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외환위기 10년(Ten years after the crisis) : 재정정책의 역할과 과제(Fiscal policy in Korea)

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Title 외환위기 10년(Ten years after the crisis)
Similar Titles
Sub Title

재정정책의 역할과 과제(Fiscal policy in Korea)

Material Type Articles
Author(Korean)

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Publisher

[서울]:한국경제학회

Date 2007
Journal Title; Vol./Issue 경제학연구:vol. 55(no. 4)
Pages 28
Subject Country South Korea(Asia and Pacific)
Language Korean
File Type Link
Subject Economy < Economic Administration
Holding KEA

Abstract

This paper analyzes changes and challenges of fiscal policy following the Korean financial crisis. By re-estimating consolidated budget deficits and incorporating the quasi-fiscal activities of public funds and public enterprises, this paper compares the changes in fiscal stance in Korea before and after the crisis. The role of countercyclical fiscal policy is also examined and we find that the fiscal policy after the crisis had a greater multiplier effect since it simultaneously enhanced the credit creation multiplier in addition to the conventional Keynesian income-expenditure multiplier. Even though the aggressive fiscal policy contributed to the fast recovery from the crisis, it also generated unwelcome side-effects such as the deterioration of fiscal stability and the dependency on pubic credit guarantee programs, etc. In the future, the Korean government must learn how to utilize the private capital market to enhance the micro efficiency of fiscal policy.