Energy price-induced and exogenous technological change : Assessing the economic and environmental outcomes
Kumar, Surender & Managi, Shunsuke (2009) Energy price-induced and exogenous technological change : Assessing the economic and environmental outcomes. Resource and Energy Economics, 31(4), pp. 334-353.
In this paper, we distinguish between factor/output substitution and shifts in the production technology frontier. Our model includes the by-products of carbon dioxide and sulfur dioxide emissions where the function requires the simultaneous expansion of good outputs and reductions in emissions. We estimate a directional output distance function for 80 countries over the period 1971-2000 to measure the exogenous and oil price-induced technological change. On average, we find substantial oil price-induced technological progress at the world level when long-term oil prices are rising, although the growth rate is more volatile in developed countries than in developing countries. The results also show that developed countries experience higher exogenous technological progress in comparison with developing countries, and the gap between the two has increased during the period of our study.
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|Item Type:||Journal Article|
|Keywords:||Environmental effects; Exogenous technological change; Price-induced technological change|
|ISSN:||1873-0221 (online) 0928-7655 (print)|
|Subjects:||Australian and New Zealand Standard Research Classification > ECONOMICS (140000) > APPLIED ECONOMICS (140200)|
|Divisions:||Current > QUT Faculties and Divisions > QUT Business School
Current > Schools > School of Economics & Finance
|Copyright Owner:||Copyright 2009 Elsevier B.V. All rights reserved.|
|Deposited On:||24 Aug 2014 23:52|
|Last Modified:||26 Aug 2014 02:17|
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