지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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연구자들이 자신의 연구와 전문성을 널리 알리고, 새로운 협력의 기회를 만들 수 있는 네트워킹 공간이에요.
논문 기본 정보
- 자료유형
- 학술저널
- 저자정보
- 저널정보
- 한국자료분석학회 Journal of The Korean Data Analysis Society Journal of The Korean Data Analysis Society 제15권 제1호
- 발행연도
- 2013.1
- 수록면
- 89 - 100 (12page)
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초록· 키워드
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This paper tests the price-level convergence among 33 cities in Korea by using a recently developed econometric approach (pairwise approach) by Pesaran (2007). This approach is free from the problems due to an arbitrary selection of a base city and due to a cross-section dependence. Moreover, the pairwise approach directly addresses the questions of what proportion of price differentials rejects the null of unit root. The model is estimated using monthly data series of consumer price indexes (CPI) ranging from 1995:01 through 2012:05. Based on our empirical results, the city prices are in favor of convergence since our results satisfy both cointegration condition and cotrending condition. Moreover, our estimated values of half lives are shorter than both those of previous intranational studies based on the panel framework and those found internationally. The result also reveals that intercity distances are a positive determinant of price convergence although its impact on the long-run price deviations appears to be very small. Our findings are consistent with the beliefs that markets are more closely integrated within countries and that market integration for Korean cities has increased over time.
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참고문헌 (28)
참고문헌 신청
Abuaf, N. / 1990 / Purchasing power parity in the long run / Journal of Finance 45 : 157 ~ 174
Banerjee, A. / 2005 / Testing for PPP : Should we use panel methods / Empirical Economics 30 : 77 ~ 91
Basher, S. A. / 2011 / Measuring persistence of U. S. city prices : new evidence from robust tests / Empirical Economics 41 : 739 ~ 745
Cecchetti, S. G. / 1998 / Price level convergence among United States cities: lessons for the European Central Bank
Cecchetti, S. G. / 2002 / Price index convergence among United States cities / International Economic Review 43 : 1081 ~ 1099
Banerjee, A. / 2005 / Testing for PPP : Should we use panel methods / Empirical Economics 30 : 77 ~ 91
Basher, S. A. / 2011 / Measuring persistence of U. S. city prices : new evidence from robust tests / Empirical Economics 41 : 739 ~ 745
Cecchetti, S. G. / 1998 / Price level convergence among United States cities: lessons for the European Central Bank
Cecchetti, S. G. / 2002 / Price index convergence among United States cities / International Economic Review 43 : 1081 ~ 1099
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