The role of the oil industry in the Korean national economy: An input-output analysis

J. Y. Heo, S. H. Yoo, S. J. Kwak

    Research output: Contribution to journalArticlepeer-review

    14 Citations (Scopus)

    Abstract

    The oil industry has played an important role in the economic development of Korea, but recent skyrocketing oil prices are likely to stunt the Korean economy and prevent it from advancing in the long run. This article attempts to apply input-output (I-O) analysis to investigate the role of the oil industry in the Korean national economy. A static I-O framework is employed, focusing on three topics in its application: the impact of oil supply investment on the production of other sectors and the inter-industry linkage effect; the oil supply shortage effect; and the impact of the rise in oil rate on prices of other products. This article pays particular attention to the oil industry sector by taking the sector as exogenous and then investigating its economic impacts. Moreover, potential uses of the results are illustrated from the perspective of policy instruments and some policy implications are discussed.

    Original languageEnglish
    Pages (from-to)327-336
    Number of pages10
    JournalEnergy Sources, Part B: Economics, Planning and Policy
    Volume5
    Issue number4
    DOIs
    Publication statusPublished - 2010 Oct

    Keywords

    • Korea
    • exogenous specification
    • input-output analysis
    • oil industry

    ASJC Scopus subject areas

    • General Chemical Engineering
    • Fuel Technology
    • Energy Engineering and Power Technology

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