寡占企業의 전략적 행동과 무역패턴에 관한 연구: 韓 美 日 3국의 철강교역을 중심으로
Strategic Interaction and International Trade: The case of the Steel Industry
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The purpose of this study is to analyze strategic interaction and intra-industry trade. We derive an oligopolistic model of intra-industry trade, which is initially proposed by Brander(1981). Until now there were many studies on intra-industry trade, however empirical literature on intra-industry trade has evolved independently of the theoretical literature. In this study, a theory-based empirical analysis of intra-industry trade in a oligopolistic market will be conducted instead of in a monopolistic competition market. The empirical implications of the multi-country Cournot model are investigated in context of intra-industry trade in the steel industry. Despite the fact that not all assumptions induced from Brander model may be satisfies, the empirical results indicated that the effects of the cost structure and market size variables on the intensity of intra-industry trade are in accordance with what the theory suggests. The fact that intra-industry trade exists in disaggregate products, and these trade patterns are more characterized by the Cournot competition, strengthens Brander’s model.
Abstract
The purpose of this study is to analyze strategic interaction and intra-industry trade. We derive an oligopolistic model of intra-industry trade, which is initially proposed by Brander(1981). Until now there were many studies on intra-industry trade, however empirical literature on intra-industry trade has evolved independently of the theoretical literature. In this study, a theory-based empirical analysis of intra-industry trade in a oligopolistic market will be conducted instead of in a monopolistic competition market. The empirical implications of the multi-country Cournot model are investigated in context of intra-industry trade in the steel industry. Despite the fact that not all assumptions induced from Brander model may be satisfies, the empirical results indicated that the effects of the cost structure and market size variables on the intensity of intra-industry trade are in accordance with what the theory suggests. The fact that intra-industry trade exists in disaggregate products, and these trade patterns are more characterized by the Cournot competition, strengthens Brander’s model.