재정분권이 지역경제성장에 미치는 영향 :거시경제안정성의 매개효과를 중심으로 = Impact of Fiscal Decentralization on Economic Growth :Focused on mediating effect of macroeconomic stability

다국어 초록 (Multilingual Abstract)

This study examined the effect of fiscal decentralization on economic growth. It also tested whether macroeconomic stability was a mediating factor in the association between fiscal decentralization and economic growth. Methodologically, this study has two strengths; 1) Four different fiscal decentralization indicators were employed in order to capture the various dimensions of government finance and these indicators include two revenue decentralization indicators and two expenditure decentralization indicators; 2) The empirical analysis using a single country data contributed to the reduction of heteroskedastic measurement errors. This study found that fiscal decentralization has a significant positive impact on economic growth and the relationship between the two variables is mediated by macroeconomic stability.
Based upon the findings, this paper suggested that own-source revenue of local government should be raised for the purpose of minimizing the negative effect of fiscal decentralization on economic growth while strengthening its positive effect. This paper emphasized the importance of local governments’ discretion over both revenue and expenditure in the conclusion.

국문 초록 (Abstract)

본 연구는 재정분권이 경제성장에 미치는 영향을 분석하고 있으며, 다음과 같은 특징을 가지고 있다. 첫째, 세입측면의 지표 2개와 세출측면의 지표 2개 등 총 4개의 재정분권 지표를 활용함으로써 정부재정 활동의 다양한 측면을 반영하고자 하였다. 또한 재정분권과 경제성장 간의 관계에 영향을 미칠 수 있는 거시경제안정성을 포함하여 모형설정 상의 오류를 줄이고자 하였다. 셋째, 단일 국가 데이터를 이용함으로써 국가 간 차이로 인해 발생하는 데이터의 이질성으로 인한 추정상의 오류를 줄이고자 하였다.
분석결과 재정분권과 경제성장 간의 직접적인 영향은 정(+)의 관계를 보였으며, 거시경제안정성은 경제성장에 대한 재정분권의 긍정적 영향을 상쇄하는 것으로 나타났다. 경제성장에 미치는 재정분권의 긍정적 영향을 극대화하기 위해서는 지방자치단체의 자주재원을 확충하고, 자치단체의 세입․세출 결정에 대한 중앙정부의 통제를 감소시킬 수 있는 방안들이 모색되어야 할 것이다.

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