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 journalArticle

4 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 1

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Keywords

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

ASJC Scopus subject areas

  • Chemical Engineering(all)
  • Fuel Technology
  • Energy Engineering and Power Technology

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