Trade Policy Reform, Productivity Growth and Welfare in South Korean Agriculture

Chun Kwon Yoo, Munisamy Gopinath and Hanho Kim

Applied Economic Perspectives and Policy, 2012, vol. 34, issue 3, 472-488

Abstract: We examine the effects of multilateral trade reform on South Korean agriculture and its economy. We first measure agricultural total factor productivity (TFP) and its components (technological and technical efficiency change) by estimating a production function and stochastic frontier using data from Korean Statistical Information Service during 1970-2009. We then examine the sources of South Korean agricultural TFP with an emphasis on trade openness, and agricultural research and extension. We find that TFP elasticity with respect to trade openness is significantly larger after 1994 relative to the pre-reform period. Further, Korean farmers have passed on productivity gains from trade reform to consumers in the form of lower prices. Copyright 2012, Oxford University Press.

Date: 2012
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