Economic growth and interfactor/interfuel substitution in Korea

Won G. Cho, Kiseok Nam, José A. Pagán

Research output: Contribution to journalArticle

Abstract

This paper investigates the impact of increases in oil consumption and changes in wage rates on the interfactor/interfuel substitution in Korea. A two-stage translog cost function is estimated to incorporate the feedback effect between the interfactor and interfuel substitution. Empirical results show that the substitutability/complementarity relationships among factors and fuels exhibit substantially different patterns before and after 1989.

Original languageEnglish (US)
Pages (from-to)31-50
Number of pages20
JournalEnergy Economics
Volume26
Issue number1
DOIs
StatePublished - Jan 2004

Keywords

  • Developing country
  • Economic growth
  • Interfactor/interfuel substitutability

ASJC Scopus subject areas

  • Economics and Econometrics
  • Energy(all)

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