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Countering the Cycle

The Effectiveness of Fiscal Policy in Korea

Countering the Cycle by Leif Lybecker Eskesen
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The Korean authorities having taken decisive and proactive fiscal measures to help stem the fallout from the current global economic and financial crisis, with the size of the fiscal stimulus well-above the average response of other G20 economies. In this context, a key question is how effective fiscal policy is as a stabilization tool, especially considering the high openness of Korea''s economy. Results based on a macroeconomic model calibrated for Korea provide a strong case for using counter-cyclical fiscal policy, especially if measures appropriately focus on spending with a direct demand impact such as investment and targeted transfers. It also demonstrates the importance a complementary monetary response and the benefits to an open economy such as Korea''s of global coordination of fiscal stimulus.
International Monetary Fund; November 2009
28 pages; ISBN 9781452719788
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Title: Countering the Cycle
Author: Leif Lybecker Eskesen