Measuring an FTA Impact in a Partial Equilibrium Model Considering Substitution Effects: Application to Korea Beef Industry
2006
Kim, Y.S. (Korea Rural Economic Institute, Seoul, Republic of Korea)
This paper is designed to measure an impact of an FTA on domestic related industry, considering a substitution effect between imported and domestic goods in a partial equilibrium model. Many papers on FTA have assumed implicitly or explicitly that goods imported are homogeneous to goods produced domestically. However, price gap between imported and domestic goods observed in market does not support the homogeneous-good assumption. Thus, it is appropriate to deal with imported goods as heterogeneous to domestic goods. In this model, imported goods are dealt with as one of substitutes for domestic goods.
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