機能別 分類에 따른 財政支出이 民間消費, 投資, 所得에 미치는 相對的 效果分析

Relative Economic Effects of Sectoral Government Expenditures on Consumption, Investment and Income

This paper studies the macroeconomic effects of sectoral government expenditures by functional classification in Korea. The central government sector breaks down into six subsectors; Defense(DEF), Education(EDU), Social Development (SOCD), Economic Development (ECOD), General Administrations (GENA), and etc. Vector Autoregressive Method is used to find out dynamic effects. The results show that the effects of each government subsector on real, GDP and its subsectors-Private Consumption(PC), Private Investment(IP), Net Export(NX) and the other remaining subsector-are very different in terms of growth rate. The long run steady state cumulative elasticity of each government subsector on real GDP is as follows(by ordering in size): education 1.67, general administration .98, defense .95, ttc. .93, social development .84 and economic development .70, respectively. As the result of that, the total government expenditure on real GDP is .74 which is the mixed-up result of subsectors’ effects. We can find the propagation mechanism from government expenditures to real GDP through this analysis. These results seem to be consistent with the theoretical predictations.