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This paper presents the GJR GARCH model (Glosten et. al, 1993) to analyze the influences of volumevolatilities on price volatilities in the fishery market. For the analysis, this study used the monthly price and volume data of aquacultural flatfish in Jeju. As a result, empirical analysis suggested volatility clustering. The persistency parameter( ) was estimated to be approximately 1 in aquacultural flatfish. The results showed that there is a significant negative relationship between the conditional variance of supply and that of price for aquacultural flatfish.This means that the general law of supply is valid. Finally, the empirical analysis was that an asymmetric coefficient ( ) of GJR GARCH model was negative (-). This means that the higher volatility of volume leads to lower pricevolatility. That is, it is useful to make government policies that can adjust the volume (stockpiling, stabilizing supply and demand). Key Words : GJR GARCH, Price Volatilities, Volume Volatilities, Fishery Market, Aquacultural Flatfish, Volatility Clustering

Influences of Volume Volatilities on Price Volatilities in the Fishery Market