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丁海龜 단국대학교 산업연구소 1995 산업연구 Vol.18 No.-
Since 1960’s when the world economy had begun to be troubled with the state of “Stagflation”, a great disputation between Keynesians and Anti-Keynesians concerning the effects of the government economic stabilization policy have been continued. The disputation had been brought to a focus upon the effects of the government bond-financing expenditure. Keynesians advacate the effect, and Anti-Keynesians do not agree with them. As a matter of course, the debate was developed on the assumption that bond stock has it’s wealth effect. However the situation become more complicated, as a quite different view had raised concerning the wealth effect of the bond stock. The results of emphirical test of Korean economy(1970-1993) are as follows. Firstly, it turned out that bond stocks are regarded as net wealth by their holders (about 71%), and the increase of bond stocks has considerable influences on the increase of consumption expenditure with the function of this wealth effect of bonds. Secondly, the bond-financing expenditure scarcely influence to rise and fall of interest rate with very low significance level. But private investment is analyzed to be increased directly by the increase of bond-financing expenditure without transmission mechanism by interest rate. Thirdly, The increase of bond-financing expenditure costs the economy by accompaning the rise of price level. Therefore we can dare to say it as a concluding remark that the bond-financing expenditure has crowding in effects in the Korea economy with the cost of a hike of prices.