An Empirical Study on Effects of Korea’s Cultural Exports

다국어 초록 (Multilingual Abstract)

This paper aims to find how Korea’s cultural exports, a measure of cultural proximity, influence its total exports. Centered on consumption goods, detailed product-by-product analyses are also conducted. Empirical analyses using the gravity model show that a 100% increase of Korea’s cultural exports has the effect of increasing total exports by 3.9-4.7%; the export increasing impact of reproducible cultural goods is 3.8-6.1%. The one-year lagged cultural exports also significantly affect the current total exports. Although the overall positive impact of cultural exports is stronger to those of nondurable consumer goods, exports of some durable goods are also positively influenced by them. Meanwhile, the positive impact of cultural exports is larger in higher-income nations. In the case of higher-income countries, the export-increasing effect is larger on durable consumer goods, but, in the case of lower-income countries, larger on nondurable consumer goods. Asian countries are more positively affected by Korea’s cultural exports than those in the other regions. From the viewpoint of trade policy, Korea should take greater interest in cultural exports to higher-income countries in order to increase their positive impact.

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