Energy and growth in an open economy: the Korean case

Journal Article · Mon Aug 01 04:00:00 EDT 1983 · J. Energy Dev.; (United States)

OSTI ID:6060086

Kim, I

This article examines the relationships between energy and economic growth in Korea. The authors set up two related theoretical models in the context of a small, open economy--a long-term open-economy growth model and a short-term macroeconomic stabilization model. The long-term open-economy growth model is a simple extension of the Solow classical, one-sector growth model to an open-economy growth model with foreign borrowing. They then introduce an energy shock, an oil price increase, into the model and examine the effects on the economy's long-term variables such as capital accumulation, domestic savings, and foreign borrowing. The second model treats the overall short-term effects of the oil shock on the balance of trade, prices, and output in the economy. Having analyzed the theoretical long-term and short-term effects, the authors examine the actual experience of the Korean economy.

• Research Organization: Korea Development Inst., Seoul
• OSTI ID: 6060086
• Journal Information: J. Energy Dev.; (United States), Journal Name: J. Energy Dev.; (United States) Vol. 9:1; ISSN JENDD
• Country of Publication: United States
• Language: English

Related Subjects

29 ENERGY PLANNING, POLICY, AND ECONOMY
290200* -- Energy Planning & Policy-- Economics & Sociology
ACCOUNTING
ASIA
CAPITAL
DEVELOPING COUNTRIES
ECONOMIC ANALYSIS
ECONOMIC GROWTH
ECONOMICS
ENERGY ACCOUNTING
ENERGY ANALYSIS
ENERGY SHORTAGES
ENERGY SOURCES
FOSSIL FUELS
FUELS
MATHEMATICAL MODELS
PETROLEUM
PRICES
REPUBLIC OF KOREA
SHORTAGES
TRADE