Endogeneity and Structural Change in Korean Meat Demand

The endogeneity of prices and quantities and structural change in Korean meat demand are tested in this paper. Both Almost Ideal Demand System(AIDS) and Inverse Almost Ideal Demand System(IAIDS) are estimated using quarterly data from 1991 through 2001. The results of Hausman's specification tests show that prices of domestic beef and import beef in AIDS and quantities of domestic beef and pork in IAIDS appear to be endogenous. The results of Wald tests indicate that there was a structural change caused by the Korean financial crisis in 1997