입시장에서 시장지배력을 갖지만, 한국 시장에 대한 미국의 시장지배력은 없는 것으로 나타났다. 이는 일본과 다르게 우리나라의 곡물 수입시장에서는 미국과 여타 수출국과의 경쟁 구조가 형성되고 있음을 시사한다.

양식넙치 산지-도매가격간 비대칭적 가격전이 분석

이헌동 ( Heon-dong Lee ),마창모 ( Chang-mo Ma ) 한국수산경영학회 2020 수산경영론집 Vol.51 No.4

The purpose of this paper is to empirically investigate whether asymmetric price transmission exists in the distribution stage of farmed olive flounder market. For the analysis, time series data were used for the producer prices of Jeju and Wando, and the wholesale prices of Incheon, Hanam and Busan. Through the Granger causality test, the causal relationship from the producer price to the wholesale price was derived and the asymmetric price transmission was analyzed using the autoregressive distributed lag model (ARDL). As a result of the analysis, it was found that there is a phenomenon of ‘positive asymmetric price transmission’ from the producer price to the wholesale price. This result can be one evidence that excess profits are received in the intermediate distribution stage, and can be said to be a result showing the incompleteness and inefficiency of the distribution structure of the farmed olive flounder. In the future, it is required to establish an information-sharing system in all stages of production, distribution, and consumption that can create a competitive environment for distribution participants and resolve information asymmetry. Also, it is necessary to review the distribution center specializing in live fish from the viewpoint of the establishment of new distribution channels and sales diversification strategy under the rapidly changing fisheries environment.

축산물 가격의 비대칭전이에 관한 실증연구

강태훈 ( Tae Hoon Kang ) 한국식품유통학회 2011 食品流通硏究 Vol.28 No.2

If prices in the later (earlier) stage of marketing channel respond faster or deeper to the price increases in the earlier (later) stage of marketing channel than to decreases, we call it the positive (negative) APT. This paper considers four major livestock prices such as beef, hog, chicken, and egg prices in Korea. Potential APTs are tested for the stages from farm to wholesale as well as from wholesale to retail using daily prices. Since the prices in each marketing stages are cointegrated each other, the asymmetric error correction model is used. Beef market shows the positive APT in both cases, that is, farm to wholesale and wholesale to retail. Hog and egg markets show the positive APT in wholesale to retail case, while chicken market shows no APT. These results support for the customers` complains thus far that retail price rises fast when farm price rises but doesn`t fall or falls slow when farm price falls.

수입축산물의 비대칭적 가격전이

정지현 ( Ji Hyun Jeong ),문홍성 ( Hong Sung Mun ),장재봉 ( Jae Bong Chang ),김민경 ( Min Kyoung Kim ) 한국농업정책학회 2018 농업경영정책연구 Vol.45 No.3

TThis paper investigates the asymmetric price transmission (APT) of import livestock products (import beef and import pork) in Korea from 2012 to 2017. Many studies have investigated the asymmetric price transmission of domestic livestock products but imported livestock products have been excluded from the analysis. Imported beef and pork have, however, played important role in Korea’s meat market due to dramatic increase in their share in Korea’s meat market as results of increase in per capita consumption of meat and lower tariffs as a result of Free Trade Agreement. Hence, it is time to look at the market and to analyze the price transfers if there is any distortion in prices. Thus, the objective of this study is to analyze APT of import livestock products between wholesale and retail price. The results of this study shows that imported beef and pork have, respectively, different problems in the short- and the long-run. In the short-run there is no price linkage between wholesale and retail prices so that there is no APT in the market, which is likely to cause market failure and reduce consumers’ welfare. Thus, In the long-run, however, there was asymmetric price transmission found, which was likely to cause market inefficiency. In addition, imported beef and pork face different APT problems: imported beef market shows the positive APT while imported pork market shows the negative APT. The main reason why the import livestock market was not found to have the linkage between wholesale and consumer prices in the short-run while APT was found in the long-run is that price transparency was not secured.