Economic growth and interfactor/interfuel substitution in Korea

Won G. Cho, Kiseok Nam, Jose Pagan

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 - 2004

Fingerprint

Substitution reactions
Economics
Wages
Cost functions
Feedback
Korea
Economic growth
Interfuel substitution
Oils
Factors
Wage rate
Empirical results
Oil
Feedback effect
Substitutability
Complementarity
Translog cost function

Keywords

  • Developing country
  • Economic growth
  • Interfactor/interfuel substitutability

ASJC Scopus subject areas

  • Economics and Econometrics
  • Energy(all)

Cite this

Economic growth and interfactor/interfuel substitution in Korea. / Cho, Won G.; Nam, Kiseok; Pagan, Jose.

In: Energy Economics, Vol. 26, No. 1, 2004, p. 31-50.

Research output: Contribution to journalArticle

Cho, Won G. ; Nam, Kiseok ; Pagan, Jose. / Economic growth and interfactor/interfuel substitution in Korea. In: Energy Economics. 2004 ; Vol. 26, No. 1. pp. 31-50.
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