• The Journal of Asian Finance, Economics and Business
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• 제8권7호
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• pp.393-402
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• 2021

This study aims to examine whether symmetric effects or asymmetric effects of exchange rates exist in determining the money demand in Indonesia. Simple-sum money and Divisia money were included in different models for comparison due to the financial developments in Indonesia. This study uses time-series data from 1996Q1 to 2019Q4 for the estimation. The nonlinear autoregressive distributed lag (NARDL) model is utilized to verify the asymmetric effects of exchange rates on money demand. The Augmented Dickey-Fuller and Phillips-Perron unit root tests were performed to verify the order of integration of the variables. The findings of this study revealed that the exchange rate is one of the most important determinants of money demand in Indonesia and the effect is asymmetric. The findings further indicated that money demand function, which incorporates Divisia monetary aggregate is parsimonious. Monetary targets such as money supply and interest rates are critical for monetary policy conduct to achieve inflation levels set by government. As the adoption of an inflation targeting framework needs to be in keeping with the flexible exchange rate system, the asymmetric effect of exchange rate changes can be used in exchange rate policy conduct to achieve financial system and price stability.

• 자원ㆍ환경경제연구
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• 제9권5호
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• pp.811-827
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• 2000

Since improved thermal efficiency reduces capacity requirements and energy costs, electricity producers often treat thermal efficiency as a measure of management or economic performance. The conventional measure of the thermal efficiency of a fossil-fuel generation system is the ratio of total electricity generation to the simple sum of energy inputs. As a refined approach, we present a novel thermal efficiency measure using the concept of the Divisia index number. Application of this approach to the Korean power sector shows improvement of thermal efficiency of 1.1% per year during 1970-1998. This is higher than the 0.9% improvement per year given by the conventional method. The difference is attributable to the effect of fuel substitution. In the Divisia decomposition context, we also show the limitations of the popular $T{\ddot{o}}rnqvist$ index formula and the superiority of the Sato-Vartia formula.

• 자원ㆍ환경경제연구
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• 제10권4호
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• pp.569-589
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• 2001

We examine historical contributions of inter fuel substitution, changes in carbon efficiency and energy intensity, growth of economy and population to Korea's $CO_2$ emissions from 1970 to 1998 using the log mean weight Divisia index method. The study reveals that economic growth is the most significant factor to $CO_2$ emissions growth among the five factors. Changes in the fuel substitution and carbon coefficient are found negative contributors to $CO_2$ emissions growth. Energy intensity, which played dominant role in halting $CO_2$ emissions growth in the 1980s, began to play reversed role in the 1990s. When evaluated with the log mean Divisia index technique, deterioration of energy intensity in the 1990s is found worse and expected to contribute $CO_2$ emissions growth further.

• 자원ㆍ환경경제연구
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• 제9권3호
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• pp.489-513
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• 2000

This paper introduces a new method to estimate and decompose sources of carbon dioxide emissions using an input-output model with decomposition method free of residual usually associated with this kind of analysis. This method is different from others, using what we call 'mean rate-of-change index (MRCI)' for weights of the decomposed terms. Ang et al.(1998) asserted that logarithmic mean divisia index(LMDI) is superior to Laspeyres index(LI) or simple average divisia index(SADI) since it reduces residual to zero. We claim that our method is an improvement over the other methods because it enables residual free decomposition even when data contain negative values, the case which LMDI cannot handle. We demonstrate by way of showing some examples that our method is superior to LI, SADI(Proops, 1993 and Chung, 1998) or LMDI(Ang et al., 1998).

• 한국기후변화학회지
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• 제9권4호
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• pp.407-421
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• 2018

In this paper, I analyze the GHG (greenhouse gas) emission factor of the domestic railway transportation sector using the LMDI (Log Mean Divisia Index) methodology. These GHG factors are the emission factor effect, energy intensity effect, transportation intensity effect, and economic activity effect. The analysis period was from 2011 to 2016, and the analysis objects were an intercity railway, wide area railway, and urban railway. The results show that the GHG emission of railway transportation sector decreased during these 6 years. The factors decreasing the GHG emission are the emission factor effect, energy intensity effect, and transportation intensity effect, while the factor increasing the GHG emission is the economic activity effect.

• 자원ㆍ환경경제연구
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• 제26권1호
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• pp.1-35
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• 2017

본 연구에서는 탄소세를 시행하고 있는 OECD 7개 국가를 대상으로 1995년부터 2013년 기간 동안 $CO_2$ 배출량 감소에 영향을 미치는 주요 요인에 대해 분해 분석을 실시하였다. 최근까지 진행된 $CO_2$ 배출량 변화에 대한 분해 분석 연구들은 기술에 기반을 둔 물리적인 요소에만 초점을 맞추고 있으나 본 연구는 경제적 감축수단인 탄소세의 효과를 반영하여 배출량 변화요인을 분석하였다. 로그 평균 디비지아 지수(Log Mean Divisia Index, LMDI)를 이용하여 분석한 결과, OECD 7개 국가의 총 $CO_2$ 배출량 감소에 가장 큰 기여요인은 에너지 집약도 효과와 탄소세 정책 효과로 나타났다. 다음으로, OECD 7개 국가별 분해분석 결과 에너지 집약도 효과가 배출량 감소에 가장 큰 영향을 주는 것으로 나타났으나, 탄소세 정책효과와 탄소세 세수효과는 국가별 정책 상황과 여건에 따라 상이하게 나타나는 결과를 보였다.

• 자원ㆍ환경경제연구
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• 제20권2호
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• pp.229-254
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• 2011

본 논문은 LMDI(Log Mean Divisia Index) 방법론을 이용하여 국내 제조업의 온실가스 배출에 대한 요인분해분석을 하였다. 국내 제조업의 온실가스 배출에 대한 요인분해는 크게 생산효과, 구조효과, 집약도효과, 에너지믹스효과, 배출계수효과 등 다섯 가지 요인으로 분해하였다. 1991년~2007년까지 국내 제조업의 온실가스 배출변화 요인을 분석한 결과를 보면 국내 제조업의 온실가스 배출은 대부분 생산효과에 의해서 증가하였다. 구조효과와 집약도는 온실가스 배출을 줄이는 역할을 하였으며, 구조효과보다는 집약도효과가 더 많이 온실가스 배출을 감소시키는 방향으로 작용하였다. 그리고 에너지믹스효과와 배출계수효과는 다른 효과들에 비해서 그 비중이 작지만 온실가스 배출 증감에 영향을 미치고 있다. 에너지믹스효과는 온실가스 배출 증가 요인으로 배출계수효과는 감소요인으로 작용하였다. 한편 시계열로 에너지 소비를 요인분해 해 본 결과 1998년 IMF 체제를 전후로 온실가스 패턴에 변화가 일어났다. IMF 체제 이후로 구조효과와 집약도효과에 의한 온실가스 감축이 IMF 체제 이전보다 더욱 두드러진 것이 특징이다. 2001년 이후 진행된 신고유가 시대를 맞이해서는 구조효과와 집약도효과가 더욱 촉진되었다.

• 자원ㆍ환경경제연구
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• 제9권5호
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• pp.925-945
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• 2000

This paper analyses the impact of energy-saving investment on Greenhouse gas emissions using a model of energy demand in Korea. SUR method was employed to estimate the demand equation. The econometric estimates provide information about the energy price divisia index, sector income, and energy saving-investment elasticities of energy demand. Except for energy price divisia, the elasticities of each variable are statistically significant. Also, the price and substitution elasticities of each energy price are similar to the results reported by the previous studies. The energy-saving investment is statistically significant and elasticities of each sector is inelastic. Using the coefficient of energy-saving investment and carbon transmission coefficient, the amount of reduction of energy demand and the reduction of carbon emissions can be estimated. The simulation is performed with the scenario that the energy-saving investment increase by 10~50%, keeping up with Equipment Investment Plan of 30% increase in energy-saving investment by 2000. The results show that the reduction of energy demand measured as 11.2% based upon 1995's level of the energy demand, in industrial sector. Accordingly, the carbon emissions will be reduced by 11.3% based upon 1995's level of the carbon emissions in industrial sector.

• 에너지공학
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• 제24권1호
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• pp.137-148
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• 2015

그동안 우리나라 산업은 빠르게 전력화가 되어 왔는데, 특히 제조업에서 직접가열용으로 이용되는 에너지는 전체 에너지의 44.0%(2010년 기준)를 차지하면서 전력화가 많이 일어났다. 이 연구는 1992~2012년 기간 동안 우리나라 제조업에서 직접가열용으로 소비되는 전기사용량에 대해 로그 평균 디비지아 방식(Log Mean Divisia Index; LMDI) 분해분석을 이용하여 소비 특성을 분석하였다. 분해요인으로는 전기비중 효과, 직접가열용 비중 효과, 에너지원단위 효과, 부가가치 효과를 포함하였으며, 업종별 소비 양상도 비교하였다. 분석 결과, 우리나라 제조업에서 직접가열용 전기 소비가 증가한 것은 무엇보다 직접가열용 에너지의 전력화 현상으로 인한 영향이 가장 컸다. 업종으로는 석유 화학과 1차금속 업종에서 직접가열용의 전력화 현상이 가장 크게 나타났다.

• 한국기후변화학회지
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• 제8권4호
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• pp.357-367
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• 2017

Electricity generation in Korea mainly depends on thermal power and nuclear power. Especially the coal power has led to the increase in $CO_2$ emissions. This paper intends to analyze the current status of $CO_2$ emissions from electricity generation in Korea during the period 1990~2016, and apply the logarithmic mean Divisia index (LMDI) technique to find the nature of the factors influencing the changes in $CO_2$ emissions. The main results as follows: first, $CO_2$ emission from electricity generation has increased by $165.9MtCO_2$ during the period of analysis. Coal products is the main fuel type for thermal power generation, which accounts about 73% $CO_2$ emissions from electricity generation. Secondly, the increase of real GDP is the most important contributor to increase $CO_2$ emissions from electricity generation. The carbon intensity and the electricity intensity also affected the increase in $CO_2$ emission, but the energy intensity effect and the dependency of thermal power effect play the dominant role in decreasing $CO_2$ emissions.