Korea-ASEAN Trade Flows and the Role of AFTA: Sector-Specific Evidence of Trade Diversion
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This article examines the impact of the ASEAN Free Trade Area (AFTA) on Korean exports to ASEAN countries by using the system generalized method of moments. The data covered 15 sectors according to their relative importance in Korean exports and spanned from 1980 to 2006. The estimated results suggest that Korea’s exports were diverted to ASEAN members as a result of the AFTA formation. In 5 of the 15 sectors, the AFTA exerted a significant negative effect on Korean exports to ASEAN countries, but for the remaining 9, the results were mixed and statistically insignificant. The results also indicate that the sectoral approach yields more robust and clear-cut results than the aggregate one.
Abstract
This article examines the impact of the ASEAN Free Trade Area (AFTA) on Korean exports to ASEAN countries by using the system generalized method of moments. The data covered 15 sectors according to their relative importance in Korean exports and spanned from 1980 to 2006. The estimated results suggest that Korea’s exports were diverted to ASEAN members as a result of the AFTA formation. In 5 of the 15 sectors, the AFTA exerted a significant negative effect on Korean exports to ASEAN countries, but for the remaining 9, the results were mixed and statistically insignificant. The results also indicate that the sectoral approach yields more robust and clear-cut results than the aggregate one.
참고문헌 (31)
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