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신용공급 변동이 경제성장 및 금융위기에 미치는 영향 (A Study on Credit Supply, Economic Growth and Financial Crisis)

Author

Listed:
  • Kim, Hyosang

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Choi, Sangyup

    (Yonsei University)

  • Yang, Da Young

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

  • Kim, Yuri

    (KOREA INSTITUTE FOR INTERNATIONAL ECONOMIC POLICY (KIEP))

Abstract

본 연구는 신용공급이 경제성장 및 금융위기에 미치는 영향을 포괄적으로 분석한다. 2020년은 코로나19의 경제충격에 대응하는 과정에서 막대한 재정이 투입되었고 초확장적인 통화정책 기조에 기인하여 전 세계적으로 민간신용 및 정부신용 수준이 급격하게 증가하였다. 이러한 배경하에서 가계, 기업 그리고 정부 신용의 증가가 가져올 수 있는 거시 경제에 대한 영향은 각각 다를 수 있으므로 정책 입안자들은 단순히 총신용의 수준뿐만 아니라 각각의 신용 구성변화에도 관심을 가지고 모니터링을 해야 한다. 특히, 총수요의 단기적 진작을 통한 경기 호황이 중장기적으로는 생산성 하락을 동반한 깊은 경제 침체를 가져올 수 있음에 유의해야 한다. This study investigates the impacts of credit supply on economic growth and financial crisis. While credit supply helps boost economic growth through resource reallocation, excess credit supply can make the economy and financial market more vulnerable. In the event of a negative shock to the financial or real sector in a situation where credit is excessively supplied, asset prices sharply fall as the deleveraging proceeds. Moreover, economic activity can be sharply shrunk, thereby expanding the width and duration of the recession. The rapid credit crunch and stock price plunge that appeared in the early stages of the COVID-19 pandemic highlight the phenomenon in March 2020. (the rest omitted)

Suggested Citation

  • Kim, Hyosang & Choi, Sangyup & Yang, Da Young & Kim, Yuri, 2020. "신용공급 변동이 경제성장 및 금융위기에 미치는 영향 (A Study on Credit Supply, Economic Growth and Financial Crisis)," Policy Analyses 20-27, Korea Institute for International Economic Policy.
    • Handle: RePEc:ris:kieppa:2020_027
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    Keywords

    credit supply; economic growth; financial crisis; COVID-19; pandemic; economy;
    All these keywords.

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