Abstract
ABSTRACTThis 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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