• KDI Journal of Economic Policy
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• v.17 no.3
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• pp.3-54
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• 1995

외환(外換) 및 자본자유화(資本自由化)의 진전에 따라 환율(換率)의 변동폭이 커지면서 환율(換率)이 국제수지(國際收支)에 미치는 영향에 대한 관심이 높아지고 있다. 환율(換率)이 국제수지(國際收支)에 미치는 효과는 일차적으로 우리나라 수출입함수(輸出入函數)의 가격탄력성(價格彈力性)에 의해 결정되므로 정확한 탄성치(彈性値)를 추정하는 일은 이론적으로나 정책적으로 매우 중요한 의미를 갖는다. 본고에서는 우리나라 수입함수(輸入函數)의 소득(所得) 및 가격탄성치(價格彈性値) 추정에 있어서 사용 가능한 두가지의 가격지수(價格指數), 즉 수입단가(輸入單價)와 수입물가(輸入物價) 중 어느 것을 사용하는 것이 바람직한 것인지를 살펴보고 이중 이론적으로 우월한 지수를 이용하여 수입함수(輸入函數)의 소득(所得) 및 가격탄성치(價格彈性値)를 추정하고자 하였다. 분석으로부터 얻는 중요한 결론(結論)은, 우리나라의 경우 수입함수(輸入函數)의 분석에 있어서 수입단가(輸入單價)보다는 수입물가(輸入物價)를 이용하는 것이 더 적합하리라는 점이다. 이는 또한 우리나라 실질(實質)GNP의 추계에 있어서 현재의 수입단가(輸入單價) 이용방식에서 수입물가(輸入物價) 이용방식으로 편제방법을 바꾸는 것이 바람직하다는 것을 의미한다. 이같은 결론은 이론적, 실증적인 변에서 아래와 같은 네가지 이유에 근거한다. 먼저 이론적인 면에서는 첫째, 수입단가(輸入單價)가 물가지수(物價指數)로서 갖추어야 할 통계적 일관성을 갖추지 못하고 있다는 점을 지적할 수 있다. 즉 수입단가(輸入單價)는 어느 일정 규격조건(規格條件)의 상품가격(商品價格)을 일관성 있게 추적하는 것이 아니므로 잡다한 품질규격의 평균가격(平均價格)으로 나타날 가능성이 높으며 이러한 변에서 가격변화(價格變化)를 정확히 반영하지 못한다. 둘째, 수입단가지수(輸入單價指數)는 가격변화(價格變化)가 전혀 없을 때에도 총수입(總輸入)의 품목별 구성(構成)이 바뀌면 변동하는 속성을 지니고 있어 가격변동(價格變動) 상황(狀況)을 오도할 가능성을 지니고 있다. 다음으로 실증적인 면에서는 첫째, 수입단가(輸入單價)를 이용한 수입함수(輸入函數)에서는 가격변수(價格變數)의 계수(係數)가 이론상 기대되는 것과는 반대되는 부호를 가짐으로써 수입함수(輸入函數))로서의 기본적인 요건을 만족시키지 못하는 것으로 나타나고 있다. 둘째, 단가지수(單價指數)를 이용한 경우 소득(所得)과 상대가격(相對價格)을 회귀변수로 하는 수입함수(輸入函數)에서 장기안정적인 균충관계(均衝關係)가 존재하지 않은 것으로 판명되었다. 반면 수입물가(輸入物價)를 이용한 수입함수(輸入函數)에서는 각 변수의 계수(係數)가 이론적 기대치에 부합하였으며 장기안정적인 균충관계(均衝關係)가 성립하는 것으로 나타나고 있다. 한편 미국에서는 수출입단가지수(輸出入單價指數)의 문제점에 대한 오랜 연구 결과, 1989년부터 단가지수(單價指數)의 편제를 아예 중단하는 조치를 취한 바 있으며, GNP추계에 있어서도 종래의 수출입단가(輸出入單價) 대신 수출입물가(輸出入物價)를 이용하는 방식으로 그 편제방법을 변경한 바 있다.

• Environmental and Resource Economics Review
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• v.5 no.1
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• pp.67-86
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• 1995

제지 및 판지산업에서 생산원료로 사용되고 있는 펄프가 폐지와 대체가능하다면 폐지의 의무사용량을 늘이는 정책은 매립지문제 뿐만 아니라 산림자원보호와 공해방지 측면에서 효과적인 방안이 될 수 있다. 일반적으로 미국의 제지 및 판지공장에서 사용되는 펄프는 수직적으로 합병된 펄프공장에서 지급되어 중간재로서의 펄프의 시장가격이 존재하지 않기 때문에 펄프와 폐지의 대체탄력성을 측정하기 위하여 펄프량을 이윤이 극대화되는 수준으로 고정시킨 후, 제약이윤함수(制約利潤函數)를 추정한 결과, 펄프와 폐지는 대체가능한 것으로 나타났다.

• Environmental and Resource Economics Review
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• v.24 no.4
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• pp.727-745
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• 2015

This paper analyzes the firms' optimization behavior in response to rising demand for non-priced renewable energy in the manufacturing industries by using an input distance function. The annual estimates of the shadow price of renewable energy is derived and the trend of its shadow price over time is analyzed. The degree of substitution of renewable energy for fossil-fuels is examined. The input-based Malmquist productivity index, defined as a composite of the technical efficiency and technical change measures, is measured. The contribution of renewable energy input growth to the Malmquist index is analyzed. Empirical results indicate that the shadow price of renewable energy declined at an average annual rate of 17% over the period 1992-2012. Substitutability between renewable energy and fossil-fuels was limited. On average, a 1% increase in renewable energy would decrease Malmquist index by 0.04% per year.

• Journal of Korean Society of Transportation
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• v.23 no.8 s.86
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• pp.67-75
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• 2005

This study analyzed the relationships between expenditures on transportation and those on communications, using consumer expenditure data from the U.S. for the 19 years 1984-2002. We first identified 12 categories of goods for transportation and communications, and then applied the linear approximate Almost Ideal Demand System(LA/AIDS) method for estimating consumer demand functions based on aggregating the categories to five (public transportation, personal vehicle capital, personal vehicle operation, electronic communications media, and print communications media) due to the small sample size. Expenditure and price elasticities were also calculated at mean values of expenditure shares. The results indicate that transportation and communications categories have both substitutive(e.g. public transportation and electronic communications media) and complementary(e.g. private vehicle capital and electronic communications media) relationships. Additionally, expenditures in the transportation categories are generally more income-elastic than those in communications.

• Environmental and Resource Economics Review
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• v.23 no.1
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• pp.91-132
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• 2014

We investigate the effect of ICT capital on the demands for labor and energy in manufacturing and electricity gas water industries of Korea, US, and UK. Assuming ICT capital, non-ICT capital, labor, electricity, fuel, and material as input factors for manufacturing and ICT capital, non-ICT capital, labor and energy material as input factors for electricity gas water industry, we estimate the Morishima elasticities of substitution. Considering the relative price changes of input factors, ICT capital has substituted labor in manufacturing and electricity water gas industries of the three countries. ICT capital has substituted both electricity and fuel in US and UK manufacturing. Although ICT capital has substituted electricity and fuel each other in Korean manufacturing, ICT capital is unlikely to decrease the demands for electricity and fuel when considering their relative price changes. ICT capital has substituted energy material in electricity gas water industries of the three countries.

• Environmental and Resource Economics Review
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• v.32 no.1
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• pp.27-46
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• 2023

This paper investigates how interfuel substitution affects carbon dioxide (CO₂) emissions with a focus on the use of biodiesel blended fuels. The results show that the Divisia elasticity of diesel demand is the greatest because the transportation sector relies heavily on diesel. Also, while the own-price elasticity of each fuel demand is negative, the results reveal that diesel demand is more inelastic than the demand for gasoline and LPG. Moreover, gasoline is a substitute for diesel and electricity, and diesel is a substitute for LPG and a complement for electricity. Regarding the effects on carbon dioxide emissions, this paper computes the potential CO₂ emissions associated with interfuel substitution using the coefficients of CO₂ emissions. The results show that using biodiesel blended fuels contributes to reducing CO₂ emissions, but it appears that the price-induced interfuel substitution is a main factor affecting CO₂ emissions.

• KDI Journal of Economic Policy
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• v.36 no.4
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• pp.171-205
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• 2014

This paper investigates the manner in which house prices affect macroeconomic variables through a house price channel by applying the method of Iacoviello (2005) to Korean data, and establishing a DSGE model with complementarity. This paper found that higher LTV ratio coupled with stronger complementarity results in the co-movement in both consumption and housing. For instance, the results show that when the LTV ratio and complementarity stands respectively at 50% and 0.42, an 1% rise in house prices increases consumption by 0.057%, and when the complementarity parameter increases to 0.52 with LTV remains unchanged at 50%, consumption rises by 0.047% per 1% increase in house prices. An increase in house prices leads credit constraints for borrowers to become more loose as value of a house rises as a collateral. The increase in household credit enables more consumer spending, eventually leading to increased consumption. A key link in which house prices are connected to macroeconomic variables is change in consumption. To put it simply, a rise in house prices leads to an increase in consumption, which consequently impacts the overall macro-economy. At this point, complementarity is found, in that the elasticity of intra-temporal substitution between housing and consumption is estimated at 0.42, which plays an important role in the house price channel by amplifying the effects of house prices on consumption.

• Environmental and Resource Economics Review
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• v.23 no.3
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• pp.409-434
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• 2014

This paper estimates household demand for electricity using a micro-level household expenditure data set. A two-stage estimation method where the endogenous block price estimates are obtained from a discrete block choice model is used. This method successfully identifies a downward sloping conditional demand function with the data, while both the usual two-stage method with instrumental variable estimation and the Hewitt-Hanemann discrete-continuous model fail to do that. The paper simulates the impacts of two hypothetical pricing reforms that reduce the number of blocks and make the price gap smaller. It is shown that the reform may increase the overall consumer benefit, but is regressive.

• Environmental and Resource Economics Review
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• v.22 no.1
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• pp.77-98
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• 2013

China, the world's largest $CO_2$ producer, is likely to be obligated to reduce greenhouse gas emissions under the post-Kyoto protocol. This paper estimates a Shephard input distance function for the Chinese fossil-fueled power generation sector to measure the shadow price of $CO_2$ emissions, technical efficiency, and indirect Morishima elasticities of substitution between inputs. Empirical results show that, on average, it costs approximately 3.2 US dollars per year to reduce $CO_2$ emissions by one ton over the period 1981-2009. This finding indicates that Chinese power sector is expected to benefit from selling emission permits to other countries such as Korea and Japan, given that our estimate for China is lower than the ones previous literatures estimated for the power sector in these countries. The maximum attainable average $CO_2$ reduction potential amounts to approximately 25 million tons per year by improving technical efficiency. Capital is substitutable with both coal and oil and capital is relatively more readily substituted for these fuels.

• Journal of Korea Technology Innovation Society
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• v.9 no.1
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• pp.175-198
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• 2006

Analyzing the effects of information technology(IT) in the life insurance Industry is important in establishing the direction for future information technology investment. In this research, the cost-elasticity of IT capital stock was measured by the SUR technique, using the second-order translog cost function, which was drawn out by a Taylor expansion of the multi-product joint cost function. Analysis was made based on data from 1991 to 2003 collected from 33 life insurance firms. The results show that although the effects of information technology investment vary according to individual life insurance firms, half of the life insurance firms surveyed reduced their costs by investing in information technology. The research also revealed that although large life insurance firms reduced their costs by investing in information technology medium & small life insurance firms and foreign ,life insurance firms increase their costs. Additionally, although both information capital and information labor increase as the information budget increases, the increase in information capital is larger than one in information labor. Because the price of information capital is decreased rapidly more than one of information-related labor.