영어로 배우는 고등학교 사회 - 경제 : 재정정책 [ 한글 해설 ]

[CLARK]

     영어로 배우는 미국 고등학교 사회    

      -  경제 :  재정정책  [ 한글 해설 ]    

   비디오 강의  : 

 http://www.learner.org/vod/vod_window.html?pid=343

    [ 관련 단어 해설 ]   

fiscal [fískəl]    국고의, 재정상의

legislative[lédƷislèitiv]    입법상의  

executive[iɡzékjutiv]    집행하는, 실행하는

expenditure [ikspénditʃər]     지출, 세출  

revenue [révənjùː]    세입  , 수입

revenue(생활가정)전문용어대역사전

budget [bʌ́dƷit]    예산  

deficit [défəsit]    적자,부족    

budget deficit     재정 적자  

surplus [sə́ːrplʌs]    흑자, 나머지   

national defense     국방.

government bond     국채   

outstanding  [àutstǽndiŋ]    (부채등이) 미결제의

                <       본 문    내 용     >         

 Fiscal Policy       재정정책

Fiscal policy is carried out by the legislative and/or the executive branches of government.

재정정책은 정부의 집행부와 입법부에 의해서 시행되어 집니다.

The two main instruments of fiscal policy are government expenditures and taxes.

재정정책의 두가지 주요 도구는 정부지출과 세금입니다.

The government collects taxes in order to finance expenditures on a number of public goods and services—for example, highways and national defense.

정부는 공공사업에 필요한 재정을 충당하기 위하여 세금을 거두어 들입니다. 

 - 고속도로건설이나 국방비 증강이 그 예입니다. 

Budget deficits and surpluses.

예산은 부족하기도 하고 너무 많을 수도 있습니다.

When government expenditures exceed government tax revenues in a given year, the government is running a budget deficit for that year.

해당년도의 정부의 지출이 정부의 세입액을 초과할 경우, 정부는 재정적자에 이를 수 있습니다.       적자예산 [deficit budget] [赤字豫算]

The budget deficit, which is the difference between government expenditures and tax revenues, is financed by government borrowing; the government issues long-term, interest-bearing bonds and uses the proceeds to finance the deficit.

정부의 세출 (정부가 보유한 세금의 지출)과 세입 (정부가 거둬들인 세금의 보유)의 차이에서 발생하는 재정적자는 정부가 대출받은 돈에서 재정지원을 받습니다.  정부는 장기, 이율성 채권(국채) 을 발행하여 재정적자를 지원하는 것입니다.

The total stock of government bonds and interest payments outstanding, from both the present and the past, is known as the national debt.

과거와 현재의 정부채권 (국채)과  미지불 이자를 국가부채 라고 합니다.

국채[國債, government bond]

Thus, when the government finances a deficit by borrowing, it is adding to the national debt.           national debt  국가 채무, 국채  

그러므로 정부가 재정적자를 메꾸기 위하여 돈을 추가적으로 빌리게 되면, 결과적으로  국가의 부채가 더 늘어나게 되는 것입니다.

When government expenditures are less than tax revenues in a given year, the government is running a budget surplus for that year.

해당연도의 정부 세금지출이 세입액보다 적을 경우, 정부는 예산흑자를 기록하게 됩니다.  

The budget surplus is the difference between tax revenues and government expenditures.

예산흑자는 세입액과 세출액의 차 입니다.  (세입액  마이너스 세출액)

The revenues from the budget surplus are typically used to reduce any existing national debt.

예산흑자에서 생긴 수입은 보통 국가의 채무 (국가의 부채 또는 빚) 를 갚는데 사용되어 집니다.

In the case where government expenditures are exactly equal to tax revenues in a given year, the government is running a balanced budget for that year.

해당년도의 정부의 세입과 세출액이 딱 맞아 떨어질 경우에 정부는 그 해에 균형예산을 편성했다고 합니다.    조세수입 [tax revenue] [租稅收入]

 균형예산 [ balanced budget, 均衡豫算 ]

Expansionary and contractionary fiscal policy.       

확장 재정정책과  긴축 재정정책

Expansionary fiscal policy is defined as an increase in government expenditures and/or a decrease in taxes that causes the government's budget deficit to increase or its budget surplus to decrease.

확장재정정책은 정부의 지출을 늘리거나 세금을 더 적게 거둠으로써 정부의 예산부족을 더 늘리거나 예산흑자를 더 줄이게 합니다.

Contractionary fiscal policy is defined as a decrease in government expenditures and/or an increase in taxes that causes the government's budget deficit to decrease or its budget surplus to increase.

긴축 재정정책은 정부지출의 감소시키거나 세금을 더 많이 거두어 들임으로써  정부의 예산부족을 줄이거나 예산흑자를 더 증가시키게 합니다.

Classical and Keynesian views of fiscal policy.

고전적 관점과 케인즈 경제학적 관점의 재정정책

The belief that expansionary and contractionary fiscal policies can be used to influence macroeconomic performance is most closely associated with Keynes and his followers.          케인스경제학 [ Keynesian economics ] 네이버 백과사전

확장적 재정정책과 긴축재정정책의 기본적 개념은 케인즈 경제학파가 보는 거시 경제학적 경제체제에 가장 깊은 관계가 있습니다.

The classical view of expansionary or contractionary fiscal policies is that such policies are unnecessary because there are market mechanisms—for example, the flexible adjustment of prices and wages—which serve to keep the economy at or near the natural level of real GDP at all times.

고전적 경제학적 관점에서 보는 확장,긴축재정정책은 시장 매커니즘이 존재하는 경제에서 불필요한 정책으로 해석됩니다.

Accordingly, classical economists believe that the government should run a balanced budget each and every year.

Combating a recession using expansionary fiscal policy. Keynesian theories of output and employment were developed in the midst of the Great Depression of the 1930s, when unemployment rates in the U.S. and Europe exceeded 25% and the growth rate of real GDP declined steadily for most of the decade. Keynes and his followers believed that the way to combat the prevailing recessionary climate was not to wait for prices and wages to adjust but to engage in expansionary fiscal policy instead. The Keynesians' argument in favor of expansionary fiscal policy is illustrated in Figure 1 .

Figure 1

Combating a recession using expansionary fiscal policy

Assume that the economy is initially in a recession. The equilibrium level of real GDP, Y₁, lies below the natural level, Y₂, implying that there is less than full employment of the economy's resources. Classical economists believe that the presence of unemployed resources causes wages to fall, reducing costs to suppliers and causing the SAS curve to shift from SAS₁ to SAS₂, thereby restoring the economy to full employment. Keynesians, however, argue that wages are sticky downward and will not adjust quickly enough to reflect the reality of unemployed resources.

Consequently, the recessionary climate may persist for a long time. The way out of this difficulty, according to the Keynesians, is to run a budget deficit by increasing government expenditures in excess of current tax receipts. The increase in government expenditures should be sufficient to cause the aggregate demand curve to shift to the right from AD₁ to AD₂, restoring the economy to the natural level of real GDP. This increase in government expenditures need not, of course, be equal to the difference between Y₁ and Y₂. Recall that any increase in autonomous aggregate expenditures, including government expenditures, has a multiplier effect on aggregate demand. Hence, the government needs only to increase its expenditures by a small amount to cause aggregate demand to increase by the amount necessary to achieve the natural level of real GDP.

Keynesians argue that expansionary fiscal policy provides a quick way out of a recession and is to be preferred to waiting for wages and prices to adjust, which can take a long time. As Keynes once said, “In the long run, we are all dead.”

Combating inflation using contractionary fiscal policy. Keynesians also argue that fiscal policy can be used to combat expected increases in the rate of inflation. Suppose that the economy is already at the natural level of real GDP and that aggregate demand is projected to increase further, which will cause the AD curve in Figure 2 to shift from AD₁ to AD₂.

Figure 2

Combating inflation using contractionary fiscal policy

As real GDP rises above its natural level, prices also rise, prompting an increase in wages and other resource prices and causing the SAS curve to shift from SAS₁ to SAS₂. The end result is inflation of the price level from P₁ to P₃, with no change in real GDP. The government can head off this inflation by engaging in a contractionary fiscal policy designed to reduce aggregate demand by enough to prevent the AD curve from shifting out to AD₂. Again, the government needs only to decrease expenditures or increase taxes by a small amount because of the multiplier effects that such actions will have.

Secondary effects of fiscal policy. Classical economists point out that the Keynesian view of the effectiveness of fiscal policy tends to ignore the secondary effects that fiscal policy can have on credit market conditions. When the government pursues an expansionary fiscal policy, it finances its deficit spending by borrowing funds from the nation's credit market. Assuming that the money supply remains constant, the government's borrowing of funds in the credit market tends to reduce the amount of funds available and thereby drives up interest rates. Higher interest rates, in turn, tend to reduce or “crowd out” aggregate investment expenditures and consumer expenditures that are sensitive to interest rates. Hence, the effectiveness of expansionary fiscal policy in stimulating aggregate demand will be mitigated to some degree by this crowding-out effect.

The same holds true for contractionary fiscal policies designed to combat expected inflation. If the government reduces its expenditures and thereby reduces its borrowing, the supply of available funds in the credit market increases, causing the interest rate to fall. Aggregate demand increases as the private sector increases its investment and interest-sensitive consumption expenditures. Hence, contractionary fiscal policy leads to a crowding-in effect on the part of the private sector. This crowding-in effect mitigates the effectiveness of the contractionary fiscal policy in counteracting rising aggregate demand and inflationary pressures.