Abstract
The purpose of this study is to examine the causality between the different grades of Korean beef (Hanwoo) in the same marketing channel and to identify a leading price for each marketing channel. The efficiency of the Korean beef market is evaluated through the existence of asymmetric price transmission. As a result of the analysis, asymmetric price transmission between the farm and wholesale price is found for the 1++ and 1+ grade beef. On the other hand, asymmetry in the price transmission is not found between wholesale and retail prices. These results support that downstream Hanwoo market is efficient because there is no market power in the marketing chain from the wholesale to retail markets. However, the fact that asymmetry is found between farm and wholesale prices in high grade beef implies the upstream marketing chain is inefficient.
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