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This paper tries to investigate whether debt overhang exists in Korea. In addition, it estimates the optimal debt level of Korea-optimal in terms of the level which maximizes growth-and compares the current level of debt with the optimal level.
The results of the analysis confirm that debt overhang exists in Korea. Total and long-term external debt have a positive effect on growth up to a certain level. However, negative effects exist afterwards. The estimated optimal level of total debt was about 24% of GDP, while long-term debt was 16% of GDP. Based on this estimation, the current level of external debt as of the end of September 2014 in both cases are somewhat higher than the optimal level.
In the paper, the non-linear regression model was used where the relationship between debt and growth is in the quadratic functional form.
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참고문헌 (20)
참고문헌 신청
Ahn, Byung-Chan / 2011 / Since the Global Financial Crisis : Foreign Exchange Policy / Hannarae Plus Publsing Co
Arslanalp, S. / 2004 / Helping the Poor to Help Themselves: Debt Relief or Aid
Checherita, C. / 2010 / The Impact of High and Growing Government Debt on Economic Growth
Choi, Young-Jun / 2011 / Surging Capital Inflows Impact on Economic Growth / The Bank of Korea Monthly Bulletin 6
Clements, B. / 2003 / External Debt, Public Investment and Growth in Low-Income Countries
Arslanalp, S. / 2004 / Helping the Poor to Help Themselves: Debt Relief or Aid
Checherita, C. / 2010 / The Impact of High and Growing Government Debt on Economic Growth
Choi, Young-Jun / 2011 / Surging Capital Inflows Impact on Economic Growth / The Bank of Korea Monthly Bulletin 6
Clements, B. / 2003 / External Debt, Public Investment and Growth in Low-Income Countries
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