총수요 제약 하에서의 안정화정책: 한국의 경험
Stabilization in the Case of Aggregate Demand Binding : The Korean Experience
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초록
1997년 한국의 외환위기는 외환위기의 본질과 위기 후 경제의 조정과정에 대한 우리의 인식의 지평을 확장했다. 하지만 또한 기존의 이론들이 설명하지 못하는 부분들도 남게 되었다. 그러한 것 중 하나는 기존의 이론들의 예상과 다르게 한국이 확장적인 경제정책, 특히 확장적인 재정정책을 취한 다음 회복했다는 것이다. 본 연구는 세가지 갭 모형을 이용해서 외환위기 이후 한국경제의 조정과정을 살펴 봄으로써, 당시 한국경제가 과도한 긴축정책들로 한꺼번에 사용됨으로써 총수요의 붕괴로 인해 고통받게 된다는 것을 보인다. 본 연구는 이 경우에 확장적인 정책들은, 확장적인 재정정책까지도 경제의 안정과 회복에 도움이 됨을 밝히고 있다.
Abstract
The Korean currency crisis in 1997 improved our understanding on the nature of the crisis and the adjustment process after the crisis, but it also left some puzzles. One of those puzzles is how the Korean economy recovered from the crisis with the expansionary policy measures. The purpose of this paper is to examine how the expansionary policy measures helped the recovery of the Korean economy using the three gap model. Tracing the adjustment process of the economy after the currency crisis, this paper shows that the Korean economy had suffered from aggregate demand binding due to severe austere stabilization measures. This paper shows that the expansionary policy measures can help to stabilize the economy in the case of aggregate demand binding.
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