Do Hallyu (Korean Wave) Exports Promote Korea’s Consumer Goods Exports?

Chan Guk Huh · Jie Yan Wu

36 citations0/0 files storedEmerging Markets Finance and Trade

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Asian Culture and Media Studies Global trade and economics Cultural Industries and Urban Development

Abstract

This study analyzes the link between international trade in tangible consumption goods and services, and intangible cultural goods using panel data of Korea’s exports to 40 countries of three types of consumer goods and TV content since the mid-2000s. The growing popularity of Korean TV dramas (the stand-in for the Korean wave or “Hallyu” phenomenon) has not been confined to the East Asian region with interest spreading much further afield. This study estimates a one-directional gravity model that uses various forms of consumer goods exports as well as inbound visitors to Korea as dependent variables and a set of explanatory variables plus the Korean broadcasting content exports using the Poisson pseudo-maximum likelihood procedure. From our analysis, we find the Hallyu exports to have a positive effect on consumer good exports and inbound visitor flows in general, but the strength of the influence seems to be weakest in the case of durable consumer good exports.

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References

2006The Log of Gravity 2004Trade Costs 2004Do We Really Know That the WTO Increases Trade?2002Ethnic Chinese Networks in International Trade 2002An Estimate of the Effect of Common Currencies on Trade and Income 1997The Regionalization of the World Economy 2011Further simulation evidence on the performance of the Poisson pseudo-maximum likelihood estimator 1994Immigrant Links to the Home Country: Empirical Implications for U.S. Bilateral Trade Flows

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