Consumer goods market integration among Asia Pacific Economic Cooperation member economies : a PPP-based analysis /

Consumer goods market integration among Asia Pacific Economic Cooperation member economies : a PPP-based analysis /

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Bibliographic Details
Author / Creator:	Moon, Seongman.
Imprint:	Sejong-si, Korea : Korea Institute for International Economic Policy, 2017.
Description:	53 pages : illustrations ; 24 cm.
Language:	English
Series:	APEC study series ; 17-01 APEC study series ; 17-01.
Subject:	Asia Pacific Economic Cooperation (Organization) -- Economic integration. Asia Pacific Economic Cooperation (Organization) Purchasing power parity -- Pacific Area. Consumer goods -- Economic aspects -- Pacific Area. International economic integration. Purchasing power parity. Pacific Area -- Economic integration. Pacific Area.
Format:	Print Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/11727098

Hidden Bibliographic Details
Other authors / contributors:	Taeoe Kyŏngje Chŏngch'aek Yŏn'guwŏn (Korea)
ISBN:	9788932201184 8932201188 9788932200125 8932200122
Notes:	"December 10, 2017." Includes bibliographical references (pages 51-53).
Summary:	This paper examines persistent behavior of deviations from purchasing power parity (PPP) constructed using consumer price indices and nominal exchange rates for APEC member economies over the period of 1981-2015. In particular, we ask if these deviations tend to converge to their long run equilibrium value. For this, we consider three different sample periods of 1981-2015, 1997-2015, and 1981-1996. We find that the panel unit root test rejects the unit root hypothesis that a deviation from PPP does not converge to its long run value for the period of 1997-2015 but does not reject it for the other two periods. We then investigate how quickly this deviation converges to its long run value and find that a half-life of a deviation from PPP is 5.7 quarters, which is much quicker than the estimates of 3 to 5 years reported by previous studies. This result is consistent with the argument that globalization and advancement in transportation and information technology significantly contribute to lowering trade barriers among APEC member economies.--Website.

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Call Number:	HC412.M66 2017
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