정부부채와 금융시장의 관계

초록

This paper aims to explore the consequences of government deficit on the financial market. In an incomplete market, the increased government bond,which is generally accepted as a risk-free asset, tends to enhance the hedging capacity of consumers and may induce them to take a greater position of the private risky asset. The paper, based on a stochastic general equilibrium model with two overlapping generations, delivers theoretical discussions on this issue. It identifies a threshold, below(above) which increase in the government debt is likely to enlarge(shrink) the market for private capital.

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