• 디지털융복합연구
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• 제18권9호
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• pp.103-112
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• 2020

본 연구의 목적은 한국의 국가채무의 구성요소와 각 구성요소가 국가채무에 미치는 영향을 살펴보는데 있다. 통계청 국가통계포털에서 국가채무를 구성하는 요소로 일반회계 적자보전, 외환시장 안정용, 서민주거 안정용, 지방정부 순채무, 공적자금를 선정하여 검색하였다. 분석기간은 1997년부터 2019년까지 총 23개 연간자료를 이용하였다. 본 연구에서 정리한 자료는 각 구성요소별 전년대비 변동률을 이용하고 있다. 이를 이용하여 본 연구는 지표분석, 수치분석과 모형분석을 시도하였다. 상관분석결과 국가채무는 외환시장안정용, 공적자금 등, 서민주거안정용과 높은 관계를 보이고 있으나 지방정부순채무와는 무관한 관계로 나타났다. 국가채무는 지난 1997년 이후 외환시장안정용과 공적자금 등, 서민주거안정용과 동조화현상을 보이며 지속적으로 증가해 왔다. 2020년도 이후에는 코로나19로 인한 재난지원금 증가로 서민주거안정용과 공적자금 등에서 크게 증가할 것으로 예상되고 있다. 세계적으로 경제상황이 어려운 시점에서 우리나라도 국가재난 지원금의 사용으로 국가부채가 크게 증가할 것으로 보이지만 가능한 경제성장과 금융시장 안정을 위해 효율적으로 운용되기를 기대하고 있다.

• The Journal of Asian Finance, Economics and Business
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• 제7권11호
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• pp.137-145
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• 2020

The aim of this study is to find out the time-series nexus of public debt and economic growth in Malaysia. For an upper-middle income country, Malaysia had experienced over 50% ratio of debt to GDP since 2009 until now. The question arises is whether this trend is healthy to the economy. With a focus into the debt-to-GDP ratio from 1970-2015, this study investigates the short-run and long-run relationship between public debt and economic growth in Malaysia. This study used secondary data by collecting time-series data (1970-2015) from the World Bank Data and Bank Negara Malaysia. Autoregressive Distributed Lag (ARDL) model is applied in this study to examine the relationship between debt and economic growth. Based on ARDL framework, it shows that there is a long-run effect between the debt and economic growth in Malaysia. While the significance value of Error Correction Term shows that there is a long-run adjustment in the short run. Generally, this study found government expenditures, in the long run, strongly influence the GDP per capita. Through the findings, the government expenditures could increase the GDP per capita. The study also reveals that any increment of the debt ratio will result in reduction of the GDP per capita.

• 한국경영과학회지
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• 제40권1호
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• pp.75-89
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• 2015

In recent years, attention to the high debt ratio in public institutions has pushed the government to make efforts in reducing the debt ratio. However, in order to stimulate the economy, the government needs drastically innovative measures that reduce debt by improving efficiency rather than moderate approaches that focus solely on debt reduction. Despite this need, no study has yet systematically analyzed the overall efficiency of domestic public institutions and identified the source of inefficiencies in each public entity. Therefore, largely two research questions are examined. First, this study compares the efficiency levels by types of public institutions. Second, this study identifies the cause of inefficiencies in each public institution and proposes directions for improving efficiency. Based on a 5-year data of 302 public institutions published in public business information systems and organizational websites from 2009 to 2013, Data Envelopment Analysis (DEA) was performed. The input variables include the number of employees and total costs while the output variables include sales and net income. Reflecting the characteristics of public institutions, the input-oriented CCR model and input-oriented BCC model were utilized. Analysis results are as follows. First, market-oriented public institutions showed the highest efficiency while fund management quasi-governmental agencies showed the highest inefficiency. Second, scale efficiency score was measured by applying the CCR model and the BCC model on the organizations with the lowest efficiency level, fund management quasi-governmental agencies. Based on these analysis results, the source of inefficiency and detailed directions for improvement were proposed for Decision Making Units (DMUs) with low CCR and BCC scores.

• 아태비즈니스연구
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• 제7권1호
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• pp.1-10
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• 2016

This study attempts to investigate the effects of different types of debts on economic growth in Bangladesh using time series data spanning from 2000 to 2015. In this study, the RDL model has been applied to determine the long run relationship among the selected variables. The result of the ARDL model shows that there exists a long term relationship between economic growth and the debt variables. It was evident from the findings that there exists bidirectional causality between public sector external debt and economic growth. Causality between private external debt and economic growth has been found to be insignificant. However, causality between domestic debt and economic growth showed a unidirectional causality from domestic debt to economic growth and not vice versa. Causality tests suggest that impact of domestic debt on economic growth is more effective compared to external debts.

• The Journal of Asian Finance, Economics and Business
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• 제8권4호
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• pp.653-663
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• 2021

There has been a massive increase in household debt in China, especially in the last five of years. Learning from past experiences, the country needs careful forecasting that may help to form new policies or make amendments to the existing ones. This research paper aims to highlight the impact of the monetary policy on household debt in China. The study covers the time period from 1996 to 2020 The study employs a cointegration test, Autoregressive Distributed Lag Bound Test (ARDL) approach, a Augmented Dicky Fuller (ADF) and PP test (PMG) and time series data. The findings suggest on a quantitative analysis using a time-series model in which gdp per capita and interest rate has a positive impact on household debt whereas, cpi doesn't have significant impact. In a short-term variables relationship, household debt responds more to an increase in income than in the long-term. Also, the impact of interest rate changes on household debt is lower than income in the short run.The research suggests that there should be some restrictions on household debt and consumer financing provided to citizens and for this, appropriate leverage measures should be taken in order for the central bank to sustain robust macroeconomic conditions.

• Asian Journal of Business Environment
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• 제8권2호
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• pp.33-41
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• 2018

Purpose - This study aims to examine the determinants of income management of the public servant. Three independent variables are examined such as attitude towards money, financial capability and debt management while the dependent variable is financial wellbeing of public servants. Research design, data, and methodology - Quantitative research is applied in this study, and data are collected by using cross sectional approach. Survey questionnaires are obtained from 270 respondents, which represents 79% response rate. The multiple regressions are used to examine the influence of attitude towards money, financial capability and debt management towards financial wellbeing. Results - The result of the multiple regression indicated positive influences of attitude towards money and financial capability on financial wellbeing. However, debt management found no significant influence on financial wellbeing. Conclusions - Research findings show that people have different attitudes towards money and different trends of expenditure. It is also crucial to be highlighted that employees' attitude and financial capability have a greater influence on overall satisfaction with employees' financial wellbeing. Some would want to show off their luxury items they bought to close friends or relatives and some are very prudent in making expenditures even for necessity items.

• The Journal of Asian Finance, Economics and Business
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• 제7권6호
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• pp.29-37
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• 2020

This research seeks to determine the influence of investment opportunity set (IOS); profitability (Return on Assets - ROA), liquidity, business risk and firm size on debt policy. We used 42 manufacturing companies registered on the Indonesian Stock Exchange (Bursa Efek Indonesia) as object research. We used purposive sampling method to determined samples, consider the period observation from 2012 to 2016, and produce 168 units analysis. Data analysis uses the multiple regressions with the SPSS tools. The results of the study found that companies' debt policies in Indonesia are negatively affected by the liquidity. Investment opportunity set (IOS) has negative effect on debt policy. Meanwhile, ROA, Return on Invested Capital (ROIC), and firm size of a company has no impact on debt policy. These findings indicate that Indonesian manufacture companies do not see the high investment opportunity set and profitability as a policy basis for increasing debt. Moreover, the high profitability also does not cause companies to increase their debt ratio. Our study indicates that Indonesian manufacture companies use internal funds to fund their investment. This finding is a concern for creditors, as they can now see the ability of the companies, and especially their performance, in determining their credit policies.

• The Journal of Asian Finance, Economics and Business
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• 제8권10호
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• pp.11-17
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• 2021

This study aims to know the contribution of external debt to Indonesia's economic growth. The data used a source from the Central Bank of Indonesia from 2011 to 2020. This empirical study uses a quantitative approach with Error Correction Model as the regression method. Government expenditure, government revenue, export, import, inflation, and exchange rate are control variables. The result of the descriptive statistic shows economic growth in Indonesia increased gradually from 2011 to 2020. The increase in economic growth occurred regardless of the contribution of external debt. It does, however, inform the public that Indonesia's economic system has seen successful investments. The result of the study is classified into long-term and short-term. External debt contributes to growth in the long term and has a significant impact. The study's findings will give Indonesia optimism that it can manage external debt as a source of domestic investment. This research may also persuade Indonesia to maintain its economic potency in the future. In the future, this research can be perfected, by adding a threshold level on the amount of Indonesia's external debt.

• 수산경영론집
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• 제37권3호
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• pp.45-63
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• 2006

A number of public loans with lower interests and other tax benefits have been provided for farmers and fishermen. However, much of those loans have been accumulated as non-performing. The result is that a large part of fisheries debts are now on the verge of default, Those loans, that fail to pay interests, keep rapidly growing like a time bomb. Now something has to be done before it burst. Firstly, the government must clean up the debts caused by government's mismanagement in the past. The past debt must be repaid or written off by the government since its guarantee was committed several times in guidelines regarding public loans. As such a measure, the government can greatly enlarge its capital contribution to the Credit Guarantee Fund for Farmers and Fishermen and Loss Guarantee fund for Policy Loan. It would greatly help to compensate local branches of fisheries cooperatives for their loss incurred from carrying public loans. In the past, the government used to roll over old debts of fishermen with new debts whenever maturity came. It ends up growing the size of non - performing loans. For this reason, it is not delay of the debt payment, but its write - off that fishery society needs a lot. Secondly, the loan authorities must lower overall risk in providing public loans for fishermen in the future. The whole process must be thoroughly reviewed and changed to provide and manage government loans. To facilitate this, fisheries cooperative must stop being just a public agent, rather take a bigger responsibility in selecting, and checking loan beneficiaries, and securing debt repayment. Incentives must be arranged properly enough to induce fisheries cooperatives to treat public loans just like their own business. Finally, the so - called 'special account of policy loan in fisheries industry' must be set up to enhance the transparency and to check the performance of public loans programs.

• 유통과학연구
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• 제13권9호
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• pp.47-57
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• 2015

Purpose - The aim of this paper is to investigate the explanatory power of the Pecking-order theory (the cost of financing increases with asymmetric information) among Korean retail firms from the perspective of debt capacity. According to the Pecking-order theory, a firm's first preference is to use internal funds for its capital needs, its next preference is the issuance of debt, and its last preference is the issuance of equity; this is due to the information asymmetry problem between existing shareholders and investors. However, prior empirical studies, such as Lemmon and Zender (2010), argue that the entire sample test for the Pecking-order theory could be misleading due to the different levels of debt issuance capability of each of the individual firms; in fact, they confirm that the explanatory power of the Pecking-order theory improves after taking into account the differences in debt capacity of the U.S. firms they examined. This paper implements a case study approach among Korean retail firms to examine the relationship between debt capacity and the explanatory power of the Pecking-order theory in Korea. Research design, data, and methodology - This study uses the sample of public retail firms on the Korea Composite Stock Price Index (KOSPI) from the time period of 1990 to 2013. We gather related financial and accounting statements from the financial information firm WISEfn. Credit rating information is provided by the Korea Investor Service. We employ the models of Lemmon and Zender (2010) and Son and Kim (2013) to measure a firm's debt capacity. Their logit models use the rating dummy variable as a dependent variable and incorporate other firm characteristics as independent variables to estimate debt capacity. To test the Pecking-order theory, we adopt variants of the financing deficit model of Shyam-Sunder and Myers (1999). In the test of the Pecking-order theory, we consider all of the changes in total debt obligations, current debt obligations, and long-term debt obligations. Results - Our main contribution to the literature is our confirmation of the predicted relationship between debt capacity and the explanatory power of the Pecking-order theory among Korean retail firms. The coefficients on financing deficits become greater as a firm's debt capacity improves. This is consistent with the results of Lemmon and Zender (2010). The coefficients on the square of the financing deficits are also negative for the firms in the largest debt capacity group, which is also consistent with the predictions in prior literature. Conclusions - This study takes a case study approach by examining Korean retail firms. We confirm that the Pecking-order theory explains the capital structure of retail firms more appropriately, after taking into account the debt capacity of each firm. This result suggests the importance of debt capacity consideration in the testing of the Pecking-order theory. Our result also implies that there has been a potential underestimation of the explanatory power of the Pecking-order theory in existing studies.