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Fiscal policies of Korea through the global financial crisis

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  • Fiscal policies of Korea through the global financial crisis
  • Hur, Seok-Kyun; Kim, Seong-Tae
  • The Association of Korean Economic Studies


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Title Fiscal policies of Korea through the global financial crisis
Similar Titles
Material Type Articles
Author(English)

Hur, Seok-Kyun; Kim, Seong-Tae

Publisher

[Seoul]:The Association of Korean Economic Studies

Date 2012-12
Journal Title; Vol./Issue Korea and the World Economy:vol. 13(no. 3)
Pages 24
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Economy < Financial Policy
Economy < Economic Conditions
Holding AKES

Abstract

This paper examines the expansionary fiscal policies taken in Korea during the recent Global Financial Crisis (GFC) and evaluates their effectiveness in the recovery process. In light of the historical trend of fiscal consolidation, the fiscal stimulus package during the GFC is unprecedented both in terms of timing and magnitude. The existing literature has split decisions on the efficacy of fiscal policies in Korea. In contrast, this paper, adopting three different empirical strategies, reports evidences, though limited, that the massive fiscal expansion during the GFC sustained the Korean economy after the currency depreciation has lost its influence on trade balance.