An Empirical Analysis on the Effect of Overseas Oil and Gas E&amp;P Project on BOP in Korea

Ji-Whan Kim

doi:10.32390/ksmer.2020.57.4.333

All Issue

2020 Vol.57, Issue 4 Preview Page Next Page

Research Paper (Special Issue)

An Empirical Analysis on the Effect of Overseas Oil and Gas E&P Project on BOP in Korea 해외자원개발의 국제수지효과 분석 연구

31 August 2020. pp. 333-340

PDF XML

Abstract

This study aims to empirically analyze the positive effects of overseas oil and gas development projects. The overseas O&G development project is promoted by the government in order to secure the stability of the Korean economy from the energy crisis according to the law. Therefore, the effect of oil price change and overseas resource development project performance was analyzed empirically for changes in the balance of payment (BOP). Among the items in the BOP, the items reflecting oil price and overseas resource development project performance are the commodity import in the commodity balance and the income in the capital balance. According to the empirical analysis, the former has a significant positive relationship to oil price change, the latter has a significant positive relationship to the overseas O&G development project performance.

Keywords

Overseas oil and gas development

BOP

Oil price

O&G development rate

본 연구는 석유 및 가스부문 해외자원개발 프로젝트의 긍정적인 효과를 실증적으로 분석하는 것을 목표로 하였다. 석유 및 가스부문 해외자원개발 프로젝트는 법률에 의거해 에너지 위기로부터 우리 경제의 안정성 확보를 목적으로 정부 주도로 추진하도록 하고 있는 사업이다. 이에 유가변화와 해외자원개발 프로젝트 성과가 국제수지(BOP; Balance of Payment) 항목에 미치는 효과를 실증분석 하였다. 국제수지 항목 중 유가와 해외자원개발 프로젝트 성과가 반영되는 항목은 상품수지 중 상품수입과 자본수지 중 수입이며, 실증분석 결과, 전자는 유가변화에 유의한 양의 관계를, 후자는 해외자원개발 프로젝트 성과에 유의한 양의 관계를 보였다.

키워드

해외자원개발

국제수지

유가

자원개발률

References

Hamilton, J., 2003. What is an oil shock? J. Econom., 113(2), p.363-398.

10.1016/S0304-4076(02)00207-5

Kim, J. and Kim, Y.K., 2013. Analysis for conditional loan system on overseas oil and gas E&P project. Korea Energy Economic Review, 12(2), p.119-145.

Kim, J., Chung, W.J., and Kim, Y.K., 2014. Estimation of economic effects on overseas oil and gas E&P by macroeconomic model of Korea. Environ. Resour. Econo. Rev., 23(1), p.133-156.

10.15266/KEREA.2014.23.1.133

Kim, J.H., 2011. A study on the optimal size of government subsidies to accomplish the target rate for self-development of crude oil. Environ. Resour. Econo. Rev., 20(4), p.859-882.

Kim, J.W. and Kim, Y.K., 2015. Induced effects by outsource ratio by industries in overseas oil and gas E&P projects. J. Econ. Stud., 33(2), p.61-84.

Kim, J.W., 2010. The study of the relationship between oil price shock and economic growth comparing the country groups by different oil self-producing degree. Journal of The Korean Society of Mineral and Energy Resources Engineers, 47(4), p.415-422.

Koike, M., Mogi, G., and Albedaiwi, W.H., 2008. Overseas oil-development policy of resource-poor countries: a case study from Japan. Energy Policy, 36(5), p.1764-1775.

10.1016/j.enpol.2008.01.037

Korea Energy Economics Institute (KEEI), 2013. Analysis of Domestic Economic and Industrial Effects of Oversea Resource Development, KEEI Report 13-25, 152p.

Park, H. and Kim, J., 2016. A real business cycle model to study the effect of overseas oil resource development on the Korean economy. Environ. Resour. Econo. Rev., 25(2), p.179- 197.

10.15266/KEREA.2016.25.2.179

Zhang, D., 2008. Oil shock and economic growth in Japan : a nonlinear approach. Energy Econ., 30(5), p.2374-2390.

10.1016/j.eneco.2008.01.006

Information

Publisher :The Korean Society of Mineral and Energy Resources Engineers
Publisher(Ko) :한국자원공학회
Journal Title :Journal of the Korean Society of Mineral and Energy Resources Engineers
Journal Title(Ko) :한국자원공학회지
Volume : 57
No :4
Pages :333-340
Received Date : 2020-07-07
Revised Date : 2020-08-07
Accepted Date : 2020-08-25
DOI :https://doi.org/10.32390/ksmer.2020.57.4.333

Journal of the Korean Society of Mineral and Energy Resources Engineers ISSN:2288-0291(Print) 2288-2790(Online) 한국자원공학회지

All Issue