Assessing Energy Price Induced Improvements in Efficiency of Capital in OECD Manufacturing Industries

Steinbuks, Jevgenijs ; Neuhoff, Karsten

World Bank, Washington, DC

关键词: AGRICULTURE;    APPROACH;    ASSETS;    AVAILABILITY;    AVERAGE PRICE;   

DOI  :  10.1596/1813-9450-6929
RP-ID  :  WPS6929

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

To assess how capital stocks adapt toenergy price changes, it is necessary to account for theimpacts on different vintages of capital and to accountseparately for price-induced and autonomous improvements inthe energy efficiency of capital stock. The results ofeconometric analysis for five manufacturing industries in 19OECD countries between 1990 and 2005 indicate that higherenergy prices resulted in smaller energy use due to bothimproved energy efficiency of capital stock and reduceddemand for the energy input. The investment response toenergy prices varied considerably across manufacturingindustries, being more significant in energy-intensivesectors. The results of policy simulations indicate that acarbon tax can deliver significant reductions in energyconsumption in the medium run with modest declines inenergy-using capital stock.