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Time series analysis of interdependent phases of the electricity industry in South Korea
Department of Food and Resource Economics, College of Life Sciences and Biotechnology, East Building, Room 217, Korea University, Anam-dong Seongbuk-gu, Seoul 136-713, Korea.ORCID iD: 0000-0002-7902-4683
Department of Industrial Engineering, TEMEP, College of Engineering, Seoul National University, San 56-1, Shilim-dong, Kwanak-gu, Seoul 151-742, Korea.
2012 (English)In: Opec Energy Review, ISSN 1753-0229, E-ISSN 1753-0237, Vol. 36, no 3, 319-348 p.Article in journal (Refereed) Published
Abstract [en]

This study specifies and estimates a model to investigate the relationship between different phases of the electricity industry and market. These include the generation, transmission, distribution and demand segments. Common variables that explain these segments are identified and their effects estimated. Korean time series data from the period 1961 to 2008 are considered for the empirical analysis. In the study, a series of steps is conducted. First, using cointegration and causality tests, the relationships between the variables of interest are established. Second, each phase is specified as a function of its determinants. Third, the phases are then estimated as an interdependent recursive system. By using the predicted values of variables from the previous phases, a possible endogeneity problem is avoided. Fourth, a model for the forecast is specified and estimated, and the future demand predicted. Finally, based on the results, policy guidelines are suggested to improve the market structure of the industry, and measures are proposed to achieve the stated goals of the industry and market.

Place, publisher, year, edition, pages
2012. Vol. 36, no 3, 319-348 p.
National Category
Economics
Identifiers
URN: urn:nbn:se:hj:diva-24664DOI: 10.1111/j.1753-0237.2012.00214.xOAI: oai:DiVA.org:hj-24664DiVA: diva2:743965
Available from: 2014-09-05 Created: 2014-09-05 Last updated: 2016-01-14Bibliographically approved

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  • apa
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