적자재정과 공공부채에 관한 현대통화이론의 시각과 함의 = The Perspective and Implications of Modern Monetary Theory on Fiscal Deficits and Public Debt

다국어 초록 (Multilingual Abstract)

The purpose of this paper is to explore the implications of the perspectives on deficits and debt addressed in Modern Monetary Theory (MMT). In the 1970s, several countries experienced severe economic crises due to excessive government debt. It is necessary to review the theories of MMT, which hold a stance contrary to the mainstream view on government debt. To this end, the main arguments of MMT are compared and analyzed with those of classical, mainstream economics, and Keynesians. Through this review, it points out that, first, interest rate increases due to the crowding-out effect are more common; second, the possibility of tax revenue through credit creation before government spending occurs; and third, the narrow policy space related to the monetary hierarchy. Nevertheless, the argument of MMT advocating for the revision of institutional design and economic policies aimed at price stability and full employment is meaningful in itself.