The effects of oil price on regional economies with different production structures: A case study from Korea using a structural VAR model

Title
The effects of oil price on regional economies with different production structures: A case study from Korea using a structural VAR model
Author(s)
박추환이석규정모
Keywords
MACROECONOMY RELATIONSHIP; SHOCKS
Issue Date
201112
Publisher
ELSEVIER SCI LTD
Citation
ENERGY POLICY, v.39, no.12, pp.8185 - 8195
Abstract
This study analyzes the effects of oil price fluctuations on regional macroeconomic variables with a structural VAR model. We classified fifteen metropolitan cities and provinces of Korea into four major regions (Capital, Central, Honam, and Gyeongsang) and examined the effects of oil price fluctuations on the economy of these regions. The results in the short- and long-term lag structures show a negative response to industrial production and price. The Capital region is less affected by oil price fluctuations than the other three provincial regions. We concluded that the government should focus on creating an industrial environment to accumulate production factors and technologies in oil price-sensitive regions. (C) 2011 Elsevier Ltd. All rights reserved.
URI
http://hdl.handle.net/YU.REPOSITORY/24202http://dx.doi.org/10.1016/j.enpol.2011.10.018
ISSN
0301-4215
Appears in Collections:
상경대학 > 경제금융학부 > Articles
공과대학 > 전기공학과 > Articles
공과대학 > 기계공학부 > Articles
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