본 논문의 목적은 현대통화이론(MMT)에서 다루는 적자와 부채에 관한 관점의 함의를 찾아내는 것이다. 1970년대 몇몇 국가들은 과도한 정부부 채로 심각한 경제위기를 겪었던 적이 있었다. 따라서 정부부채에 대한 주류의 시각과는 상반된 입장을 보이고 있는 MMT의 이론을 검토할 필 요가 있다. 이를 위해 현대통화이론의 주된 주장을 고전파, 주류경제학, 케인지언들의 주장과 비교 분석한다. 현대통화이론은 자국통화를 발행하 는 정부가, 인플레이션만 통제된다면 파산 걱정 없이 재정적자를 금융화 할 수 있다고 제안한다. 이러한 관점은 종종 높은 부채 수준에 따른 위 험과 균형예산의 필요성을 강조하는 주류경제학의 견해에 도전한다. 이 논문은 적자와 부채에 대한 케인스의 견해와 증표주의의 관점 그리고 공 공회계의 개념을 검토한다. 이러한 검토를 통해 첫째, 구축효과로 인한 금리상승이 보다 일반적이며 둘째, 정부지출이 이루어지기 전에 신용창 출에 의한 조세수입의 가능성. 셋째, 통화위계와 관련한 정책공간의 폭이 좁다는 점을 지적한다. 그럼에도 불구하고 제도적 설계의 수정과 물가안 정과 완전고용을 위한 경제정책을 권장하는 MMT의 주장은 그 자체로도 의미가 있다.

The aim of this study is to find out the time-series nexus of public debt and economic growth in Malaysia. For an upper-middle income country, Malaysia had experienced over 50% ratio of debt to GDP since 2009 until now. The question arises is whether this trend is healthy to the economy. With a focus into the debt-to-GDP ratio from 1970-2015, this study investigates the short-run and long-run relationship between public debt and economic growth in Malaysia. This study used secondary data by collecting time-series data (1970-2015) from the World Bank Data and Bank Negara Malaysia. Autoregressive Distributed Lag (ARDL) model is applied in this study to examine the relationship between debt and economic growth. Based on ARDL framework, it shows that there is a long-run effect between the debt and economic growth in Malaysia. While the significance value of Error Correction Term shows that there is a long-run adjustment in the short run. Generally, this study found government expenditures, in the long run, strongly influence the GDP per capita. Through the findings, the government expenditures could increase the GDP per capita. The study also reveals that any increment of the debt ratio will result in reduction of the GDP per capita.

This research seeks to determine the influence of investment opportunity set (IOS); profitability (Return on Assets - ROA), liquidity, business risk and firm size on debt policy. We used 42 manufacturing companies registered on the Indonesian Stock Exchange (Bursa Efek Indonesia) as object research. We used purposive sampling method to determined samples, consider the period observation from 2012 to 2016, and produce 168 units analysis. Data analysis uses the multiple regressions with the SPSS tools. The results of the study found that companies’ debt policies in Indonesia are negatively affected by the liquidity. Investment opportunity set (IOS) has negative effect on debt policy. Meanwhile, ROA, Return on Invested Capital (ROIC), and firm size of a company has no impact on debt policy. These findings indicate that Indonesian manufacture companies do not see the high investment opportunity set and profitability as a policy basis for increasing debt. Moreover, the high profitability also does not cause companies to increase their debt ratio. Our study indicates that Indonesian manufacture companies use internal funds to fund their investment. This finding is a concern for creditors, as they can now see the ability of the companies, and especially their performance, in determining their credit policies.