Acknowledgement
이 논문은 2021년도 한국방송통신대학교 학술연구비 지원에 의해 작성되었음. 여러모로 연구를 도와준 서울대학교 경제학부 대학원 이진희 군에게 깊이 감사드린다.
References
- 신희영. (2020). 현대화폐이론에 대한 좌파 케인즈주의-마르크스주의적 비판과 제언. 사회경제평론. 통권 제61호.
- 이건우. (2022). 현대화폐이론 실증분석: 주권화폐, 정부 부채, 장기국채 이자율 간의 관계. 사회경제평론. 통권 제68호.
- Borio, C., Disyatat, P., Juselius, M. Rungcharoenkitkul, P. (2017). Why So Low for So Long? A Long-Term View of Real Interest Rates. BIS Working Paper 685. Basel: Bank for International Settlements.
- Gale, W. G. Orszag, P. R. (2004). Budget Deficits, National Saving, and Interest Rates, Brookings Papers on Economic Activity 2004(2).
- Hillenbrand, S. (2021). The Fed and the Secular Decline in Interest Rates. Available at SSRN: https://papers.ssrn.com/abstract=3550593 (검색일: 2023.9.12.).
- IMF (2022). Annual Report on Exchange Arrangements and Exchange Restrictions 2021. Washington, DC: IMF.
- Kim, H. (2021). Sovereign Currency and Long-Term Interest Rates. International Review of Applied Economics 35(3-4).
- Mitchell, W. (2009). A Modern Money Perspective on the Crisis and a Reform Agenda. Center of Full Employment and Equity Working Paper 2. NSW: Center of Full Employment and Equity.
- Mitchell, W., Wray, R., Watts, M. (2019). Macroeconomics. NY: Bloomsbury Publishing.
- Palatiello, B. Pilkington, P. (2022). Government Deficits and Interest Rates: A Keynesian View. Institute for New Economic Thinking Working Paper 183. NY: Institute for New Economic Thinking.
- Pedroni, P. (1999). Critical Values for Cointegration Tests in Heterogeneous Panels with Multiple Regressors. Oxford Bulletin of Economics and Statistics 61(S1).
- Pedroni, P. (2004). Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series Tests with an Application to the PPP Hypothesis. Econometric Theory 20(3).
- Pesaran, M. H. Smith, R. P. (1995). Estimating Long-Run Relationships from Dynamic Heterogeneous Panels. Journal of Econometrics 68(1).
- Pesaran, M. H., Shin, Y. Smith, R. P. (1999). Pooled Mean Group Estimation of Dynamic Heterogeneous Panels. Journal of the American Statistical Association 94(446).
- Sharpe, T. P. (2013). A Modern Money Perspective on Financial Crowding-out. Review of Political Economy 25(4).
- Warshawsky, M. J. Mantus, J. (2022). An Expanded and Updated Analysis of the Federal Debt's Effect on Interest Rates. AEI Economic Perspectives 5.
- Westerlund, J. (2007). Testing for Error Correction in Panel Data. Oxford Bulletin of Economics and Statistics 69(6).
- Wray, R. (2006). "When are Interest Rates Exogenous?". in Setterfield, M. (eds.). Complexity, Endogenous Money, and Macroeconomic Theory: Essays in Honor of Basil J. Moore (pp.271-289). Cheltenham: Edward Elgar Publishing.
- Wray, R. (2015). Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems. London: Palgrave Macmillan.