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Deflation of Korean Input-Output Data into 1968 Constant Prices

페이스북
커버이미지
  • 저자 김광석(金光錫)
  • 발행일 1978/12/01
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요약 The Korean input-output(I-O) tables prepared by the bank
of Korea are now available for eight years (1955, 1960, 1963,
1966, 1968, 1970, 1973, and 1975). Of these eight I-O tables
available, the tables for 1960, 1963, 1966, 1970 and 1975 are the
complete ones, while the tables for the remaining years are the
synthetic ones which have been derived through extrapolation
techniques.

The current domestic price I-O tables for 1955, 1963, 1970,
1973 and 1975 have been deflated into both 1968 constant world
prices and 1968 constant domestic prices in connection with the
study of "Industrialization and Structural Change in Korea". This
paper is to describe the detailed procedure of deflation, as well
as the estimation of nominal protection rates and other necessary
deflators.

The purpose of our I-O data deflation was not only to
eliminate the factor of price changes from the I-O tables but
also to correct the price distortions caused by the prevalence of
price discrimination by source and destination of commodities (or
services). it is well known that Korea has experienced a
relatively high rate of inflation. In addition to this general price
inflation, the current domestic price values of sectoral inputs and
outputs in the Korean I-O tables are not directly comparable due
to differences in their valuation. For instance, exports are valued
at f.o.b. export prices while imports are normally valued at c.i.f.
prices plus tariffs. Domestic production for domestic sales is
valued at the protected domestic market prices, which differ in
many cases from either import or export prices. Moreover, the
imports of intermediate goods for export production are exempted
from tariffs and domestic indirect taxes. it should also be
recognized that domestically-produced intermediate goods for
export production are transacted at world market prices due to
the Local Letter of Credit System.

One way to remove these sources of incomparability in the
current domestic price I-O data is to convert the data into
constant world market prices. Another way is to convert these
data into "hypothetical" constant domestic prices, assuming hat
all sectoral inputs and outputs are transacted at the protected
domestic prices before domestic indirect taxes. The deflation was
made to convert the current price data into both constant world
prices and constant domestic prices, since it was relatively easy
to obtain the "hypothetical" constant domestic price data form
the constant world price data.

It is hoped that this paper can stimulate a wider use of the
deflated I-O data, which are now stored in tape at KDI, for
analytical purposes.

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