재정정책 및 금융정책의 상호연관성 분석 = Interaction analysis on fiscal and monetary policy

다국어 초록 (Multilingual Abstract)

This research is intended to empirically analyze the fact that the fiscal and monetary policy are effective policy instruments to stabilize the economy, To do so, the interaction between fiscal and monetary policy according to economic situations was analyzed. Specifically, based on the time series data for 22 OECD countries except for Greece and Luxemburg during the 1972 to 2008 period, the correlation between fiscal balance and central banks` standard rate was analyzed by the various regression analysis including OLS, SUR, IV model and lag variables as found in Lee, Rhee, and Sung(2006). The empirical result indicates that the authorities are generally relying on the fine-tuning through standard rate and fiscal automatic stabilizer during the ordinary economic times, while the authorities are usually focusing on the implementation of fiscal stimulus through the fiscal deficit measures and lowering the level of standard interest rate during the massive economic recession. But, unlike the above-mentioned overall sample considering whole OECD member countries, this research didn`t provide such statistically meaningful outcomes on the level of an individual country due to limited data accessibility with the exception of some countries such as US and Sweden.

참고문헌 (Reference)

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