우리나라의 지방채 발행 결정요인에 관한 분석 = Analysing the Determinants of Local Borrowings in Korea

다국어 초록 (Multilingual Abstract)

The purpose of this article is to find the determinants of local borrowings in Korea. In dong so, the study keenly recognizes and reflects different perspectives of the determinants of local borrowings in Korea compared with those appearing in the Western countries and literatures on local borrowings. Most of all, the Korea-specific phenomenon - (1)dominance of good quality public funds available in a local borrowing market, (2)oligopoly phenomenon manipulated by small numbers of local governments in the issuance of local borrowings, (3)indirect and tacit influence of the grants system on local borrowings - are highly regarded and reflected in the process of the analysis. Relying upon the theories and previous studies on local borrowings, and utilizing the correlation analysis and other methods, the four variables, population, local tax revenue, National Subsidy, and fiscal self-reliance ratio are selected as candidates of the determinants of local borrowings in Korea.
Over all, population, National Subsidy, fiscal self-reliance ratio turned out to be positive factors(determinants) to local borrowings, while local tax revenue turned out to be a negative factor. In terms of influential power, all the four determinants are not strong enough to have high elasticity(local borrowings seem to be inelastic with respective to each of the four determinants). Finally, the analysis results of the specific relations between local borrowings and fiscal transfers indicate that the Local Shared Tax has a negative effect on local borrowings, while National Subsidy has a positive effect on local borrowings. This result has an implication that the Local Shared Tax might unintentionally play a role of deterring the needs and incentives of issuing local borrowings by local governments.

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