국가채무의 최적수준에 대한 연구 = The Optimal Level of Government Debt

다국어 초록 (Multilingual Abstract)

This paper studies the optimal ratio of government debt based on the heterogeneous agents model. The optimal ratio is determined where the marginal benefit is equal to the marginal cost. The benefit of increasing government debt is the consumption smoothing through loosening the borrowing constraints of households, but the cost is that government debt crowds out private capital and raises the interest rate. This paper shows that there is an hump-shaped relationship between the government debt ratio and social welfare. It also finds that one percentage point increase in government debt ratio induces interest rate to increase by 1.02 basis points, but the effect is larger as the debt ratio increases.

참고문헌 (Reference)

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