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Price and Output Elasticities of Energy Demand in Manufacturing: A Comparison with All Industries in OECD Countries

제조업 에너지 수요의 가격 및 산출 탄력성 추정: OECD 국가를 대상으로

Sung Jin Kang1
,
Yun Ho Jin2*
,
Sijun Cho3†
강 성진1
,
진 윤호2*
,
조 시준3†
1Professor, Department of Economics, Korea University (First author)
2Ph.D Candidate, Department of Economics, Korea University (Corresponding author)
3Research Professor, Graduate School of Energy and Environment, Korea University (Co-author)
1고려대학교 경제학과 교수 (주저자)
2고려대학교 경제학과 박사과정 수료 (교신저자)
3고려대학교 에너지환경대학원 연구교수 (공동저자)
*Corresponding Author
†These authors contributed equally to this work.
30 September 2026. pp. 53-86
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Abstract

This study estimates the energy demand elasticities of price and output for the total industry, the manufacturing sector, and the light and heavy industries within manufacturing. Utilizing a dynamic panel system generalized method of moments (GMM) estimator and panel data from 36 OECD countries spanning 1993 to 2022, the analysis provides a comprehensive overview of energy consumption patterns. Given that manufacturing is highly energy-intensive, research on this sector has gained significance amid the transition toward carbon neutrality and increasing energy supply chain instability. To this end, the study compares the elasticities of the manufacturing sector with those of the total industry and conducts a granular analysis of light and heavy industries. The main findings are, first, that the manufacturing sector is more elastic than the total industry in terms of both long-run price and output. Second, within the manufacturing sector, the light industry is found to be more sensitive to price and output changes than the heavy industry. These findings are attributable to specific industrial characteristics and highlight structural differences in energy demand across sub-sectors, providing empirical evidence for the design of differentiated energy policies.

Keywords
Dynamic Panel System GMM
Energy Demand
Manufacture
Output Elasticity
Price Elasticity

본 연구는 1993년부터 2022년까지 OECD 36개국의 패널 자료를 바탕으로 동태적 패널 시스템 적률법(Dynamic Panel System GMM)을 이용해 전체 산업과 제조업 그리고 제조업 내 경공업과 중공업의 에너지 수요에 대한 에너지 가격과 산출 탄력성을 추정하였다. 제조업은 에너지 집약도가 높은 산업이며, 탄소 중립, 에너지 공급망 불안 등 여건의 변화로 인해 에너지 소비 연구는 더욱 중요해지고 있다. 이를 위해 제조업의 에너지 가격과 산출 탄력성을 추정하고, 전체 산업의 탄력성과 비교하였다. 또한, 제조업의 세부적인 에너지 수요 분석을 위해 경공업과 중공업에 대한 탄력성도 추정 및 비교 분석하였다. 연구 결과, 전체 산업과 제조업 간 비교 시 장기 가격 탄력성과 산출 탄력성 모두 제조업이 더 탄력적인 것으로 나타났으며, 경공업과 중공업 간에는 경공업이 중공업보다 가격 및 산출 탄력성이 더 민감한 것으로 추정되었다. 이 같은 결과는 제조업의 산업적 특성에 기인하며, 제조업 내에서도 세부 산업에 따른 에너지 수요의 구조적 차이를 시사한다.

키워드
가격 탄력성
동태적 패널 시스템 적률법
산출 탄력성
에너지 수요
제조업
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Information
  • Publisher :Korea Energy Economic Institute·Korea Resource Economics Association
  • Publisher(Ko) :에너지경제연구원·한국자원경제학회
  • Journal Title :Korean Energy Economic Review
  • Journal Title(Ko) :에너지경제연구
  • Volume : 25
  • No :2
  • Pages :53-86
  • Received Date : 2026-03-11
  • Revised Date : 2026-06-30
  • Accepted Date : 2026-07-10
  • DOI :https://doi.org/10.22794/keer.2026.25.2.003
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