Environmental and Resource Economics Review (자원ㆍ환경경제연구)
- Volume 10 Issue 4
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- Pages.495-513
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- 2001
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- 1229-9146(pISSN)
Measuring the Economic Impact of the Energy Price Changes in Korea
에너지가격변화의 경제적 효과에 관한 연구
Abstract
We investigate a practical method of calculating the impact of multiple domestic energy price change on the final demand, production, the export and import change, the change in the balance of payment of Korean economy. By combining an existing computable general equilibrium (CGE) model with the traditional input-output analysis with two additional assumptions on the price behavior, we provide a cost-effective method of analyzing the impact of multiple energy price changes on the domestic economy. The energy price shock we used in this paper is 0.127% increase weighted by the sectoral productions. The total impacts on price level and GDP are 1.258% and -0.940%, respectively. The impact on the total output (GDP and intermediate goods) is about -1.580%.
Keywords