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Research Paper (Special Issue)

An Analysis of Overseas Resource Development on Macroeconomic Impacts

해외자원개발의 거시경제적 파급 효과 분석

Hong Chong Cho1
,
Jinsoo Kim2*
조 홍종1
,
김 진수2*
1Associate Professor, Department of Economics, College of Business & Economics, Dankook Universicty
2Associate Professor, Department of Earth Resources and Environmental Engineering, Hanyang University
1단국대학교 경제학과
2한양대학교 자원환경공학과
* Corresponding Author
31 August 2020. pp. 326-332
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Abstract

In the Korean economy, which has no energy resources such as crude oil and natural gas, overseas resource development has been regarded as an important economic activity that the government should be involved with, both in terms of economic effectiveness and energy security. This study analyzed whether overseas resource development influences the domestic macroeconomic variable through the structural vector autoregressive (SVAR) model by focusing on the current account balance and inflation. It was found that the direct impact of the amount of investment in overseas resource development was greater than the indirect impact of the current account balance caused by the increase in crude oil production. Moreover, the impact of overseas resource development would reduce inflation in the long run. The conclusions of this study suggest that overseas resource development could be useful for policy by confirming that overseas resource development is significant for the domestic macro-economy.

Keywords
Oil price shocks
SVAR
Overseas resource development
Current account balance
Inflation

에너지 자원이 거의 없는 한국경제의 입장에서 해외자원개발은 경제적 실효성과 더불어 에너지 안보 차원에서 중요한 경제활동이며 국가가 관여해야 할 핵심경제 활동으로 여겨져 왔다. 본 연구는 해외자원개발이 국내의 거시경제적 변수에 미치는 영향을 SVAR을 통하여 경상수지와 인플레이션을 중심으로 분석한다. 해외자원개발 투자액의 효과는 원유 생산량을 통한 경상수지에 간접적 효과보다는 해외자원개발의 직접 효과가 유의미하게 큰 것으로 확인되었으며, 해외자원개발의 인플레이션에 대한 효과는 장기적으로 인플레이션을 감소시키는 것으로 확인되었다. 본 연구 결과는 해외자원개발이 국내 거시경제적으로 효과가 유의미함을 확인하여, 정책적으로 해외자원개발의 유용성이 있다는 것을 시사한다.

키워드
유가충격
SVAR
해외자원개발
경상수지
인플레이션
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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 :326-332
  • Received Date : 2020-07-07
  • Revised Date : 2020-08-05
  • Accepted Date : 2020-08-25
  • DOI :https://doi.org/10.32390/ksmer.2020.57.4.326
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