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Economic impact of overseas coal bed methane development project on Korean economy

Author

Listed:
  • Junghwan Jin
  • Seweon Cheon
  • Jungbae Lee
  • Sanghwan Lee
  • Jinsoo Kim

Abstract

Korea has increased its self-sufficiency in natural resources since 2006. Accordingly, the number of overseas resource developments has also increased; however, the quantification of the economic impact of such developments is rarely studied. Therefore, we analyse the economic impact on the Korean economy and create a hypothetical Australian coal bed methane development project. As there is no overseas resource development sector in the Korean input–output table, we identify the relationships between the project and Korean industries using cost data and develop a project–industry relationship diagram. Next, we analyse the economic impacts of overseas coal bed methane development on the Korean economy, especially the production inducement, value added, and labour inducement effects. According to our results, the production inducement effect on the Korean economy is estimated to be 643,360 million Korean Won annually with 1.918 of production inducement coefficient when Korean companies take full charge of the project.

Suggested Citation

  • Junghwan Jin & Seweon Cheon & Jungbae Lee & Sanghwan Lee & Jinsoo Kim, 2018. "Economic impact of overseas coal bed methane development project on Korean economy," Energy & Environment, , vol. 29(6), pages 905-918, September.
    • Handle: RePEc:sae:engenv:v:29:y:2018:i:6:p:905-918
    DOI: 10.1177/0958305X18762153
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    References listed on IDEAS

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    1. Junghwan Jin & Jinsoo Kim, 2015. "Forecasting Natural Gas Prices Using Wavelets, Time Series, and Artificial Neural Networks," PLOS ONE, Public Library of Science, vol. 10(11), pages 1-23, November.
    2. Engle, Robert F, 1982. "Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation," Econometrica, Econometric Society, vol. 50(4), pages 987-1007, July.
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