• The Journal of Asian Finance, Economics and Business
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• 제7권1호
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• pp.101-110
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• 2020

Energy and energy consumption play an important role in strategies for socio-economic development of the country. In 1995, Vietnam officially entered the 500 kV North-South transmission power line exploits, with a full length of 1,487 km. The purpose of this study is to investigate the breakpoint and the transition effect of energy consumption to economic growth in Vietnam during the period of 1980-1994, and 1995-2016. The Autoregressive Distributed Lag (ARDL) approach and the Bounds test are used to test for the presence of cointegration, whereas the Toda and Yamamoto procedure Granger causality test is used for the direction of causality. The result of the Bounds test validates the existence of cointegration among the included variables. The empirical results provide evidence that energy consumption has a positive impact on the economic growth of Vietnam in the long run. The causality test shows that there is bi-directional causality between energy consumption and economic growth, supported feedback hypothesis. There is a breakpoint in 1995 and the contribution of energy consumption in economic growth in the period of 1995-2016 is lower than the stage 1980-1994. This study suggests Government authorities explore new sources of energy to achieve sustainable economic development in the long run.

• Ocean and Polar Research
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• 제40권4호
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• pp.271-280
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• 2018

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.

• Asia Pacific Journal of Business Review
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• 제7권1호
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• pp.23-47
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• 2022

Environmental pollution is becoming more and more serious, and people gradually realize the harmfulness of environmental pollution, so they pay more and more attention to environmental problems. Also, the conflict between environmental issues and economic growth, and the renewable energy consumption is increasing. The emergence of renewable energy in China has improved the problem of energy shortages and further protects the environment. This article studied the renewable energy resources and the status quo of development and utilization, examined China's renewable energy development countermeasures and suggestions, and conducted an empirical analysis of the effect of renewable energy on economic growth in China. The empirical research concluded that energy consumption and renewable energy consumption have a positive and significant impact on economic growth, and the driving effect of traditional energy on GDP growth is still greater than the driving effect of renewable energy on GDP growth.

• 수산경영론집
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• 제37권3호
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• pp.109-130
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• 2006

Rapid economic development has led seafood consumption to its quality - oriented pattern as well as consumer's in China. This study concerns about The First, China is Seafood development background. The Second, China become emboldened seafood causes. The third, seafood consumption has characteristic. The fourth, seafood consumption has the organization of society. The study shows that there are economic developmental periods Chinas has three time. The First time$(1961\sim1983)$ is rapid growth. The Second time$(1984\sim1998)$ is growth accumulate. The third time$(1999\sim)$ is changing on seafood consumption as the consumption of seafood is changed according to economic variables changes in income, price, tastes and population. This changing pattern of seafood consumption is based on economic variables appears toward luxury and convenience seafoods. Consumption of food is also affected by non - economic variables. The most typical non - economic variables leading to changes of seafood consumption is local, seafood culture, $et{\ldots}$ Recently seafood consumption pattern shows that consumers paying more money to get their seafood preference for pursuing its hight growth and varienty.

• 유통과학연구
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• 제18권1호
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• pp.71-83
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• 2020

Purpose: Because the energy consumption, economic growth and logistics development are still the heated topics which have attracted many scholars' interests. Therefore, this paper attempts to analyze the effect of logistics development on the economic growth, explore the effect of the economic growth on energy consumption and to discuss the effect of the logistics development on energy intensity. Research design, data and methodology: Using the panel data over the period 2000-2017 of 156 countries and employing the country & year fixed effect model, system generalized method moments and random effect model, the empirical analyses of this propositions are performed. Results: The empirical findings present that the logistics development is positively related to the economic growth. The energy consumption in the t-1 period and economic growth are positively related to the current energy consumption. The logistics development is negatively related to the energy intensity. Meanwhile, the empirical findings also indicate that there is a great difference about these effects among the four sub-samples (low income 18 countries, low middle income 49 countries, upper middle income 44 countries, high income 49 countries). Conclusions: Based on the evidences in this paper provided, we can find that these variables can affect each other.

• 아태비즈니스연구
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• 제14권4호
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• pp.305-318
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• 2023

Purpose - This study analyzed the decoupling phenomenon between energy consumption and economic growth in Korea from 1990 to 2021. The main purpose of this study is to suggest policy implications for achieving a low-carbon society and decoupling that Korea must move forward in the face of the climate change crisis. Design/methodology/approach - This study investigated the relationship between energy consumption and economic growth by energy source and sector using the energy-EKC (EEKC) hypothesis which included the energy consumption on the traditional Environmental Kuznets Curve (EKC), and the impulse response function (IRF) model based on Bayesian vector auto-regression (BVAR). Findings - During the analysis period, the trend of decoupling of energy consumption and economic growth in Korea is confirmed starting from 1996. However, the decoupling tendency appeared differently depending on the differences in energy consumption by sources and fields. The results of the IRF model using data on energy consumption by source showed that the impact of GDP and renewable energy consumption resulted in an increase in energy consumption of bio and waste, but a decrease in energy consumption by sources, and the impact of trade dependence was found to increase the consumption of petroleum products. Research implications or Originality - According to the main results, efficient distribution by existing energy source is required through expansion of development of not only renewable energy but also alternative energy. Additionally, in order to increase the effectiveness of existing energy policies to achieve carbon neutrality, more detailed strategies by source and sector of energy consumption are needed.

• 에너지공학
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• 제23권3호
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• pp.66-71
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• 2014

Oil is obviously vital for economic growth and industry development. This paper attempts to explore whether or not there is a inverted-U relationship between oil consumption and economic growth. To this end, we employ a panel data analysis with fixed effect or random effect models using the set of data from 61 countries for the year 1990-2008. In conclusion, a statistically significant inverted-U relationship between per capita consumption of oil and per capita GDP is found. However, the level of per capita GDP at the peak point of per capita oil consumption is estimated to be 65,072 in 2005 international constant dollars, which is much larger than economic scales of sampled countries. Thus, as per capita GDP grows, per capita oil consumption is predicted to increase until eventually reaching the peak.

• The Journal of Asian Finance, Economics and Business
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• 제8권3호
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• pp.79-90
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• 2021

This study aims to investigate the relationship between urbanization, economic growth, energy consumption, and CO2 emissions in Indonesia. The data used in the study are time-series data for the period 1985-2017; the data utilized are sourced from World Development Indicators obtained on the World Bank database. The method uses a quantitative approach that applies the vector error correction model based on the Granger causality test. The empirical results reveal that, in the short run, there is evidence that urbanization and energy consumption can causes CO2 emissions, and they also prove that urbanization can cause energy consumption. Also, other findings prove the existence of long-run relationships flowing from energy consumption, economic growth, and CO2 emissions toward urbanization, as well as the existence of the relationship flowing from urbanization, economic growth, and CO2 emissions towards energy consumption. The results of testing the relationship between economic growth and CO2 emissions reveal that the environmental Kuznets curve hypothesis is proven in Indonesia. Thus, policies are needed to limit the impact of urbanization through high awareness-raising to maintain environmental quality and greater use of energy. Also, energy conservation policies are needed in all sectors, especially the electricity, industry, and transportation sectors.

• 유통과학연구
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• 제11권10호
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• pp.55-62
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• 2013

Purpose - The purpose of this study is to suggest a risk factor that significantly explains foreign currency risk premia. In recent years, some studies have found that the performance of the simultaneous consumption risk model improves considerably when tested on foreign currency portfolios, which are constructed based on the international interest rates differentials. However, this paper focuses on the long-run consumption risk factor. In our empirical research, we found that the real excess returns of high interest rate currency portfolios depreciate on average, when the future American long-run consumption growth rate appears low. This makes the high interest rate currency portfolios have relatively high risk premia. Meanwhile, the real excess returns of low interest rate currency portfolios appreciate on average, under the same conditions, which results in relatively low risk premia for these portfolios. Therefore, this long-run consumption risk factor might explain why low interest rate currencies do not appreciate as much as the interest rate differential, and why high interest rate currencies do not depreciate as much as the interest rate differential. Research design, data, methodology - In our explanation, we provide new evidence on the success of long-run consumption risks in currency risk premia by focusing on the long-run consumption risks borne by American representative investors. To uncover the hidden link between exchange rates and long-run consumption growth, we set the eight currency portfolios as our basic assets, which have been built based on the foreign interest rates of eighty countries. As these eight currency portfolios are rebalanced every year, the first group always contains the lowest interest rate currencies, and the last group contains the highest interest rate currencies. Against these basic eight currency portfolios, we estimate the long-run consumption risk model. We use recursive utility framework and the stochastic discount factor that depends on the present value of expected future consumption growth rates. We find that our model is optimized in the two-year period of constructing the durable consumption expectation factor. Our main results surprisingly surpass the performance of the existing benchmark simultaneous consumption model in terms of R², relatively risk aversion coefficient γ, and p-value of J-test. Results - The performance of our model is superior. R², relatively risk aversion coefficient γ, and p-value of J-test of our long-run durable consumption model are 90%, 93%, and 65.5%, respectively, while those of EZ-DCAPM are 87%, 113%, and 62.8%, respectively. Thus, we can speculate that the risk premia in foreign currency markets have been determined by the long-run consumption risk. Conclusions - The aggregate long-run consumption growth risk explains a large part of the average change in the real excess returns of foreign currency portfolios. The real excess returns of high interest rate currency portfolios depreciate on average when American long-run consumption growth rate is low, and the real excess returns of low interest rate currency portfolios appreciate under the same conditions. Thus, the low interest rate currency portfolios allow investors to hedge against aggregate long-run consumption growth risk.

• 대한전기학회:학술대회논문집
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• 대한전기학회 2005년도 추계학술대회 논문집 전력기술부문
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• pp.151-155
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• 2005

An electricity consumption is closely related to the economic growth structure. The change of economic growth structure affects the pattern of electricity consumption widely and severely. This paper gives that the primary changing factors of electricity growth are economic growth, change of industry structure(the change of electricity consumption ratio in case of residential sector), and the effect of electricity saying. It gives a model to analyze the influence of GDP to the change of electricity consumption patterns by sector through the period of pre and post 1998(IMF, financial crisis) to observe the contribution of each factor to the growth of electricity demand. It is anticipated that this study shows the feasible scheme of economic structure to become the developed country.