본문 바로가기
KERD
논문KCI 등재

Does Social Trust Reduce the Frequency and Duration of Debt Crisis?

이동원
한국비교경제학회 (The Korea Association For Comparative Economics)|2016.06|비교경제연구 (The Comparative Economic Review)|제23권 제1호|pp. 1-25|DOI 10.23014/kace.23.1.201606.1

2

조회

0

다운로드

0

인용

0

참고문헌

키워드

social trust재정준칙사회적 신뢰재정조정debt crisishistory of defaultsfiscal adjustments채무위기채무불이행의 역사
주제분류경제학

초록

This paper claims that high-trust countries are less likely to experience debt crisis, because they can more easily distribute the cost of fiscal adjustments among different socioeconomic groups. Using survey measures of social trust and historical data on debt crises, this paper shows that social trust has a robust, negative impact on the frequency and duration of debt crises. Our finding suggests that the risk of debt crisis depends critically on the quality of informal institutions that manage social division.

Abstract

This paper claims that high-trust countries are less likely to experience debt crisis, because they can more easily distribute the cost of fiscal adjustments among different socioeconomic groups. Using survey measures of social trust and historical data on debt crises, this paper shows that social trust has a robust, negative impact on the frequency and duration of debt crises. Our finding suggests that the risk of debt crisis depends critically on the quality of informal institutions that manage social division.

참고문헌 (33)

  1. Aizenman, Joshua, "The Role of Fiscal Policy in Response to the Financial Crisis", A paper prepared for the United Nations’ Development Policy and Analysis Divison (2010)
  2. Trade Openness, Fiscal Space and Exchange Rate Adjustment, "Aizenman, Joshua", NBER, ~, pp.NBER Working Paper 17427 (2011)
  3. Aizenman, Joshua, "Income Inequality, Tax Base and Sovereign Spreads", FinanzArchiv: Public Finance Analysis, 68(4), pp.431~444 (2012)
  4. Alesina, Alberto, "Fractionalization", Journal of Economic Growth, 8, pp.155~194 (2003)
  5. Alesina, Alberto, "Tales of Fiscal Adjustments", Economic Policy, 13, pp.489~545 (1998)
  6. Large Changes in Fiscal Policy: Taxes Versus Spending, "Alesina, Alberto", NBER, ~, pp.NBER Working Paper 15438 (2009)
  7. Alesina, Alberto, "Who Adjusts and When? On the Political Economy of Reforms", IMF Staff Papers Special Issue, 53, pp.1~29 (2006)
  8. Alesina, Alberto, "Public Goods and Ethnic Divisions", Quarterly Journal of Economics, 114(4), pp.1243~1284 (1999)
  9. Alesina, Alberto, "Income Distribution, Political Instability, and Investment", European Economic Review, 40(6), pp.1203~1228 (1995)
  10. Algan, Yann, "Inherited Trust and Growth", American Economic Review, 100(5), pp.2060~2092 (2010)
  11. Battaglini, Marco, "A Dynamic Theory of Public Spending, Taxation, and Debt", American Economic Review, 98(1), pp.201~236 (2008)
  12. Beck, Nathaniel, "From Statistical Nuisances to Serious Modeling: Changing How We Think About the Analysis of Time-Series-Cross-Section Data", Political Analysis, 15(2), pp.97~100 (2007)
  13. Berg, Andrew, "The Debt Crisis: Structural Explanations of Country Performance", Journal of Development Economics, 29, pp.271~306 (1988)
  14. Berggren, Niclas, "Is the Importance of Religion in Daily Life Related to Social Trust? Cross-country and Cross-state Comparisons", Journal of Economic Behavior & Organization, 80(3), pp.459~480 (2011)
  15. Bjӧrnskov, Christian, "How Does Social Trust Lead to Better Governance? An Attempt to Separate Electoral and Bureaucratic Mechanisms", Public Choice, 144, pp.323~346 (2010)
  16. Fixed Effects Bias in Panel Data Estimation, "Buddelmeyer, Hielke", IZA, ~, pp.IZA Discussion Paper IZA DP No. 3487 (2008)
  17. Cukierman, Alex, "A Political Theory of Government Debt and Deficits in a Neo-Riardian Framework", American Economic Review, 79, pp.713~732 (1989)
  18. Heinemann, Friedrich, "The Impact of Trust on Reforms", Journal of Economic Policy Reform, 11(3), pp.173~185 (2008)
  19. Knack, Stephen, "Does Social Capital Have an Economic Payoff? A Cross-Country Investigation", The Quarterly Journal of Economics, 112(4), pp.1251~1288 (1997)
  20. Knack, Stephen, "Social Capital and the Quality of Government: Evidence from the States", American Journal of Political Science, 46, pp.772~785 (2002)
  21. Lee, Dan, "Public Choice of Tax and Regulatory Instruments-The Role of Heterogeneity: Evidence from U.S. State Environmental Policy, 1980~94", Public Finance Review, 34(6), pp.607~636 (2006)
  22. Lyrintzis, Christos, "The Changing Party System: Stable Democrary, Contested ‘Modernisation’", Western European Politics, 28(2), pp.242~259 (2005)
  23. This Time Is Different: A Panoramic View of Eight Centuries of Financial Crises, "Reinhart, Carmen M", NBER, ~, pp.NBER Working Paper 13882 (2008)
  24. Banking Crises: An Equal Opportunity Menace, "Reinhart, Carmen M", NBER, ~, pp.NBER Working Paper 14587 (2008)
  25. The Aftermath of Financial Crises, "Reinhart, Carmen M", NBER, ~, pp.NBER Working Paper 14656 (2009)
  26. Growth in a Time of Debt, "Reinhart, Carmen M", NBER, ~, pp.NBER Working Paper 15639 (2010)
  27. Reinhart, Carmen M, "From Financial Crisis to Debt Crisis", American Economic Review, 101(5), pp.1676~1706 (2011)
  28. Rabushka, Alvin, "Politics in Plural Society: A Theory of Democratic Instability" (1974), Charles E. Merrill
  29. Rodrik, Dani, "Globalization, Social Conflict and Economic Growth", The World Economy, 21(2), pp.143~158 (1998)
  30. Tabellini, Guido, "The Politics of Intergenrational Redistribution", Journal of Political Economy, 99, pp.335~357 (1991)
  31. Tabellini, Guido, "Cultures and Institutions: Economic Development in the Regions of Europe", Journal of the European Economic Association, 8(4), pp.677~716 (2010)
  32. Tabellini, Guido, "Voting on the Budget Deficit", American Economic Review, 80, pp.37~49 (1990)
  33. Wilson, Sven E, "A Lot More to Do: The Sensitivity of Time-Series Cross-Section Analyses to Simple Alternative Specifications", Political Analysis, 15(2), pp.101~123 (2007)

관련 논문AI추천

Which Type of Trust Matters?: Interpersonal vs. Institutional vs. Political Trust황인도한국은행 · 경제분석2023 · 제29권 제2호Social Trust and DemocracySHERIF KHALIFA경제연구소 · Journal of Economic Development2024 · 제49권 제4호Political Institutions and Debt Dynamics in Developing Countries: Centralization of Power is a Double-Edged Sword김용균, Daniel C. O'Neill이화사회과학원 · 사회과학연구논총2019 · 제35권 제1호Citizens’ Distrust in Government and Project Implementation in the Public Sector오형나, 홍종호한국경제학회 · The Korean Economic Review2014 · 제30권 제1호Trust and Labor Market Participation김성희한국비교경제학회 · 비교경제연구2015 · 제22권 제1호Sovereign debt defaults: Evidence from developing countriesHussein Zeaiter경제연구소 · Journal of Economic Research (JER)2015 · 제20권 제2호

이 간행물의 다른 논문 (3건)

성별 북중무역의 결정요인 분석: 2000년대 상황을 중심으로이종규pp. 27-59Economic Growth, Campaign Pledges and Election Outcomes이종민pp. 61-91체제전환국의 기업부문 부패 요인: 시장경쟁과 정부의 질을 중심으로김창모pp. 93-117
원문 보기