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Can Energy Price Shocks Drive Long-run Technological Progress and Growth?Empirical Evidence from Korea

机译:能源价格冲击能推动长期技术进步​​和增长吗?来自韩国的经验证据

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This study develops a model including real GDP per capita, real prices and quantity of crude oil and pelrolem products imports, and Won/Dollar real rate of exchange. Johansen cointegration test on annual series of 1970-2008 indicates a relationship of cointegration. Further Granger non-causality tests show that real prices of crude oil imports have adverse shor-run but positive long-run effects on Korean economy, and the quantity of crude oil imports has a significantly positive long-run effect. However, both real prices and quantity of petroleum products imports exhibit literally opposite effects. This paper documents empirical evidences for the hypothesis that energy shocks may facilitate long-run endogenous growth of a resource scarce economy.
机译:这项研究建立了一个模型,其中包括人均实际GDP,原油和pellelem产品进口的实际价格和数量,以及韩元/美元的实际汇率。 Johansen对1970-2008年度系列的协整检验表明了协整关系。进一步的格兰杰非因果检验表明,原油进口的实际价格对韩国经济有不利的长期影响,但对长期经济有积极的长期影响,而原油进口的数量对长期经济具有显着的积极影响。但是,石油产品进口的实际价格和数量实际上都表现出相反的影响。本文为以下假设提供了经验证据:能源冲击可能促进资源稀缺经济的长期内生增长。

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