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Budget deficit
Recently, budget deficit is issued in many countries because of sub prime mortgage crisis from USA. Budget deficit is related to the annual expenditure and tax income. Moreover, budget deficit affects the economy. It brings a lot of consequences that are affected from it. This essay will inform you about the simplified definition of budget deficit and the impact of budget deficit on the economy and also the situation in Korea as an example.
Budget deficit means annual expenditure is bigger than tax income. It brings increased interest rate, decreased amount of foreign investment into domestic, increased foreign exchange rate. Firstly, the loanable funds are decreased and then real interest rate will be increased, foreign investment will decrease and finally the real exchange rate will ascent. Government will have a national debt to fill out the budget deficit but it causes the decrease in loanable fund. As the loanable fund is decreased, the interest rate will ascent. While interest rate is increasing, people are starting to deposit their money into their account because of the high interest rate. That is the reason why the foreign investment is falling. This results in increased real exchange rate. For example, for Australia, the AUD will be stronger than other currencies. Then the price of imported products will start to fall. This causes that people buy more imported products than local products. Then the decreased export of Australia is appeared. Therefore, budget deficit in free market system causes increased interest rate, foreign exchange rate and decreased foreign investment in Australia and deficit in trade balance. Hence the economic situation and amount of currency in nation will be better.
On the other hand, government leaves several kinds of debt because of budget deficit such as debt on foreign country and the nation.
In Korea, the budget deficit was 207 billion US dollar in 2005. At that time, exchange rate with US dollar was 1,000 Won for 1 US dollar. Now, the budget deficit in 2007 is 298 billion US dollar. At this time, the exchange rate was 950 Won for 1 US dollar. As the budget deficit is increased, the exchange rate is going down. Korea’s economic situation is very sensitive on budget deficit issues. Because most of Korea’s economic situation depends on export condition and if budget deficit occurs often, the reliability of Korea will fall. Low reliability causes serious damage on export and economic situation in Korea is going to be worse and worse.
In conclusion, budget deficit has a lot of economical impacts including exchange rate, interest rate. If budget deficit increases real exchange rate and interest rate will ascent. However increased interest rate causes increased amount of savings and it causes a leakage. The issues about budget deficit in Korea are still a problem and it may cause a serious damage in the future. The mechanic of budget deficit is quite complex therefore, government has to be careful when make a decision about this kind of matter.
문법적으로나 문맥적으로나 많이 부족합니다. 아직 남에게 도움을 준다거나 할 정도의 실력은 여전히 아닙니다. 아직 많은 가르침을 받아야하고 또, 제 개인적으로 제 발전과정을 지켜보고 싶어서 올리는 것이니,
그저 그냥 지켜봐 주세요.
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