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논문 기본 정보
- 자료유형
- 학술대회자료
- 저자정보
- 발행연도
- 2000.4
- 수록면
- 27 - 53 (27page)
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초록· 키워드
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This paper has investigated the responses of consumption and current account in a small open economy, Korea, to the fiscal policies using a discontinuous time horizon model. In the two-sector intertemporal optimizing model, the fiscal policy effects can be different according to whether we have the finite or infinite time horizons.
This paper uses the Korean quarterly data for the period 1976:/ -1997:Ⅳ to test the theoretical model empirically. The empirical analysis gives the following main findings in Korea Firstly, this paper shows that private consumption and current account are not significantly affected by government deficit and debt in contrast to conventional Keyensian macroeconomic model. Secondly, GMM estimation suggests that the fiscal policy effects on the private consumption and current account seem not to be much effective as the finite horizon model predicted in Korea Thirdly, the Ricardian equivalence proposition with the infinite horizons seems to be more persuasive to explain the fluctuation of consumption and current account in Korea.
This paper uses the Korean quarterly data for the period 1976:/ -1997:Ⅳ to test the theoretical model empirically. The empirical analysis gives the following main findings in Korea Firstly, this paper shows that private consumption and current account are not significantly affected by government deficit and debt in contrast to conventional Keyensian macroeconomic model. Secondly, GMM estimation suggests that the fiscal policy effects on the private consumption and current account seem not to be much effective as the finite horizon model predicted in Korea Thirdly, the Ricardian equivalence proposition with the infinite horizons seems to be more persuasive to explain the fluctuation of consumption and current account in Korea.
목차
Ⅰ. Introduction
Ⅱ. Intertemporal Optimizing Model
Ⅲ. Comparative Statics of Government Debt and Government Consumption
Ⅳ. Empirical Implication
Ⅴ. Empirical Results
Ⅵ. Concluding Remarks
REFERENCES
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UCI(KEPA) : I410-ECN-0101-2010-326-002409549