지원사업
학술연구/단체지원/교육 등 연구자 활동을 지속하도록 DBpia가 지원하고 있어요.
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초록· 키워드
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The ability of expansionary fiscal policy to boost aggregated demand depends on how private agents react. Under the Ricardian equivalence hypothesis, fiscal policy would not be able to change aggregate demand due to private sector’s offset behavior against changes in public saving. This study aims to analyze how population aging and government debt level affect the empirical validity of the Ricardian equivalence hypothesis across 5-country panel data including Korea and Japan. By using Autoregressive Distributed Lag (ARDL)-bound test, the two variables show statistically significant impact on reinforcing the Ricardian equivalence hypothesis most particularly when government debt level is in excess of a threshold level of 76% of GDP. Accordingly, fiscal expansion measures would not be as effective in this scenario. The empirical analysis also reveals that the speed of the aging variable has a positive and significant effect on private saving. A widening income disparity among the aging population, as it is the case in Korea, would only push the aging population to restrain more from consumption in favor of saving as a measure of protection from future uncertainty, hence, reducing the aggregate demand further.
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참고문헌 (33)
참고문헌 신청
Azzimonti, M / 2012 / Financial Globalization, Inequality, and the Raising of Public Debt :1~51
Bank of Korea / Household Finance Wellfare Study 2013
Barro, R. J. / 1974 / Are Government Bonds Net Wealth? / Journal of Political Economy 8:2
Berben, R. P. / 2005 / The Impact of Government Debt on Private Consumption in OECD Countries
Bernheim, B. D. / 1987 / Ricardian Equivalence:An Evaluation of Theory and Evidence
Bank of Korea / Household Finance Wellfare Study 2013
Barro, R. J. / 1974 / Are Government Bonds Net Wealth? / Journal of Political Economy 8:2
Berben, R. P. / 2005 / The Impact of Government Debt on Private Consumption in OECD Countries
Bernheim, B. D. / 1987 / Ricardian Equivalence:An Evaluation of Theory and Evidence
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