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LUŇÁČEK, J.
Original Title
Model of World Steel Demand – Multiple Regression
Type
conference paper
Language
English
Original Abstract
The aim of this paper is to define factors that crucially influence worldwide demand for steel. The main goal is to calculate multiple factor linear model that would explain the influence of individual variables in global demand for steel. At the same time, this method enables to evaluate mutual relation of individual variables and to define whether there are complements and substitutes for steel. Initial parameters of the model are based on common econometric model of demand. Those ones that represent 2/3 of world output are chosen from macroeconomic figures. These are particularly economies of the US, EU, China and Japan. The results imply that the data sample is not very suitable for complex multiple-factor regression. Nevertheless, this model clearly shows extreme interconnection of world economies and comparatively big sensitivity of demand for steel to random variable, represented by worldwide military expenditures. Positive factors include world production of coal and annual inflation in China. The negative factor is represented by the price of iron ore. These results show that the demand is mostly influenced by price and production of complements.
Keywords
demand, steel, complemenst, regression, determinats
Authors
RIV year
2015
Released
11. 11. 2015
Publisher
INT BUSINESS INFORMATION MANAGEMENT ASSOC-IBIMA, 34 E GERMANTOWN PIKE, NO. 327, NORRISTOWN, PA 19401 USA
Location
Madrid
ISBN
978-0-9860419-5-2
Book
INNOVATION MANAGEMENT AND SUSTAINABLE ECONOMIC COMPETITIVE ADVANTAGE: FROM REGIONAL DEVELOPMENT TO GLOBAL GROWTH, VOLS I - VI, 2015
Pages from
1318
Pages to
1330
Pages count
12
BibTex
@inproceedings{BUT129860, author="Jiří {Luňáček}", title="Model of World Steel Demand – Multiple Regression", booktitle="INNOVATION MANAGEMENT AND SUSTAINABLE ECONOMIC COMPETITIVE ADVANTAGE: FROM REGIONAL DEVELOPMENT TO GLOBAL GROWTH, VOLS I - VI, 2015", year="2015", pages="1318--1330", publisher="INT BUSINESS INFORMATION MANAGEMENT ASSOC-IBIMA, 34 E GERMANTOWN PIKE, NO. 327, NORRISTOWN, PA 19401 USA", address="Madrid", isbn="978-0-9860419-5-2" }