Has the Substitutability of Milk Products in Korea Changed? Evidence From the Price Analysis Among Domestic Fresh, Imported Sterilized and Soybean Milk
DAE HEE CHUNG,
JUN HO SEOK
Abstract:This study investigates the price relationship between domestic fresh milk, imported sterilized milk and soybean milk in Korea to analyze the possible substitutable relationship among them. We divided the periods into 2012–2017, 2018–2021 and 2012–2021 (total sample) and utilized the Granger causality test and Geweke’s (1982) method to capture the recent increase in milk import trends in Korea. Our results show that the price causal relationship has changed by comparing 2012–2017 and 2018–2021 periods. While w… Show more
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