The impact of oil prices on income and energy

Yong U. Glasure, Aie Rie Lee

Research output: Contribution to journalArticle

12 Scopus citations

Abstract

The major determinant of real income growth in Korea is real oil prices, followed by money supply, exchange rates, energy consumption, and government spending. Over the longer horizon, the effects of exchange rates, oil prices, government spending, and money supply become more pronounced. For energy consumption, the most important factor is oil prices, followed by exchange rates, government spending, money supply, and income. For the association between energy consumption and real income, energy consumption influences real income growth only through energy consumption, while real income affects energy consumption only through the error correction term. The findings of the study thus suggest that the level of economic activity and energy consumption mutually influence each other. (JEL, Q43, O53).

Original languageEnglish
Pages (from-to)148-154
Number of pages7
JournalInternational Advances in Economic Research
Volume8
Issue number2
DOIs
StatePublished - May 2002

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