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    ๋ฌผ์ฒด์กฐ์ž‘ ํ™œ๋™์ด ๋‹ค์šด์ฆํ›„๊ตฐ ์•„๋™์˜ ๋ˆˆ-์† ํ˜‘์‘๋ ฅ์— ๋ฏธ์น˜๋Š” ์˜ํ–ฅ

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    ํ•™์œ„๋…ผ๋ฌธ(์„์‚ฌ)--์„œ์šธ๋Œ€ํ•™๊ต ๋Œ€ํ•™์› :์ฒด์œก๊ต์œก๊ณผ,2004.Maste

    ์ธ๋„ ์‹œ์žฅ์˜ ๋‹จ์ผํ™” ์›€์ง์ž„ : ์ธ๋„ ๋‚ด ์ฃผ ๋ณ„ ๊ฐ€๊ฒฉ ์ˆ˜๋ ด

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    ํ•™์œ„๋…ผ๋ฌธ (์„์‚ฌ)-- ์„œ์šธ๋Œ€ํ•™๊ต ๊ตญ์ œ๋Œ€ํ•™์› : ๊ตญ์ œํ•™๊ณผ(๊ตญ์ œ์ง€์—ญํ•™์ „๊ณต), 2012. 8. ๊น€์ข…์„ญ.๋ณธ ์—ฐ๊ตฌ๋Š” ์ธ๋„ ๊ตญ๋‚ด์—์„œ ์ผ๋ฌผ์ผ๊ฐ€ ๋ฒ•์น™์˜ ์„ฑ๋ฆฝ์—ฌ๋ถ€๋ฅผ ์‚ดํŽด๋ณด๊ณ , ์ธ๋„ ์‹œ์žฅ์ด ์œ ๋Ÿฝ์—ฐํ•ฉ์ด ์ •์˜ํ•˜๋Š” ๋‹จ์ผ ์‹œ์žฅ์— ๊ฐ€๊นŒ์›Œ์ง€๊ณ  ์žˆ๋Š”์ง€ ๋ณด๊ณ ์ž ํ•œ๋‹ค. ๋˜ํ•œ ์ผ๋ฌผ์ผ๊ฐ€ ๋ฒ•์น™์ด ์„ฑ๋ฆฝํ•˜์ง€ ์•Š๋Š” ์›์ธ์— ๋Œ€ํ•œ ๋ถ„์„๋„ ์ด๋ฃจ์–ด์ง„๋‹ค. ์œ ๋Ÿฝ์—ฐํ•ฉ์ด ๋„์ž…ํ•œ ๋‹จ์ผ์‹œ์žฅ์ด๋ž€ ๊ฐœ๋…์€ ์žฌํ™”,์„œ๋น„์Šค,์ž๋ณธ, ์ธ๊ตฌ์˜ ์ด๋™์ด ์™„์ „ํžˆ ์ž์œ ๋กœ์šด ์‹œ์žฅ์„ ๋งํ•œ๋‹ค. ์ด ๋•Œ, ๋ฌด์—ญ ์žฅ๋ฒฝ ๋ฟ๋งŒ ์•„๋‹ˆ๋ผ ํ–‰์ •์ , ๋น„๋ฌด์—ญ ์žฅ๋ฒฝ๋„ ์กด์žฌํ•˜์ง€ ์•Š์•„์•ผ ํ•œ๋‹ค. ํ˜„์žฌ ์ธ๋„์˜ ๊ฒฝ์šฐ๋Š” ํ–‰์ •์ , ๋น„๋ฌด์—ญ ์žฅ๋ฒฝ์˜ ์กด์žฌ๋กœ ์ธํ•ด ์œ ๋Ÿฝ์—ฐํ•ฉ์ด ์ •์˜ํ•˜๋Š” ๋‹จ์ผ์‹œ์žฅ์ด๋ผ๊ณ  ๋ณผ ์ˆ˜ ์—†๋‹ค. 1971๋…„๋ถ€ํ„ฐ 2010๋…„๊นŒ์ง€์˜ ์†Œ๋น„์ž ๋ฌผ๊ฐ€์ง€์ˆ˜๋ฅผ ํ†ตํ•ด, ์ธ๋„ ๋„์‹œ๋ณ„, ์ฃผ ๋ณ„ ๊ฐ€๊ฒฉ ๊ฒฉ์ฐจ๋ฅผ ์‚ดํŽด๋ณธ ๊ฒฐ๊ณผ, ์ธ๋„ ๋‚ด์—์„œ ์ผ๋ฌผ์ผ๊ฐ€๋ฒ•์น™์€ ์„ฑ๋ฆฝํ•˜์ง€ ์•Š๊ณ  ์žˆ๋‹ค. ๊ทธ๋Ÿฌ๋‚˜ ์ฃผ๋ชฉํ•  ๊ฒƒ์€ ์ธ๋„ ๋‚ด์—์„œ ๋Š๋ฆฌ์ง€๋งŒ ๊ฐ€๊ฒฉ ์ˆ˜๋ ด์˜ ํ˜„์ƒ์ด ๋ฐœ๊ฒฌ๋˜๋ฉฐ, 1991๋…„ ๊ฒฝ์ œ ๊ฐœ๋ฐฉ ์ดํ›„ ๊ทธ ์ถ”์„ธ๊ฐ€ ๋”์šฑ ๋šœ๋ ทํ•ด์กŒ๋‹ค๋Š” ์ ์ด๋‹ค. ํ•œ ๊ตญ๊ฐ€ ๋‚ด์—์„œ๋„ ๊ฐ€๊ฒฉ ๊ฒฉ์ฐจ๊ฐ€ ๋ฐœ์ƒํ•˜๋Š” ์ด์œ  ์ค‘ ํ•˜๋‚˜๋Š” Harrod-Balassa-Samuelson ํšจ๊ณผ์ด๋‹ค. ์ด ์ด๋ก ์€ ๋‘ ์ง€์—ญ์˜ ๋ฌด์—ญ์žฌ์™€ ๋น„๋ฌด์—ญ์žฌ ๋ถ„์•ผ์—์„œ์˜ ์ƒ์‚ฐ์„ฑ ๊ฒฉ์ฐจ๊ฐ€ ์žฅ๊ธฐ์ ์œผ๋กœ ๊ฐ€๊ฒฉ ๊ฒฉ์ฐจ๋กœ ์ด์–ด์ง„๋‹ค๊ณ  ์ฃผ์žฅํ•œ๋‹ค. ๋˜ ๋‹ค๋ฅธ ์ด์œ ๋Š” ๊ฑฐ๋ฆฌ๋กœ ๋Œ€์ฒด๋˜๋Š” ๊ตํ†ต๋น„์ด๋‹ค. ๋ณธ ์—ฐ๊ตฌ์—์„œ๋Š” ํŒจ๋„๋ฐ์ดํ„ฐ์— ๋Œ€ํ•œ ํšŒ๊ท€๋ถ„์„์„ ํ†ตํ•ด ๊ฑฐ๋ฆฌ์™€ ์ƒ์‚ฐ์„ฑ ๊ฒฉ์ฐจ๊ฐ€ ๊ฐ€๊ฒฉ๊ฒฉ์ฐจ์— ๊ฐ–๋Š” ์˜ํ–ฅ๋ ฅ์„ ์‚ดํŽด๋ณธ๋‹ค. ์ „ ๊ธฐ๊ฐ„์— ๊ฑธ์ณ ๋‘ ๊ฐ€์ง€ ๋ณ€์ˆ˜๋Š” ์œ ํšจํ•œ ๊ฒƒ์œผ๋กœ ๋ฐํ˜€์กŒ์œผ๋ฉฐ, ๊ฑฐ๋ฆฌ์˜ ๊ฒฝ์šฐ๋Š” 1991๋…„ ์ธ๋„ ๊ฒฝ์ œ ๊ฐœ๋ฐฉ ์ดํ›„์— ๊ทธ ์˜ํ–ฅ๋ ฅ์ด ๋”์šฑ ์ปค์ง€๊ณ  ์žˆ๋‹ค. ์ƒ์‚ฐ์„ฑ ๊ฒฉ์ฐจ์˜ ๊ฒฝ์šฐ์—๋Š” ๊ฐœ๋ฐฉ ์ดํ›„์— ์œ ํšจํ•œ ๊ฒƒ์œผ๋กœ ๋‚˜ํƒ€๋‚œ๋‹ค. ์ด๋Ÿฌํ•œ ์š”์ธ๋“ค์ด ์ธ๋„์˜ ์‹œ์žฅ ํ†ตํ•ฉ์„ ๋ฐฉํ•ดํ•˜๊ณ  ์žˆ์ง€๋งŒ, ํŒจ๋„๋ฐ์ดํ„ฐ ์‹œ๊ฐ„ ๊ณ ์ • ํšจ๊ณผ(time fixed effect)์˜ ์ถ”์„ธ ๋ถ„์„์„ ํ†ตํ•ด์„œ ํ˜„์žฌ ์ธ๋„๋Š” ๋‹จ์ผ ์‹œ์žฅ์— ๊ฐ€๊นŒ์›Œ์ง€๊ณ  ์žˆ์Œ์„ ์•Œ ์ˆ˜ ์žˆ๋‹ค.The aim of this paper is to find out if the law of one price(LOP) is holding in India and if India is moving toward a single market. Furthermore, this study tries to figure out reasons for the violation of Purchasing Power Parity(PPP) in India. The concept of single market used in this study is same as the one adopted by European Union. It means four fundamental freedom in movement of goods, services, capital and people. Based on the concept, India is currently not a single market, due to fiscal charges and non-tariff barriers. Through data analysis, persistent price differential is observed across regions in India. One of the explanations for such violation of LOP is Harrod-Balassa-Samuelson hypothesis. It argues that productivity differential between traded and non-trade sectors of different regions lead to price differential. And the other is transportation cost, proxyed by distance. We examined determinants of price differential and convergence trend by running regression of panel data. The analysis is carried out at city and state level, respectively, and before and after the economic liberalization in 1991. Both productivity difference and distance turns out to be statistically significant variable. The results also reveals that impact of distance and productivity differential both increases after 1991. Thus, India is, currently, spatialy segregated and H-S-B hypothesis holds in India. By examining time fixed effect, however, clear price convergence trend is also observed. In conclusion, distance and productivity differential between regions have functioned as impediments to market integration of India, however, it is getting closer to a single market.Abstract i Table of Contents iv List of Figures v List of Tables vi I. Introduction ๏ผ‘ II. Theoretical Background and Literature Review ๏ผ“ III. Data and Descriptive Data Analysis ๏ผ– 1. Data ๏ผ– 2. Descriptive analysis ๏ผ˜ IV. Determinants of Price differences and Convergence trend ๏ผ‘๏ผ” 1. City Level ๏ผ‘๏ผ” 2. State level ๏ผ‘๏ผ— V. Conclusion and Implication ๏ผ‘๏ผ™ References ๏ผ’๏ผ’ Appendix A : States and Cities covered in this study๏ผ’๏ผ– ๊ตญ๋ฌธ ์ดˆ๋ก ๏ผ’๏ผ˜Maste
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