Browse > Article
http://dx.doi.org/10.4217/OPR.2018.40.4.271

Causality Analysis of Oil Consumption, Oil-spills, and Economic Growth in Korea  

Jin, Se-Jun (Graduate School of Energy and Environment, Seoul National University of Science and Technology)
Park, Se-Hun (Ocean Policy Institute, Korea Institute of Ocean Science & Technology)
Yoo, Seung-Hoon (Graduate School of Energy and Environment, Seoul National University of Science and Technology)
Publication Information
Ocean and Polar Research / v.40, no.4, 2018 , pp. 271-280 More about this Journal
Abstract
The purpose of this study is to examine the causal relationship among oil consumption, oil-tanker accidents, and economic growth, and to derive policy implications from the results. Therefore, this paper attempts to analyze the short term, long term, and strong causality factors pertaining to the relationship between oil consumption, oil-tanker accidents, and economic growth in Korea using time-series techniques and annual data for the 1984-2016 period. Tests for unit roots, co-integration, and Granger-causality based on an error-correction model are presented. The results show that bidirectional causality exists between oil consumption and oil-tanker accidents, between economic growth and oil consumption, and between oil-tanker accidents and economic growth. The study shows that oil was used as a core energy source during the rapid economic growth of Korea in the past, and that this caused the number of oil-tanker accidents to rise as oil consumption increased.
Keywords
oil consumption; oil-spills; economic growth; causality; error-correction model;
Citations & Related Records
연도 인용수 순위
  • Reference
1 Geweke J, Meese R, Dent W (1983) Comparing alternative tests for causality in temporal systems: analytic results and experimental evidence. J Econometrics 21:161-194   DOI
2 Granger CWJ (1969) Investigating causal relation by econometrics and cross-sectional method. Econometrica 37:424-438   DOI
3 Jin SJ, Lim SY, Yoo SH (2016) Causal relationship between oil consumption and economic growth in Ecuador. Energ Source Part B 11:782-787   DOI
4 Johansen S, Juselius K (1990) Maximum likelihood estimation and inference on cointegration with applications to the demand for Money. Oxford B Econ Stat 52:169-210
5 Lee CC, Chang CP (2005) Structural breaks, energy consumption, and economic growth revisited: evidence from Taiwan. Energ Econ 27:857-872   DOI
6 Pantula SG, Gonzalez-Farias G, Fuller WA (1994) A comparison of unit-root test criteria. J Bus Econ Stat 12:449-459
7 Phillips PCB, Perron P (1988) Testing for a unit root in time series regression. Biometrika 75:335-346   DOI
8 Schwert GW (1989) Tests for unit roots: a monte carlo investigation. J Bus Econ Stat 7:147-159
9 Stock JH, Watson MW (1989) Interpreting the evidence in money-income causality. J Econometrics 40:161-182   DOI
10 Toda HY, Phillips PCB (1993) Vector autoregressions and causality. Econometrica 61:1367-1393   DOI
11 Usama AM (2011) Oil consumption, $CO_2$ emission and economic growth in MENA countries. Energy 36:6165-6172   DOI
12 Waleed A, Akhtar A, Pasha AT (2018) Oil consumption and economic growth: evidence from Pakistan. Energ Source Part B 13:103-108   DOI
13 Wolde-Rufael Y (2004) Disaggregated industrial energy consumption and GDP: the case of Shanghai, 1952-1999. Energ Econ 26:69-75   DOI
14 Yang HY (2000) A note on the causal relationship between energy and GDP in Taiwan. Energ Econ 22:309-317   DOI
15 Yoo SH (2006) Oil consumption and economic growth: evidence from Korea. Energ Source Part B 1:1181-1189
16 Yuan JH, Kang JG, Zhao CH, Hu ZG (2008) Energy consumption and economic growth: evidence from China at both aggregated and disaggregated levels. Energ Econ 30:3077-3094   DOI
17 Zou G, Chau KW (2006) Short- and long-run effects between oil consumption and economic growth in China. Energ Policy 34:3644-3655   DOI
18 Korea Energy Economics Institute (2002) Year book of energy statistics. Korea Energy Economics Institute, 124 p
19 Korea Energy Economics Institute (2012) Year book of energy statistics. Korea Energy Economics Institute, 92 p
20 Korea Energy Economics Institute (2007) Year book of energy statistics. Korea Energy Economics Institute, 72 p
21 Korea Energy Economics Institute (2017) Year book of energy statistics. Korea Energy Economics Institute, 100 p
22 Yoo SH, Jung KO (2004) A causality analysis of electricity consumption and economic growth in Korea. J Ind Econ Bus 17(1):81-94
23 Yoo SH, Yang CH (2006) The causal analysis of electricity consumption and economic growth in Indonesia. J Asian Stu 9(2):197-218
24 Statistics Korea (2018) Korean statistical information service. http://kosis.kr/index/index.do Accessed 17 Apr 2018
25 Jin SJ, Ahn SY, Yoo SH (2016) Energy consumption, $CO_2$ emission and economic growth: evidence from philippines. J Asian Stu 19(8):39-68   DOI
26 Bank of Korea (2018) Economic statistics system. http://ecos.bok.or.kr Accessed 17 Apr 2018
27 Korea Coast Guard (2004) Marine pollution control casebook. Korea Coast Guard, Seoul, 190 p
28 Aqueel A, Butt MS (2001) The relationship between energy consumption and economic growth in Pakistan. Asian-Pacific Dev J 8:101-110
29 British Petroleum (2018) Statistical review of world energy. http://www.bp.com/en/global/corporate/energy-economics/statistical-review-of-world-energy.html Accessed 17 Apr 2018
30 Choi HY, Yoo SH (2016) Oil consumption and economic growth: the case of Brazil. Energ Source Part B 11:705-710   DOI
31 Dickey DA, Fuller WF (1979) Distribution of the estimators for AR time series with a unit root. J Am Stat Assoc 74:427-431
32 Fatai K, Oxley L, Scrimgeour FG (2004) Modelling the causal relationship between energy consumption and GDP in New Zealand, Australia, India, Indonesia, the Philippines and Thailand. Math Comput Simulat 64:431-445   DOI
33 Engle RF, Granger CWJ (1987) Cointegration and error correction: representation, estimation and testing. Econometrica 55:251-276   DOI