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Energy Shocks and Macroeconomic Adjustment Policies for Korea

Author

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  • Seung-Rae Kim

    (POSCO Research Institute)

Abstract

The problems of external shocks are serious and pervasive in the developing countries with a hiph level of foreign dependence. When confronted with an exter-nal shock such as an energy crisis, countries may be forced into drastic adjustments of their economic policies, which create effects on both real and monetary components. This paper, using a hybrid econometric general equilibrium model for Korea, estimates economy-wide impacts of energy shocks and then evaluates the effects of adjustment policies for macroeconomic stabilization. The result calls for a cautious use of adjustment policies being implemented in response to energy shocks. This has important implications for the changing mix of the Korean economy towards a less energy-vulnerable economy.

Suggested Citation

  • Seung-Rae Kim, 1997. "Energy Shocks and Macroeconomic Adjustment Policies for Korea," Korean Economic Review, Korean Economic Association, vol. 13(2), pages 91-110.
    • Handle: RePEc:kea:keappr:ker-199712-13-2-06
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    More about this item

    Keywords

    A Hybrid Econometric General Equilibrium Model; Energy Shocks; Macroeconomic adjustment Policies;
    All these keywords.

    JEL classification:

    • C53 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Forecasting and Prediction Models; Simulation Methods
    • C68 - Mathematical and Quantitative Methods - - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - - - Computable General Equilibrium Models
    • E63 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Comparative or Joint Analysis of Fiscal and Monetary Policy; Stabilization; Treasury Policy
    • Q43 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Energy - - - Energy and the Macroeconomy

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