석유제품가격 비대칭성의 국제비교연구 = Asymmetry Analysis on Petroleum Product Prices: An International Comparison

다국어 초록 (Multilingual Abstract)

Since the liberalization of petroleum product prices in 1997, there has been persistent suspicion with regard to asymmetry in the movement of petroleum product prices in Korea. In particular, academics and consumer groups suggest that prices decided by refining companies and gas stations have moved asymmetrically compared with international petroleum product prices. The primary aim of this study is to determine, using the Error Correction Model, to perform multi-country asymmetry analysis including the United States, the United Kingdom, Germany, France, Italy and Japan. We shows that comparison of domestic prices with international prices in the six countries mentioned above revealed a fairly low level of asymmetry in those countries, although some asymmetry was found in some countries at various times within the period of analysis. To explain the different degrees of asymmetry between countries, this study looked at asymmetry in the United States, Germany and Italy and sought correlations between each country`s oil industry structure and its level of competition.

참고문헌 (Reference)

1 김영덕, "휘발유가격 자유화에 따른 가격탄력성의 변화" 한국환경경제학회 11 (11): 525-556, 2002

2 이달석, "휘발유 소매가격 결정에 관한 연구" 5 (5): 1-25, 2006

3 손양훈, "휘발유 가격결정과 유가 자유화정책에 관한 연구" 한국환경경제학회 11 (11): 493-513, 2002

4 임상수, "원유 가격에 대한 휘발유 가격의 비대칭성" 에너지경제연구원 6 (6): 175-198, 2007

5 문영석, "에너지가격,에너지소비 및 산업생산 활동에 대한 석유가격 자유화의 영향 분석" 에너지경제연구원 2004

6 김진형, "석유제품 수입자유화 이후 시장경쟁의 변화" 한국환경경제학회 12 (12): 637-661, 2003

7 오선아, "국제원유가격변동에 따른 석유제품소비자가격의 비대칭성에 관한 국제비교" 한국지구시스템공학회 42 (42): 225-232, 2005

8 오선아, "국제시장가격변동에 따른 국내석유제품가격의 비대칭분석" 에너지경제연구원 6 (6): 59-78, 2007

9 오선아, "국내 석유제품가격의 구조변화분석 및 비대칭 분석" 한국지구시스템공학회 40 (40): 40-47, 2003

10 이슬기, "가격 비대칭성 검정모형 체계화 연구" 서울대학교 대학원 2010

11 Karrenbrock, J. D, "The Behavior of Retail Gasoline Prices : Symmetric or Not" 73 (73): 19-29, 1991

12 Eltony, M. N, "The Asymmetry of Gasoline Prices : Fresh Evidence from an Error Correction Model for U.K. and U.S.A" 22 (22): 271-276, 1998

13 Godby, R, "Testing for Asymmetric Pricing in the Canadian Retail Gasoline Market" 22 (22): 349-368, 2000

14 이양섭, "TAR와 M-TAR 오차수정모형을 이용한 국내 휘발유가격의 비대칭성 분석" 한국환경경제학회 17 (17): 813-843, 2008

15 Kirchgäsner, G, "Symmetric or Asymmetric Price Adjustments in the Oil Market : An Empirical Analysis of the Relations between International and Domestic Prices in the Federal Republic of Germany, 1972-1989" 14 (14): 171-185, 1992

16 Borenstein, S, "Sticky Prices, Inventories and Market Power in Wholesale Gasoline Markets" National Bureau of Economic Research 1996

17 Johnson, R. N, "Search Costs, Lags and Prices at the Pump" 20 (20): 33-50, 2002

18 Galeotti, M., "Rockets and Feathers Revisited : An International Comparison on European Gasoline Markets" 25 (25): 175-190, 2003

19 Bacon, R. W, "Rockets and Feathers : The Asymmetric Speed of Adjustment of UK Retail Gasoline Prices to Cost Changes" 13 (13): 211-218, 1991

20 Duffy-Deno, K. T, "Retail Price Asymmetries in Local Gasoline Markets" 18 (18): 81-92, 1996

21 Peltzman, S, "Prices Rise Faster Than They Fall" 108 (108): 466-502, 2000

22 Energy Information Administration, "Price Changes in the Gasoline Market" 1999

23 Bettendorf, L, "Price Asymmetry in the Dutch Retail Gasoline Market" 25 (25): 669-689, 2003

24 Oh,S, "Price Asymmetries in Petroleum Product Markets : An International and Multi-product Comparison" 2005

25 Asplund, M, "Price Adjustment by a Gasoline Retail Chain" 102 (102): 101-121, 2000

26 Manning, D. N, "Petrol Prices, Oil Price Rises and Oil Price Falls : Some Evidence for the UK Since 1972" 23 (23): 1535-1541, 1991

27 Reilly, B, "Petrol Price Asymmetries Revisited" 20 (20): 297-308, 1998

28 Radchenko, S, "Oil Price Volatility and the Asymmetric Response of Gasoline Prices to Oil Price Increases and Decreases" 2005

29 Bachmeier, L. J, "New Evidence on Asymmetric Gasoline Price Responses" 85 (85): 772-776, 2003

30 Granger, C. W. J, "Investigating Causal Relations by Econometric Methods and Cross-Spectral Methods" 37 : 424-438, 1969

31 Bresnahan, T. F, "Empirical Studies of Industries with Market Power, In Handbook of Industrial Organization" Handbook of Industrial Organization,Edited by R.Schmalensee and R.Willig,Amsterdam:North Holland 1989

32 Frey, G, "Econometric Models of Asymmetric Price Transmission" 21 (21): 349-415, 2007

33 Borenstein, S, "Do Gasoline Prices Respond Asymmetrically to Crude Oil Price Changes" 112 (112): 305-339, 1997

34 Balke, N. S, "Crude Oil and Gasoline Prices : An Asymmetric Relationship" 2-11, 1998

35 Grasso, M, "Asymmetric Error Correction Models for the Oil-gasoline Price Relationship" 35 (35): 156-177, 2007