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Macroeconomic Policy in the Global Economic Environment

  • Journal of Regional Studies and Development
  • Abbr : JRSD
  • 2009, 18(1), pp.127-153
  • Publisher : Institute for Poverty Alleviation and International Development: IPAID
  • Research Area : Social Science > Area Studies > Regional Studies in general > Comparative / Statistical Regional Studies

JOON MO YANG 1

1연세대학교

Candidate

ABSTRACT

This paper studies the policy options that can handle the macroeconomic problems in the globalized economy and tries to learn a lesson for macroeconomic policies. The bad shocks in the terms of commodity trade reduces real income and the private consumption so that it affects the economic growth. The paper shows that the shock to terms of trade is a persistent shock and argues that the bad policy reaction to this kind of shocks created the external imbalance and the slow economic growth. It also discusses the future direction of the macroeconomic policies in the globalized economy.

Citation status

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