International Oil Price Fluctuations and the Asymmetric Response of Domestic Oil Analysis

• 발행기관: 한국자료분석학회
• 저자명: Myeong Jun Kim Jong Chul Yoon Sang Young Jei
• 간행물 정보: 『Journal of The Korean Data Analysis Society (JKDAS)』Vol.16 No.3, 1207~1214쪽, 전체 8쪽
• 주제분류: 자연과학 > 통계학
• 파일형태: PDF
• 발행일자: 2014.06.30

영문 초록

This paper examines an asymmetry in the price of petroleum products for the price of international oil in Korea. Change in the price of petroleum products will have a distinct asymmetry. In other words, the domestic price of gasoline rises more rapidly in response to an increase in the price of international oil than it declines in response to a decrease in the price of international oil. It is called ‘rocket and feather’ phenomenon. Previous studies did not found the asymmetry of the prices in Korea but some studies insist that the reason the early studies did not find an asymmetry of the price because of the different periods considered. In this paper, we divide a considered period into three sectors which are affected by economic events. Change in international Dubai oil prices for the domestic gasoline prices showed asymmetric reactions during the entire period.

목차

1. Introduction

2. Data Specification

3. Model Specification and Empirical Results

4. Concluding Remarks

References

키워드

rockets and feathers oil prices asymmetric response impulse response function