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세외수입과 국공채(Non-tax revenue and government and public bonds)

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Title 세외수입과 국공채(Non-tax revenue and government and public bonds)
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Material Type Reports
Author(Korean)

김중웅

Publisher

[서울]:한국개발연구원

Date 1982
Pages 126
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Documents
Original Format pdf
Subject Economy < Financial Policy
Holding KDI; KDI School

Abstract

This study aims to investigate the current status of our country’s issuance of government and public bonds, examine the potential and limitations of government public bonds as a means of financing income, and suggest the direction of future management of government and public bonds. The foundation of a nation’s income is its tax income, while its public income consists of income from various sources, such as public enterprises, state-owned property, administration, and government bonds. In a broad sense, any income other than tax income is called non-tax income, but non-tax income has essentially the same characteristics as government tax. In general, government and public bonds refer to a nation’s debt, in that a nation or a local public entity is borrowing money from the public, in return for the issuance of government and public bonds, in order to cover government expenditure. Thus, in a broad sense, government and public bonds not only constitute the issuance of marketable securities, but also government debt. Government and public bonds are classified as either government or municipal bonds depending on the issuing entity.
Along with the expansion of a nation’s financial activities, the scale of tax income, which is the main source of a nation’s financial income, also increases, thus creating tax resistance. Government and public bonds began to be issued after the modern era as a means of supplementing the financial income of nations. However, the management of government and public bonds is not limited to the means of a government’s tax income, but has a broad impact on the distribution of the entire public economic income and liquidity structure and business adjustments. Thus, discussions are now being held on how to utilize the management of government and public bonds as a means of developing economic policy. Furthermore, government and public bonds are effective ways of raising financial income, while also holding significant importance as financial assets in the private sector. For this reason, its balance fluctuations, and changes in the composition by period and owner significantly affect private economy including financial market. The management of government and public bonds has gained new importance as a tool in economic policy, as it influences public economic activities by manipulating the issuance size, period, method, and conditions of government and public bonds.
In summary, the significance of government and public bond management lies in that it serves as a means of shaping policy that can reduce economic anxiety and confusion in times of economic instability by increasing economic volatility during economic booms or recessions. Currently, modern welfare states are seeing increasing demand for national finance, but since there is a limit to how much tax income—which is a nation’s main source of finance—can be expanded, nations are increasing their non-tax income. This has the potential to supplement financial policy aimed at stabilizing prices by controlling short-term demand and maintaining reasonable liquidity. In order to implement such policy effectively, institutional changes, such as the development of the financial market, must first be achieved. In particular, it is important to form accurate predictions of economic trends and make appropriate policy changes according those predictions.