政府財政赤字에 대한 貨幣的 順應程度 分析

• 영문명: Budget Deficits and Monetary Accommodation in Korea
• 발행기관: 한국재정학회(구 한국재정·공공경제학회)
• 저자명: 박하섭(Ha-Seob Park) 최종렬(Jong-Ryeol Choi)
• 간행물 정보: 『재정논집』재정논집 제14권 제1호, 110~132쪽, 전체 23쪽
• 주제분류: 경제경영 > 경제학
• 파일형태: PDF
• 발행일자: 1999.08.31

영문 초록

Over the past several years a number of empirical studies appearing in the literature have attempted to quantify the Federal Reserve’s reaction function. But surprisingly little research effort has been devoted to the study of the estimation of the central bank’s monetary reaction function in Korea. Furthermore, the limited amount of empirical evidence is often ambiguous. The purpose of this study is, firstly to review theoretical issues and empirical findings on the subject, and secondly, to show an empirical evidence in case of Korea. A survey of various empirical studies is contained in chapter Ⅱ. The empirical researchs are presented in chapter Ⅲ with concluding remarks in chapter Ⅳ. The reaction function is estimated using annual data for the Korea over the 1971-95. The coefficient of government budget deficits is significant with value of 0.509. It suggests that 50 percent of budget deficits is accommodated by the Bank of Korea. This paper demonstrates that the origin of the deficit significantly affects the monetary response undertaken by the central bank. The budget deficits are consistently a significant determinant of money growth.

목차

Ⅰ. 서론

Ⅱ. 기존의 실증연구

Ⅲ. 화폐반응함수에 의한 실증분석

Ⅳ. 요약 및 결론

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