재정 · 금융정책과 소득불평등이 국민소득에 미치는 효과

The Effects of Fiscal, Monetary Policies and Income Inequality on the National Income

The financial crisis in 2008 has spread through the whole world due to the subprime mortgage crisis in the U.S. As the result of the financial crisis, many financial institutions went bankrupt and European debt crisis has escalated since 2009. The real GDP and employment rate went down and total national debt rose from the early 2000s. In order to overcome the great recession, the U.S. government, European Central Bank and Korean government have taken actions through monetary policy and fiscal policy. Also, the income inequality is an important factor to the national income. This paper analyzes how the monetary policy, the fiscal policy and the income inequality impact on the national income in three different countries; U.S., EU and Korea from 2000 to 2015 using three different empirical models; OLS, 2SLS. ARDL. Findings reveals that first monetary policy is more effective than fiscal policy in the U.S. Second, in the EU, the monetary policy has more impact on the national income based on the OLS analysis, however, fiscal policy is more effective in the ARDL model. Finally, in South Korea, fiscal policy is more significant only in the OLS. But monetary policy is more effective in the other models. While income inequality has negative effect on the national income in the U.S., but it has positive impact on the national income in the EU and Korea.