Korea's patterns of trade

Jean Imbs, Laurent L. Pauwels

Research output: Contribution to journalArticlepeer-review

Abstract

Imbs and Pauwels (2020) introduce a measure of openness based on indirect trade. This paper illustrates the differences in the Korean patterns of trade when openness is measured using conventional measures based on direct trade, and when it is measured using this measure of indirect trade, labeled Export Intensity (EI). According to EI, the Republic of Korea (Korea) has been following an upward trend in openness since 2000 and even after 2010. This stands in contrast with most other large trading countries, including China and Germany. We show this is a reflection of Korea's integration with a few partner economies, most notably China. Vertical integration is considerable between Korea and China, in manufacturing and in services alike. The extent of this integration would be invisible on the basis of conventional measures of openness.

Original languageEnglish (US)
Pages (from-to)334-354
Number of pages21
JournalSeoul Journal of Economics
Volume33
Issue number3
DOIs
StatePublished - 2020

Keywords

  • High order trade
  • Republic of Korea
  • Sectors
  • Trade partners

ASJC Scopus subject areas

  • Economics, Econometrics and Finance(all)

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