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http://dx.doi.org/10.3796/KSFOT.2019.55.3.264

An analysis of the causality between international oil price and skipjack tuna price  

JO, Heon-Ju (Distant Water Fisheries Resources Division, National Institute of Fisheries Science)
KIM, Do-Hoon (Department of Marine & Fisheries Business and Economics, Pukyong National University)
KIM, Doo-Nam (Distant Water Fisheries Resources Division, National Institute of Fisheries Science)
LEE, Sung-Il (Distant Water Fisheries Resources Division, National Institute of Fisheries Science)
LEE, Mi-Kyung (Distant Water Fisheries Resources Division, National Institute of Fisheries Science)
Publication Information
Journal of the Korean Society of Fisheries and Ocean Technology / v.55, no.3, 2019 , pp. 264-272 More about this Journal
Abstract
The aim of this study is to analyze the relationship between international oil price as a fuel cost in overseas fisheries and skipjack tuna price as a part of main products in overseas fisheries using monthly time series data from 2008 to 2017. The study also tried to analyze the change of fishing profits by fuel cost. For a time series analysis, this study conducted both the unit-root test for stability of data and the Johansen cointegration test for long-term equilibrium relations among variables. In addition, it used not only the Granger causality test to examine interactions among variables, but also the Vector Auto Regressive (VAR) model to estimate statistical impacts among variables used in the model. Results of this study are as follows. First, each data on variables was not found to be stationary from the ADF unit-root test and long-term equilibrium relations among variables were not found from a Johansen cointegration test. Second, the Granger causality test showed that the international oil prices would directly cause changes in skipjack tuna prices. Third, the VAR model indicated that the posterior t-2 period change of international oil price would have an statistically significant effect on changes of skipjack tuna prices. Finally, fishing profits from skipjack would be decreased by 0.06% if the fuel cost increases by 1%.
Keywords
International oil price; Skipjack price; VAR model; Overseas fisheries; Granger causality;
Citations & Related Records
Times Cited By KSCI : 5  (Citation Analysis)
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