I explore that South Korea’s major import fishery product markets-frozen hairtail, frozen mackerel, frozen pollock and frozen squid-are integrated by testing whether there is favorable evidence of the law of one price (LOP). Unlike previous studies on the LOP for fishery product markets, I assume non-zero import costs and include them in a trade model. To explore whether LOP holds for major import fishery product markets in South Korea with non-zero import costs, I utilize a non-linear time-series model, Smooth Transition Autoregressive (STAR) model with the sample periods from January in 2002 to December in 2019. I find that the behaviors of home-foreign price (i.e., import price) differentials of all four major import fishery products are non-linear depending on whether trade occurs and favorable evidence of LOP for each import market in South Korea. These findings indicate that each of South Korea’s major import fishery product markets is integrated. They imply that the supply of each major import fishery product-frozen hairtail, frozen pollock, frozen mackerel and frozen squid, and their prices are stable even if there is an economic shock on each market. When it comes to trade policy implications, the Korean trade policy including tariffs or quotas against their import countries for the four major import fishery products may not have influences on their price in the markets.

Abstract
Ⅰ. 서 론
Ⅱ. 국내 수입수산물 시장현황
Ⅲ. LOP와 수산물 시장통합에 관한 선행연구
Ⅳ. 실증분석 모형 및 자료수집
    1. 수입비용(import costs)과 국내-외국 수입 가격 차이(home-foreign import pricedifferential)의 관계
    2. 평활 전이 자기회귀모형(Smooth Transition Autoregressive Model(p,d): STAR(p,d))
    3. 자료수집
Ⅴ. 실증분석 결과
    1. 주요 수입 수산물품목의 국내 가격과 평균 수입가격의 차이
    2. STAR(p,d) 모형 검정결과
Ⅵ. 결 론
REFERENCES
Appendix

• 임은선(부경대학교 국제통상학부) | Eun-Son Lim (Division of International Commerce, Pukyong National University) Corresponding author