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pp.153-167
This paper analyses the impact of extreme climate events’ annual variation in temperature and precipitation on agricultural land values with a panel data of 49 municipalities for 1992-2010 based upon a Ricardian approach in order to consider the short and long-term impacts of climate change. The estimates indicate that heavy rainfall-related extreme climate events negatively affect agricultural land values. However, summer-related extreme events in temperature are negatively related to agricultural land values, while winter-related ones in temperature have a positive impact on them except for extreme cold wave in the daytime. This result confirms that temperature-related variables are more significant than precipitation-related ones in explaining and measuring the economic effect of global warming and extreme climate events on agriculture in Korea.
