경제적 성질별 정부지출의 승수추정에 관한 연구 = A Study on Estimating the Multiplier of Categorical Government Expenditure

다국어 초록 (Multilingual Abstract)

This study investigated the categorical government expenditure multipliers. Through extensive literature review, we examined methodologies for estimating multipliers by characteristics and compared the estimated multipliers in previous studies systematically. Furthermore, based on the methodology developed through literature review, we used vector autoregressive models and various identification criteria to estimate categorical expenditure multipliers: government consumption, government investment, transfers to households and non-profit organizations, and other transfers. The estimation results showed that government consumption had the largest multiplier. Furthermore, other transfers, of which local government transfers account for a large portion, appear to have a slower economic stimulus effect than other types of expenditures due to implementation lags. Therefore, when implementing fiscal stimulus measures, it is important to consider not only the purpose of the expenditure but also the economic lag effect.