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FISCAL MULTIPLIERS DURING THE GLOBAL FINANCIAL CRISIS: FISCAL AND MONETARY INTERACTION MATTERS

Authors
Pyun, Ju HyunRhee, Dong-Eun
Issue Date
1월-2015
Publisher
WILEY
Citation
CONTEMPORARY ECONOMIC POLICY, v.33, no.1, pp.207 - 220
Indexed
SSCI
SCOPUS
Journal Title
CONTEMPORARY ECONOMIC POLICY
Volume
33
Number
1
Start Page
207
End Page
220
URI
https://scholar.korea.ac.kr/handle/2021.sw.korea/94753
DOI
10.1111/coep.12067
ISSN
1074-3529
Abstract
This study investigates the fiscal multipliers of 21 Organization for Economic Co-operation and Development countries during the global financial crisis using panel vector auto regression methodology. Our findings suggest that the 1-year fiscal multiplier was greater than 1 during the crisis, whereas it was less than 1 before the crisis because of different fiscal and monetary interactions. The combination of expansionary monetary and fiscal policies during the crisis boosted gross domestic product more effectively through internal and external transmissions: investment crowding-out was limited, and net exports were spurred by the policy interaction. In addition, our results are robust to various specifications. (JEL E61, E63, E65)
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Korea University Business School > Department of Business Administration > 1. Journal Articles
Division of International Studies > Division of International Studies > 1. Journal Articles

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