This article presents an empirical analysis of the import demand for certain information technology products in Korea. These products have been recognized as essential for further economic growth in Korea, as the Korean government aims to transform the economy into one based on information technology. The unrestricted error correction model is used to derive the long run price and income elasticities of import demand, considering the small sample size. The price elasticities are revealed to be quite high in all cases, implying that lowering of the tariff rates would increase the import of those products substantially.
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