• The Journal of Asian Finance, Economics and Business
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• 제7권7호
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• pp.15-25
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• 2020

This empirical research aims to identify the relationship between fiscal and financial macroeconomic fundamentals and the volatility of government bonds' borrowing cost in an emerging country - Vietnam. The study covers the period from July 2006 to December 2019 and it is based on a sample of 1-year, 3-year, and 5-year government bonds, which represent short-term, medium-term and long-term sovereign bonds in Vietnam, respectively. The Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) model and its derivatives such as EGARCH and TGARCH are applied on monthly dataset to examine and suggest a significant effect of fiscal and financial determinants of bond yield volatility. The findings of this study indicate that the variation of Vietnam government bond yields is in compliance with the theories of term structure of interest rate. The results also show that a proportion of the variation in the yields on Vietnam government bonds is attributed to the interest rate itself in the previous period, base rate, foreign interest rate, return of the stock market, fiscal deficit, public debt, and current account balance. Our results could be helpful in the macroeconomic policy formulation for policy-makers and in the investment practice for investors regarding the prediction of bond yield volatility.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.147-156
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• 2020

This study aims to analyze the effect of public spending, macroeconomic variables, and BPK opinion on economic growth. This study is motivated by the inequality of fiscal policy effectiveness between regions in Indonesia in influencing the economic growth of different regions, the ability of local governments to attract foreign investors, and the transparency of regional financial management in designing development programs to encourage regional economic growth. The analytical tool in this study is a dynamic panel regression model with data from 2008 to 2017. The results of this study show that, in the short term, the population affects regional economic growth, while in the long term, the economic growth is affected by the number of people, the poor, General Allocation Fund, health budget, foreign investment and BPK opinion. The findings of this study are that in the long term the General Allocation Fund becomes an obstacle to economic growth, this is because the general allocation funds is widely used to cover the lack of funds for routine regional activities, thereby reducing activities for development programs. Another research finding is that fiscal policies carried out by local governments make a small and ineffective contribution to promoting economic growth.

• The Journal of Asian Finance, Economics and Business
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• 제8권2호
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• pp.99-109
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• 2021

This study aims to examine the causal links between the fiscal components, i.e., government expenditures (GE) and government revenues (GR), and their impact on the economic growth of the Association of Southeast Asian Nations (ASEAN) region. This analysis considered secondary panel data from 1990 to 2019 at an annual frequency. The data is obtained from the Asian Development Bank (ADB) and World Bank Database. A panel cointegration and panel DH causality (Dumitrescu and Hurlin) approach was employed on financial data at an annual frequency from 1990 to 2019. The findings from panel unit root and panel cointegration tests demonstrate that, at first, all the variables are stationary and cointegrated. The panel ARDL disclosed that GE has a long-run connection with GDP, is significantly and positively associated with economic growth in the long run, whereas GR is significant in the short run. The contribution of GE is high in sustaining economic growth as compared to GR. Also, cointegration regression disclosed that GE is more sensitive toward GDP, while GR is less elastic. Lastly, the findings reveal that bidirectional causality exists between GE and GR variables. These results have policy implications for sustainable economic growth in the ASEAN region.

• 한국사회정책
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• 제25권2호
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• pp.305-332
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• 2018

본 연구는 고용중심 복지국가의 재정 성과를 확인하는 것에 그 목적이 있다. 특히 본 연구가 주목하는 것은 고용중심 복지국가가 창출한 고용이 무엇이냐이다. 양질의 일자리가 창출되지 않으면 고용중심 복지국가로의 전환이 기대했던 실업과 빈곤 감소, 나아가서 재정건전성 회복을 담보할 수 없다는 주장이 제기되고 있기 때문이다. 이에 본 연구에서는 고용중심 복지국가로의 전환 맥락에서, 국가의 복지 노력을 통해 창출된 고용의 질을 파악하고 그것이 궁극적으로 국가 재정에 어떤 영향을 미쳤는가를 실증적으로 파악하고자 한다. 분석은 복지국가가 창출한 고용과 재정성과 간의 시간적 선후관계를 반영하여 Baron과 Kenny(1986)의 3단계 매개효과 검증을 적용한다. 분석결과, 고용중심 복지국가의 공공 복지 노력이 적어도 통계적인 차원에서는 기대만큼의 효과를 가지는 유효한 개혁은 아니었던 것으로 보인다. 오히려 저임금, 비자발적 시간제 고용과 같은 질 낮은 일자리 확대에 정적(+) 영향을 미쳤으며, 이는 나아가서 고용중심 복지국가로의 전환으로 기대했던 재정 위기 해소에도 기여하지 못하는 장벽이 된 것으로 보인다. 따라서 복지국가의 재정건전성을 확보하는 전략으로 단순히 고용의 총량을 늘리는 것은 실효성을 가지기 어려우며, 충분하고 질 좋은 일자리의 창출을 위한 노력이 수반되어야 하겠다.

• Journal of Forest and Environmental Science
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• 제32권1호
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• pp.55-67
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• 2016

This paper investigated policies that drive the sustainable management of Ivorian forest which disappear at an annual rate of 250000 hectares. Based on an inter-temporal model for optimum allocation of forest land to three competing uses, the article found that sustainability depends on the incentive structure, of which forest taxes and fees are a key, though obviously not the sole, component. The study proposed to increase the area fee level by accounting for environmental externalities generated by forest harvesters and farmers. The paper showed that the area fee is a decreasing function of the forest natural rate of regeneration and the reconversion rate of agricultural surfaces. Finally, at the given forest natural rate of regeneration and the reconversion rate of agricultural surfaces, the model argued that the area fee need to be progressive (arithmetic progression) in the context of ecological equilibrium break while it should remain constant in normal situation.

• East Asian Economic Review
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• 제25권4호
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• pp.361-401
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• 2021

This paper sets up a two agent small open economy with monopolistically competitive firms and catching up with the Joneses to investigate the labor and capital Laffer curve, taking into account aging population along the line of Auray et al. (2016), Galí and Monacelli (2005), and Trabandt and Uhlig (2011). The paper finds that the higher the market power of firms is, the larger the consumption inequality between asset holders and non-asset holders is in the economy with aging population. It also finds that there is room for government to increase the tax revenue by raising tax rates under the economy with higher markup, as households will work more hours to compensate for their loss of labor income to tax hikes. The expected maximum tax revenue is likely to shrink with progressive taxations, since non-asset holders with additional dividend income work less and consume more. The paper finds that the fiscal multiplier decreases with the degree of progressive redistribution.

• KDI Journal of Economic Policy
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• 제31권1호
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• pp.27-69
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• 2009

본 연구는 지방교부세제도에서는 어떤 자치단체장이라도 지방교부금의 상한까지 사용하려 하고 재원이 다른 용도로 사용될 가능성이 상대적으로 높다는 측면에서 지방세를 통한 지방재원 조달의 경우보다 비효율적이라는 것을 이론적으로 보이고 있다. 특히, 지방교부세제도의 경우에는 지방정부의 재정한계를 감소시키더라도 이러한 재정낭비의 가능성은 감소하지 않는다는 문제가 있다. 보다 효율적인 지방자치를 위해서는 국세의 지방세로의 전환을 통하여 지방재원이 지역주민으로부터 나오는 지방세를 강화할 필요성이 있다. 더 나아가 현행 지방교부세제도와 지방세 및 국세 체계를 개편하여 지방에서 사용하는 재원은 기본적으로 지방이 부담한다는 원칙을 확립할 필요성이 있다. 다시 말하면, 자치단체의 권한과 책무를 엄격하게 규정하고 그에 대응하는 재정권한 또한 부여되었을 때에만 재정의 낭비적 요소를 막을 수 있을 것이다. 이와 함께 상향식 공천제도인 경선제도를 통하여 지역정치인으로서 능력이 검증된 인물들이 중앙정치로 나아갈 수 있는 경로를 열어주고, 이를 통하여 현직 지역구의원과의 경쟁을 통하여 현직 지역구의원들의 지역발전을 위한 더 많은 노력을 유도할 수 있다는 점에서 중앙정치의 발전뿐만 아니라 지역발전에 보다 효율적인 제도라는 것을 보이고 있다. 다른 한편, 이러한 경선제도는 중앙정치로의 유인제공을 통하여 지방정치인의 지대추구행위를 감소시키는 효과도 있다. 더욱이 경선제도는 중앙정치에 참여하고자 하는 많은 능력 있는 인물들을 지방정치로 유도함으로써 지방발전을 도모할 수 있는 부수적인 효과도 얻을 수 있다. 이러한 중앙정치와 지방정치의 선순환적인 구조를 통하여 중앙정치와 지방분권 및 지역발전을 도모할 수 있다는 측면에서 경선제도의 도입이 긴요하다고 판단된다.

• 상하수도학회지
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• 제31권3호
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• pp.205-217
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• 2017

This paper tries to show the efficiency of water financing between central and local governments. From the year of 2017, the operation and maintenance costs for change water pipes has been provided by central government as block grants system(RDSA: Regional Development Special Account). Even though the water financing is responsible for local government, water drought and high production cost in poor area affects the quality of life nowadays. Then, fiscal transfer through block grant for water financing has been decided to invest regional SOC. The purpose of the paper sheds light on the function of the block grant for public provision by water financing. The firstly tried empirical results are based on the survey from local governments and ministry of environments. The point of the empirical analysis shows that the local governments does not have proper measurement for unexpected water leakage and termination until now. In a policy manner, the paper raises the issues about benefit principle for water users by the increase of tariffs. In order to do so, the paper investigates the relationship between the water provision and fiscal status of each local governments.

• 보건행정학회지
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• 제13권4호
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• pp.99-114
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• 2003

This study was performed to determine the effect of social class distribution as measured by lower social class rate on all cause and cause specific mortality in Korea. I obtained data on social class, fiscal autonomy of municipalities, number of medical doctors, region(Si/Gun) from 1955 Korea Census Data and Regional Statistics Data. And all of the data on mortality adjusted for age for 1995 for each district from the National Statistics Office. Lower social class rate ranged from 18.9％ for Kangnam gu to 85.7％ for Imsil gun and age standardized mortality ranged from 385/100,000 population for Kangnam go to 803/100,000 population for Sinan gun. Lower social class showed had a significant correlation with total mortality adjusted for age(r=0.81, p<0.0001). The association of the rate to total mortality remained highly significant after adjusted for number of medical doctors per 1,000 population, fiscal autonomy of municipalities and region(p<0.0001). Effects of the lower social class were also found for neoplasm (p=0.0008)； cardiovascular disease (p<0.0001)； infectious disease(p=0.0115)； respiratory disease(p=0.0085)； gastrointestinal disease(p<0.0001)； accident ＆ poisoning (p<0.0001). The findings suggest that policies that deal with the inequality in social class may have an important impact on the health of the population.

• KDI Journal of Economic Policy
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• 제33권3호
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• pp.163-209
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• 2011

본 논문은 정치경제학적 관점에서 선거 시기마다 재정변수의 주기적인 변화가 있었는지를 실증적으로 검증하고 있다. 재정총량변수를 이용하는 경우 총수입이 선거 이듬해에 주기적으로 감소하였다. 하지만 총지출, 재정수지, 조세부담률 및 국민부담률 등의 재정총량변수를 이용한 경우에는 선거에 따른 재정변수의 주기적인 변화를 발견할 수 없었다. 부문별 지출에서는 경제부문의 지출이 선거 이듬해에 주기적으로 증가하였다. 또한 경제부문 소관위원회의 여당의원 비율이 높을수록 경제부문의 지출 증가율이 높게 나타난 가운데, 선거 이듬해에는 이와 더불어 추가적으로 더 증가한 것으로 나타났다. 이러한 결과는 부문별로 의무 및 재량 지출을 구분하여 분석한 경우에도 동일하게 발견되었다. 따라서 우리나라에서도 정치적 지대 추구행위가 존재해 왔던 것으로 판단된다.