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|[ Article ]|
|Seoul Journal of Economics - Vol. 33, No. 3, pp.333-354|
|ISSN: 1225-0279 (Print)|
|Print publication date 31 Aug 2020|
|Received 20 May 2020 Accepted 26 Jun 2020|
|Korea’s Patterns of Trade|
Jean Imbs ; Laurent L. Pauwels
|Jean Imbs, Professor, NYU Abu Dhabi, Saadiyat Island Campus, Abu Dhabi, UAE, Tel: +971-2-628-7653 (email@example.com)|
|Laurent L. Pauwels, Business School, University of Sydney, Australia (firstname.lastname@example.org)|
JEL Classification: E32, F44
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.
|Keywords: High Order Trade, Republic of Korea, Trade partners, Sectors
All errors are our own.
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