The effect of change in exchange rates on an economy is very important, especially, to a small open economy like South Korea. I explore whether Free Trade Agreements (FTAs) have positive influences on exchange rate-pass through import price of import market for fishery products in South Korea. Competition among FTA partners is enhanced after FTAs are effective. I expect that the extent to which are exchange rate pass-through (hereafter, ERPT) into import price of fishery products (in terms of Korea currency) would be reduced since the import market for fishery products in South Korea is an oligopolistic market. Specifically, I　investigate two research questions with six South Korea’s FTA partners─Norway, Thailand, Peru, U.S., China and Vietnam. First, whether the extent to which are exchange rate pass-through into import price of fishery products from six FTA partners would decrase in the post-FTA era; seconds, the size of reduction has a negative relation with the size of their market share in the import market for fishery products in South Korea if it decreases. The empirical results indicate that the degree of ERPT into import price from other FTA partners than Norway has been reduced after FTA, statistically and significantly; however, I do not find the evidence that the size of reduction is related to their market share. The findings in this study imply that FTAs have negative effects on producers’ economic welfare in South Korea’s fishery industry by reducing the extent to which are exchange rate pass-through as well as reducing tariff barriers.

Abstract
I. 서 론
Ⅱ. FTA 발효와 국내 수산물 수입시장
Ⅲ. 이론적 모형 및 선행연구
    1. 이론적 모형: 환율전가도
    2. 선행연구
Ⅵ. 실증분석 모형 및 실증분석 자료
    1. 실증분석 모형
    2. 자료수집 및 기초통계분석
Ⅴ. 실증분석 결과
    1. 단위근 검정
    2. 공적분 검정
    3. FTA 발효국별 수입 수산물 가격의 장기균형 관계
    4. FTA 발효국별 수입 수산물 가격의 단기 균형관계
Ⅵ. 결 론
REFERENCES

• 임은선(부경대학교 국제통상학부 조교수) | Eun-Son Lim (Assistant Professor, Division of International Commerce, Pukyong National University, 48513, Rep. of Korea) Corresponding Author