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저자정보
(Kumho Petrochemical) (Myongji University)
저널정보
한국외국어대학교 국제지역연구센터 International Area Studies Review International Area Studies Review Vol.28 No.3
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    초록·키워드

    This paper presents an analysis of South Korea’s crude oil import demand from 1980 to 2023. The analysis considers the impacts of economic growth, oil prices, and economic disruptions, including the Asian financial crisis (1997-1998), the global financial crisis (2008-2009), and the COVID-19 pandemic (2020- 2021). The study employs an Autoregressive Distributed Lag (ARDL) approach to examine the short- and long-run relationships between crude oil imports, GDP, and oil prices. The results demonstrate that, in the long run, real GDP has a positive effect on crude oil import demand, while oil prices have a significant negative effect. This confirms that South Korea’s crude oil demand is more elastic in income than in price. The Asian financial crisis and the COVID-19 pandemic show significant impacts on the long-term crude oil demand, while the 2008 global financial crisis does not have a significant effect. In the short run, the effects of oil prices, GDP and economic disruptions are not statistically significant. However, there is a rapid adjustment towards long-term equilibrium, indicating that long-term factors exert a predominant influence. The findings emphasise the significance of long-term economic fundamentals in influencing crude oil import patterns and propose policy measures to enhance energy security.

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