용어: 구축효과 crowding out effect

1. Crowd-out Effect

정부지출 증가 때문에 민간부문의 투자나 소비가 감소하는 현상. 정부가 경기 부양을 위해 세금을 걷지 않고 지출을 늘리려면 국채를 발행해서 돈을 빌려야 하는데, 그럴 경우 민간에서 빌릴 수 있는 자금이 줄어들어 이자율이 상승하고 민간의 투자와 소비가 감소한다. 결국 투자와 소비의 감소로 인해 민간부분에서 창출될 생산증가가 감소하여 정부의 재정지출로 인한 생산증가를 상쇄하게 되는 현상이 나타난다. 경제가 불황일 때에는 민간의 투자수요가 적기 때문에 구축효과가 크지 않을 수 있지만, 경제가 정상이거나 활황일수록 구축효과는 더 뚜렷하게 나타날 수 있다.

 

 

2. 물가상승, 실질소득

지난해 우리나라 물가상승률은 예년보다 훨씬 높은 2.5%였다. 연봉 1000만원인 사람은 앞으로 매년 25만원씩, 연봉 5000만원은 125만원씩 실질 소득이 줄어드는 셈이다.

 

3.What Is the Crowding Out Effect?

 

The crowding out effect is an economic theory arguing that rising public sector spending drives down or even eliminates private sector spending.

KEY TAKEAWAYS

• The crowding out effect suggests rising public sector spending drives down private sector spending.
• There are three main reasons for the crowding out effect to take place: economics, social welfare, and infrastructure.
• Crowding in, on the other hand, suggests government borrowing can actually increase demand.

 

Types of Crowding Out Effects

Economies

Reductions in capital spending can partially offset benefits brought about through government borrowing, such as those of economic stimulus, though this is only likely when the economy is operating at capacity. In this respect, government stimulus is theoretically more effective when the economy is below capacity.

If this is the case, however, an economic downswing may occur, reducing revenues the government collects through taxes and spurring it to borrow even more money, which can theoretically lead to a vicious cycle of borrowing and crowding out.

Social Welfare

Crowding out may also take place because of social welfare, albeit indirectly. When governments raise taxes in order to introduce or expand welfare programs, individuals and businesses are left with less discretionary income, which can reduce charitable contributions. In this respect, public sector expenditures for social welfare can reduce private-sector giving for social welfare, offsetting the government's spending on those same causes.

Similarly, the creation or expansion of public health insurance programs such as Medicaid can prompt those covered by private insurance to switch to the public option. Left with fewer customers and a smaller risk pool, private health insurance companies may have to raise premiums, leading to further reductions in private coverage.

Infrastructure

Another form of crowding out can occur because of government-funded infrastructure development projects, which can discourage private enterprise from taking place in the same area of the market by making it undesirable or even unprofitable. This often occurs with bridges and other roads, as government-funded development deters companies from building toll roads or from engaging in other similar projects.

 

 

 

출처1: 시사경제용어사전

https://www.moef.go.kr/sisa/dictionary/detail?idx=543#:~:text=정부지출%20증가%20때문에%20민간,소비가%20감소하는%20현상.&text=결국%20투자와%20소비의,하게%20되는%20현상이%20나타난다. 

[시사경제용어사전] 구축효과(Crowd-out Effect)

 

 

출처2: https://www.chosun.com/economy/mint/2022/01/20/B3ME6FCVJRDOFBAW37VKJY6YMI/

출처3:인베스토피아 https://www.investopedia.com/terms/c/crowdingouteffect.asp