노동자의 부채와 성장체제의 변화
Workers’ Debt Financing and Changes in the Growth Regime
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초록
이 논문에서는 칼레츠키 성장 모형에서 노동자 가계가 대출과 자산보유를 할 경우에 이윤몫, 부채비율, 주식보유비율 등의 주요 변수변화가 거시경제 성과에 미치는 영향을 분석한다. 여기서 노동자 가계는 임금 중 일부를 사용하여 자산을 보유한다. 그리고 이자소득자 가계의 소비를 모방하기 위해, 노동자 가계는 임금과 자산보유 소득에 더해 대출을 통해 소비한다. 분석 결과, 노동자 가계의 차입가능성이 증대함에 따라 성장체제는 임금주도에서 이윤주도로 변화하였다. 그러므로 정책 당국이 성장정책을 추진할 때 에는 단순히 노동소득 증대에만 초점을 둘 것이 아니라, 노동자 가계의 차입과 자산 보유 등에 대하여 보다 면밀하고 종합적으로 고려해야만 한다.
Abstract
This paper focuses on the analysis of the effect of changes in major variables such as profit share, debt ratio, and stock holding ratio on macroeconomic performance in the Kaleckian growth model, when workers borrow and hold assets. Workers use some of their wages to hold assets. And in order to emulate the consumption of rentiers’ households, workers consume through loans in addition to wages and assetholding income. As a result of the analysis, the economy growth regime changes from wageled to profitled regime as the possibility of borrowing by workers’ households increased. Therefore, when implementing a growth strategy, policy authorities should not simply focus on increasing labor income, but consider more closely and comprehensive the borrowing and asset holding of workers’ households.
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